Highbridge Capital Management LLC Reduces Position in Freeport-McMoran, Inc. (FCX)

Highbridge Capital Management LLC lessened its holdings in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 51.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,101 shares of the natural resource company’s stock after selling 33,445 shares during the period. Highbridge Capital Management LLC’s holdings in Freeport-McMoran were worth $437,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Violich Capital Management Inc. grew its stake in Freeport-McMoran by 9.8% during the 3rd quarter. Violich Capital Management Inc. now owns 45,000 shares of the natural resource company’s stock valued at $632,000 after acquiring an additional 4,000 shares in the last quarter. Madison Investment Holdings Inc. purchased a new stake in Freeport-McMoran during the 3rd quarter valued at about $7,776,000. Cornerstone Capital Management Holdings LLC. grew its stake in Freeport-McMoran by 522.6% during the 3rd quarter. Cornerstone Capital Management Holdings LLC. now owns 2,554,280 shares of the natural resource company’s stock valued at $35,861,000 after acquiring an additional 2,144,008 shares in the last quarter. Chevy Chase Trust Holdings Inc. grew its stake in Freeport-McMoran by 2.0% during the 3rd quarter. Chevy Chase Trust Holdings Inc. now owns 1,919,966 shares of the natural resource company’s stock valued at $26,956,000 after acquiring an additional 37,157 shares in the last quarter. Finally, CLS Investments LLC boosted its holdings in Freeport-McMoran by 7.8% in the 3rd quarter. CLS Investments LLC now owns 71,031 shares of the natural resource company’s stock valued at $997,000 after purchasing an additional 5,114 shares during the last quarter. 68.12% of the stock is owned by institutional investors.

Freeport-McMoran, Inc. (NYSE FCX) opened at $16.98 on Monday. 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, Inc. has a fifty-two week low of $11.05 and a fifty-two week high of $17.06. The company has a market cap of $24,587.32, a P/E ratio of 18.66 and a beta of 2.56.

Freeport-McMoran (NYSE:FCX) last issued its quarterly earnings data on Wednesday, October 25th. The natural resource company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.31 by $0.03. Freeport-McMoran had a net margin of 6.20% and a return on equity of 13.35%. The firm had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.06 billion. During the same period in the prior year, the business posted $0.13 EPS. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. research analysts anticipate that Freeport-McMoran, Inc. will post 1.08 earnings per share for the current year.

Several equities analysts have weighed in on FCX shares. Zacks Investment Research upgraded shares of Freeport-McMoran from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a report on Tuesday, October 10th. Jefferies Group reiterated a “buy” rating and issued a $19.00 target price (down from $23.00) on shares of Freeport-McMoran in a report on Wednesday, October 4th. Vertical Research reiterated a “buy” rating and issued a $20.00 target price on shares of Freeport-McMoran in a report on Tuesday, August 29th. ValuEngine upgraded shares of Freeport-McMoran from a “hold” rating to a “buy” rating in a report on Thursday, August 31st. Finally, Morgan Stanley upgraded shares of Freeport-McMoran from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $10.00 to $14.00 in a report on Monday, December 11th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $15.64.

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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.

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

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