Envestnet Asset Management Inc. Lowers Position in Freeport-McMoRan Inc (FCX)
Envestnet Asset Management Inc. reduced its stake in shares of Freeport-McMoRan Inc (NYSE:FCX) by 31.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 105,626 shares of the natural resource company’s stock after selling 49,553 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Freeport-McMoRan were worth $1,845,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of the company. Penserra Capital Management LLC lifted its stake in Freeport-McMoRan by 281.1% in the 1st quarter. Penserra Capital Management LLC now owns 6,319 shares of the natural resource company’s stock valued at $100,000 after acquiring an additional 4,661 shares in the last quarter. Princeton Capital Management LLC bought a new stake in shares of Freeport-McMoRan during the 1st quarter worth approximately $101,000. Advisors Preferred LLC bought a new stake in shares of Freeport-McMoRan during the 1st quarter worth approximately $105,000. American Beacon Advisors Inc. bought a new stake in Freeport-McMoRan in the 4th quarter valued at $131,000. Finally, Signaturefd LLC bought a new stake in Freeport-McMoRan in the 1st quarter valued at $147,000. Institutional investors own 71.99% of the company’s stock.
FCX has been the topic of a number of research reports. Morgan Stanley upped their price objective on Freeport-McMoRan from $14.00 to $15.00 and gave the company a “hold” rating in a report on Monday, March 26th. Jefferies Group set a $25.00 price objective on Freeport-McMoRan and gave the stock a “buy” rating in a research report on Monday, April 9th. ValuEngine upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Tuesday, February 20th. Royal Bank of Canada increased their target price on Freeport-McMoRan to $22.00 and gave the company a “sector perform” rating in a research report on Monday, March 12th. Finally, CIBC upgraded Freeport-McMoRan from a “neutral” rating to a “sector outperform” rating and set a $20.00 target price for the company in a research report on Tuesday, May 1st. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have issued a buy rating to the company’s stock. Freeport-McMoRan has a consensus rating of “Hold” and an average target price of $17.92.
Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, April 24th. The natural resource company reported $0.46 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.10). Freeport-McMoRan had a return on equity of 19.92% and a net margin of 12.72%. The business had revenue of $4.87 billion for the quarter, compared to analyst estimates of $4.92 billion. During the same period in the prior year, the business earned $0.15 EPS. The company’s revenue for the quarter was up 45.7% on a year-over-year basis. research analysts anticipate that Freeport-McMoRan Inc will post 2.04 EPS for the current fiscal year.
Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.
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