Gilman Hill Asset Management LLC Lowers Holdings in Freeport-McMoRan Inc (NYSE:FCX)
Gilman Hill Asset Management LLC decreased its position in Freeport-McMoRan Inc (NYSE:FCX) by 8.3% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 73,189 shares of the natural resource company’s stock after selling 6,605 shares during the period. Gilman Hill Asset Management LLC’s holdings in Freeport-McMoRan were worth $1,145,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Confluence Investment Management LLC purchased a new stake in Freeport-McMoRan during the first quarter worth $114,000. Wellington Management Group LLP lifted its holdings in Freeport-McMoRan by 43.3% during the first quarter. Wellington Management Group LLP now owns 997,761 shares of the natural resource company’s stock worth $6,735,000 after buying an additional 301,655 shares during the period. Eaton Vance Management lifted its holdings in Freeport-McMoRan by 117.8% during the first quarter. Eaton Vance Management now owns 172,317 shares of the natural resource company’s stock worth $1,163,000 after buying an additional 93,194 shares during the period. Magnetar Financial LLC purchased a new stake in Freeport-McMoRan during the first quarter worth $162,000. Finally, Balyasny Asset Management LLC lifted its holdings in Freeport-McMoRan by 3.6% during the first quarter. Balyasny Asset Management LLC now owns 1,139,019 shares of the natural resource company’s stock worth $7,688,000 after buying an additional 39,333 shares during the period. Hedge funds and other institutional investors own 69.59% of the company’s stock.
A number of research firms have weighed in on FCX. Deutsche Bank Aktiengesellschaft began coverage on Freeport-McMoRan in a report on Thursday, October 1st. They set a “buy” rating for the company. Citigroup downgraded Freeport-McMoRan from a “buy” rating to a “neutral” rating in a research report on Monday, October 12th. Raymond James set a $17.00 price target on Freeport-McMoRan and gave the stock a “market perform” rating in a research report on Friday. Morgan Stanley raised Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $12.50 to $19.00 in a research report on Wednesday, September 23rd. Finally, Zacks Investment Research raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating and set a $18.00 price target on the stock in a research report on Tuesday, September 29th. Six investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Freeport-McMoRan presently has an average rating of “Buy” and an average price target of $15.57.
Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, July 23rd. The natural resource company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.06. Freeport-McMoRan had a negative return on equity of 0.98% and a negative net margin of 4.28%. The firm had revenue of $3.05 billion for the quarter, compared to the consensus estimate of $3.06 billion. During the same period in the prior year, the firm earned ($0.04) EPS. The firm’s revenue was down 13.9% on a year-over-year basis. Research analysts expect that Freeport-McMoRan Inc will post 0.46 earnings per share for the current year.
Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.
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