Freeport-McMoran, Inc. (FCX) Shares Bought by Staley Capital Advisers Inc.

Freeport-McMoran, Inc. (FCX) Shares Bought by Staley Capital Advisers Inc.

Staley Capital Advisers Inc. boosted its stake in Freeport-McMoran, Inc. (NYSE:FCX) by 31.4% during the third quarter, Holdings Channel reports. The institutional investor owned 1,057,305 shares of the natural resource company’s stock after buying an additional 252,900 shares during the period. Staley Capital Advisers Inc. owned about 0.08% of Freeport-McMoran worth $11,482,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in FCX. Shell Asset Management Co. raised its stake in shares of Freeport-McMoran by 77.6% in the second quarter. Shell Asset Management Co. now owns 89,144 shares of the natural resource company’s stock valued at $993,000 after buying an additional 38,963 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. raised its stake in shares of Freeport-McMoran by 9.5% in the second quarter. Tokio Marine Asset Management Co. Ltd. now owns 42,064 shares of the natural resource company’s stock valued at $469,000 after buying an additional 3,664 shares in the last quarter. ING Groep NV raised its stake in shares of Freeport-McMoran by 9.4% in the second quarter. ING Groep NV now owns 204,113 shares of the natural resource company’s stock valued at $2,276,000 after buying an additional 17,513 shares in the last quarter. CG Asset Management LLC purchased a new stake in shares of Freeport-McMoran during the second quarter valued at approximately $160,000. Finally, Advisory Services Network LLC raised its stake in shares of Freeport-McMoran by 20.1% in the second quarter. Advisory Services Network LLC now owns 86,274 shares of the natural resource company’s stock valued at $961,000 after buying an additional 14,422 shares in the last quarter. Institutional investors own 70.84% of the company’s stock.

Freeport-McMoran, Inc. (NYSE:FCX) traded up 3.98% during mid-day trading on Friday, reaching $16.47. The company had a trading volume of 15,182,902 shares. The company’s 50 day moving average is $14.82 and its 200 day moving average is $12.58. The stock’s market capitalization is $23.72 billion. Freeport-McMoran, Inc. has a 52-week low of $4.26 and a 52-week high of $17.06.

Freeport-McMoran (NYSE:FCX) last issued its quarterly earnings results on Wednesday, January 25th. The natural resource company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by $0.08. Freeport-McMoran had a negative net margin of 28.09% and a positive return on equity of 3.52%. The firm had revenue of $4.38 billion for the quarter, compared to the consensus estimate of $4.34 billion. During the same quarter in the prior year, the firm earned ($0.02) earnings per share. The company’s revenue was up 24.5% on a year-over-year basis. Equities analysts predict that Freeport-McMoran, Inc. will post $0.31 earnings per share for the current year.

A number of equities research analysts have recently issued reports on FCX shares. Deutsche Bank AG upgraded Freeport-McMoran from a “hold” rating to a “buy” rating and increased their target price for the company from $12.00 to $12.50 in a research note on Monday, October 3rd. Vetr lowered Freeport-McMoran from a “hold” rating to a “sell” rating and set a $9.75 target price for the company. in a research note on Tuesday, October 4th. Bank of America Corp started coverage on Freeport-McMoran in a research note on Monday, October 17th. They issued an “underperform” rating and a $8.00 target price for the company. Jefferies Group LLC set a $15.00 target price on Freeport-McMoran and gave the company a “buy” rating in a research note on Sunday, October 16th. Finally, Zacks Investment Research lowered Freeport-McMoran from a “hold” rating to a “sell” rating in a research note on Tuesday, October 18th. Five equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $11.81.

Freeport-McMoran Company Profile

Freeport-McMoRan Inc (FCX) is a natural resource company with a portfolio of mineral assets, and oil and natural gas resources. The Company’s segments include the Morenci, Cerro Verde, Grasberg and Tenke Fungurume copper mines, the Rod & Refining operations and the U.S. Oil & Gas Operations. It has organized its operations into five primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining and Molybdenum mines.

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