Freeport-McMoran, Inc. (FCX) Shares Bought by Contrarius Investment Management Ltd
Contrarius Investment Management Ltd grew its position in Freeport-McMoran, Inc. (NYSE:FCX) by 74.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,176,460 shares of the natural resource company’s stock after acquiring an additional 2,633,409 shares during the quarter. Freeport-McMoran accounts for 5.1% of Contrarius Investment Management Ltd’s portfolio, making the stock its 8th biggest holding. Contrarius Investment Management Ltd owned approximately 0.43% of Freeport-McMoran worth $86,717,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Sun Life Financial INC increased its stake in Freeport-McMoran by 96,340.0% in the 2nd quarter. Sun Life Financial INC now owns 9,644 shares of the natural resource company’s stock worth $116,000 after acquiring an additional 9,634 shares during the last quarter. First Manhattan Co. increased its position in shares of Freeport-McMoran by 0.3% during the 2nd quarter. First Manhattan Co. now owns 10,067 shares of the natural resource company’s stock valued at $120,000 after purchasing an additional 33 shares during the last quarter. Outfitter Advisors LTD. bought a new position in shares of Freeport-McMoran during the 2nd quarter valued at approximately $121,000. Fisher Asset Management LLC bought a new position in shares of Freeport-McMoran during the 2nd quarter valued at approximately $122,000. Finally, Partnervest Advisory Services LLC bought a new position in shares of Freeport-McMoran during the 2nd quarter valued at approximately $123,000. 69.09% of the stock is currently owned by institutional investors and hedge funds.
In related news, COO Harry M. Iv Conger purchased 36,180 shares of Freeport-McMoran stock in a transaction dated Thursday, September 7th. The stock was purchased at an average cost of $15.23 per share, with a total value of $551,021.40. Following the transaction, the chief operating officer now owns 73,943 shares in the company, valued at approximately $1,126,151.89. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 1.29% of the company’s stock.
FCX has been the topic of several analyst reports. ValuEngine raised Freeport-McMoran from a “hold” rating to a “buy” rating in a research report on Thursday, August 31st. Zacks Investment Research raised Freeport-McMoran from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a research report on Tuesday, October 10th. Royal Bank Of Canada set a $14.00 target price on Freeport-McMoran and gave the company a “hold” rating in a research report on Wednesday, October 11th. FBR & Co reissued a “neutral” rating and set a $12.00 target price (down previously from $13.00) on shares of Freeport-McMoran in a research report on Thursday, September 14th. Finally, Berenberg Bank set a $10.00 target price on Freeport-McMoran and gave the company a “sell” rating in a research report on Friday, July 28th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $15.54.
Shares of Freeport-McMoran, Inc. (NYSE FCX) traded down $0.01 during mid-day trading on Friday, hitting $13.62. The company’s stock had a trading volume of 13,654,100 shares, compared to its average volume of 21,463,201. Freeport-McMoran, Inc. has a twelve month low of $11.05 and a twelve month high of $17.06. The stock has a market cap of $19,920.00, a PE ratio of 14.98 and a beta of 2.55. The company has a quick ratio of 1.32, a current ratio of 2.02 and a debt-to-equity ratio of 1.23.
Freeport-McMoran (NYSE:FCX) last issued its earnings results on Wednesday, October 25th. The natural resource company reported $0.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.03. The business had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.06 billion. Freeport-McMoran had a return on equity of 13.35% and a net margin of 6.20%. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.13 EPS. analysts forecast that Freeport-McMoran, Inc. will post 1.07 EPS for the current fiscal year.
Freeport-McMoran Company Profile
Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.
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