Vigilare Wealth Management Purchases Shares of 11,600 Freeport-McMoRan Inc. (NYSE:FCX)


Share on StockTwits

Vigilare Wealth Management bought a new position in Freeport-McMoRan Inc. (NYSE:FCX) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 11,600 shares of the natural resource company’s stock, valued at approximately $302,000.

Several other hedge funds and other institutional investors also recently modified their holdings of FCX. Fisher Asset Management LLC lifted its stake in Freeport-McMoRan by 2.2% in the 3rd quarter. Fisher Asset Management LLC now owns 40,453,839 shares of the natural resource company’s stock valued at $632,698,000 after acquiring an additional 866,116 shares in the last quarter. Nuveen Asset Management LLC grew its stake in Freeport-McMoRan by 2.2% in the third quarter. Nuveen Asset Management LLC now owns 11,409,068 shares of the natural resource company’s stock valued at $178,437,000 after acquiring an additional 245,620 shares during the period. Lansdowne Partners UK LLP grew its stake in Freeport-McMoRan by 92.4% in the third quarter. Lansdowne Partners UK LLP now owns 10,743,571 shares of the natural resource company’s stock valued at $168,008,000 after acquiring an additional 5,158,588 shares during the period. Morgan Stanley grew its stake in Freeport-McMoRan by 29.0% in the third quarter. Morgan Stanley now owns 9,555,718 shares of the natural resource company’s stock valued at $149,451,000 after acquiring an additional 2,145,941 shares during the period. Finally, FMR LLC grew its stake in Freeport-McMoRan by 94.4% in the second quarter. FMR LLC now owns 9,118,532 shares of the natural resource company’s stock valued at $105,502,000 after acquiring an additional 4,427,692 shares during the period. 65.49% of the stock is owned by institutional investors.

FCX has been the topic of a number of recent research reports. Johnson Rice initiated coverage on Freeport-McMoRan in a report on Wednesday, December 16th. They issued a “buy” rating on the stock. Jefferies Financial Group restated a “buy” rating and issued a $24.00 target price on shares of Freeport-McMoRan in a report on Friday, September 25th. Zacks Investment Research upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating and set a $18.00 target price on the stock in a report on Tuesday, September 29th. Royal Bank of Canada raised their target price on Freeport-McMoRan from $16.00 to $19.00 and gave the company a “sector perform” rating in a report on Friday, October 23rd. They noted that the move was a valuation call. Finally, Argus upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $30.00 target price on the stock in a report on Tuesday, January 5th. Five equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $20.24.

Shares of NYSE FCX traded up $1.52 during mid-day trading on Thursday, hitting $32.08. The company had a trading volume of 768,018 shares, compared to its average volume of 27,348,012. The company has a market capitalization of $46.61 billion, a price-to-earnings ratio of -339.52 and a beta of 2.30. Freeport-McMoRan Inc. has a 1 year low of $4.82 and a 1 year high of $31.78. The company has a current ratio of 2.61, a quick ratio of 1.35 and a debt-to-equity ratio of 0.57. The stock’s 50-day moving average price is $25.73 and its 200-day moving average price is $18.27.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, October 22nd. The natural resource company reported $0.29 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.08. The company had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $3.68 billion. Freeport-McMoRan had a positive return on equity of 1.56% and a negative net margin of 0.73%. The firm’s quarterly revenue was up 16.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.01 earnings per share. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 0.52 earnings per share for the current year.

In other Freeport-McMoRan news, CFO Kathleen L. Quirk sold 485,000 shares of the stock in a transaction on Friday, December 4th. The stock was sold at an average price of $25.27, for a total value of $12,255,950.00. Following the completion of the sale, the chief financial officer now owns 1,890,655 shares in the company, valued at approximately $47,776,851.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP C Donald Whitmire, Jr. sold 24,500 shares of the firm’s stock in a transaction dated Wednesday, November 11th. The shares were sold at an average price of $19.42, for a total value of $475,790.00. Following the transaction, the vice president now owns 70,242 shares of the company’s stock, valued at approximately $1,364,099.64. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 977,387 shares of company stock worth $24,508,456. 1.00% of the stock is owned by insiders.

Freeport-McMoRan Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. 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 in Peru and El Abra in Chile.

Featured Story: How to Use a Moving Average for TradingĀ 

Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

Receive News & Ratings for Freeport-McMoRan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoRan and related companies with MarketBeat.com's FREE daily email newsletter.