AdvisorNet Financial Inc Grows Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

AdvisorNet Financial Inc grew its holdings in Freeport-McMoRan Inc. (NYSE:FCXGet Rating) by 6.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,597 shares of the natural resource company’s stock after purchasing an additional 383 shares during the period. AdvisorNet Financial Inc’s holdings in Freeport-McMoRan were worth $193,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Dynamic Advisor Solutions LLC grew its position in shares of Freeport-McMoRan by 2.7% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 32,280 shares of the natural resource company’s stock worth $1,606,000 after buying an additional 850 shares in the last quarter. Cibc World Market Inc. grew its position in shares of Freeport-McMoRan by 21.3% during the 1st quarter. Cibc World Market Inc. now owns 264,655 shares of the natural resource company’s stock worth $13,164,000 after buying an additional 46,536 shares in the last quarter. NuWave Investment Management LLC bought a new position in shares of Freeport-McMoRan during the 1st quarter worth $280,000. Minot Wealth Management LLC bought a new position in shares of Freeport-McMoRan during the 1st quarter worth $462,000. Finally, Capital Investment Advisory Services LLC bought a new position in shares of Freeport-McMoRan during the 1st quarter worth $556,000. Hedge funds and other institutional investors own 77.38% of the company’s stock.

Freeport-McMoRan Trading Down 2.5 %

Freeport-McMoRan stock opened at $29.72 on Wednesday. The stock has a 50-day moving average of $29.75 and a two-hundred day moving average of $36.95. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.94 and a current ratio of 2.73. Freeport-McMoRan Inc. has a one year low of $24.80 and a one year high of $51.99. The stock has a market cap of $42.48 billion, a PE ratio of 9.03, a price-to-earnings-growth ratio of 0.37 and a beta of 2.00.

Freeport-McMoRan (NYSE:FCXGet Rating) last announced its quarterly earnings data on Thursday, July 21st. The natural resource company reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.89 by ($0.31). Freeport-McMoRan had a return on equity of 22.04% and a net margin of 20.08%. The firm had revenue of $5.42 billion during the quarter, compared to analysts’ expectations of $6.20 billion. During the same quarter in the previous year, the business earned $0.77 earnings per share. The company’s revenue for the quarter was down 5.8% compared to the same quarter last year. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 2.68 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on FCX. BNP Paribas raised Freeport-McMoRan from a “neutral” rating to an “outperform” rating and set a $34.00 price target on the stock in a research report on Wednesday, July 13th. Barclays dropped their price objective on Freeport-McMoRan from $29.00 to $24.00 and set an “underweight” rating on the stock in a research report on Tuesday, July 19th. Exane BNP Paribas raised Freeport-McMoRan from a “neutral” rating to an “outperform” rating and set a $34.00 price objective on the stock in a research report on Wednesday, July 13th. Credit Suisse Group dropped their price objective on Freeport-McMoRan to $34.00 in a research report on Friday, July 22nd. Finally, Wolfe Research downgraded Freeport-McMoRan from an “outperform” rating to a “peer perform” rating in a research report on Thursday, July 7th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $42.00.

Insider Transactions at Freeport-McMoRan

In other news, Director Ryan Michael Lance acquired 31,000 shares of Freeport-McMoRan stock in a transaction dated Monday, August 29th. The stock was purchased at an average cost of $31.88 per share, for a total transaction of $988,280.00. Following the completion of the purchase, the director now directly owns 32,132 shares in the company, valued at approximately $1,024,368.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Sara Grootwassink Lewis purchased 3,000 shares of Freeport-McMoRan stock in a transaction that occurred on Wednesday, August 3rd. The stock was bought at an average cost of $28.79 per share, for a total transaction of $86,370.00. Following the completion of the transaction, the director now owns 13,800 shares in the company, valued at $397,302. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ryan Michael Lance purchased 31,000 shares of Freeport-McMoRan stock in a transaction that occurred on Monday, August 29th. The shares were bought at an average price of $31.88 per share, with a total value of $988,280.00. Following the completion of the transaction, the director now owns 32,132 shares of the company’s stock, valued at approximately $1,024,368.16. The disclosure for this purchase can be found here. Company insiders own 0.72% of the company’s stock.

Freeport-McMoRan Company Profile

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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.

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

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