Kingfisher Capital LLC Lowers Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Kingfisher Capital LLC cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 0.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 98,203 shares of the natural resource company’s stock after selling 614 shares during the quarter. Freeport-McMoRan comprises approximately 1.1% of Kingfisher Capital LLC’s portfolio, making the stock its 29th largest holding. Kingfisher Capital LLC’s holdings in Freeport-McMoRan were worth $4,773,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Point72 Hong Kong Ltd purchased a new stake in Freeport-McMoRan during the 2nd quarter valued at approximately $525,000. Fred Alger Management LLC purchased a new stake in shares of Freeport-McMoRan during the second quarter worth approximately $45,327,000. Insigneo Advisory Services LLC lifted its holdings in shares of Freeport-McMoRan by 95.7% during the second quarter. Insigneo Advisory Services LLC now owns 12,175 shares of the natural resource company’s stock worth $592,000 after purchasing an additional 5,954 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in Freeport-McMoRan by 60.0% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 274,740 shares of the natural resource company’s stock valued at $13,352,000 after buying an additional 102,993 shares during the period. Finally, Morse Asset Management Inc raised its position in Freeport-McMoRan by 71.4% during the 2nd quarter. Morse Asset Management Inc now owns 41,844 shares of the natural resource company’s stock worth $2,034,000 after buying an additional 17,428 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Up 8.0 %

FCX stock opened at $48.73 on Wednesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24. The firm has a market capitalization of $70.02 billion, a PE ratio of 43.12, a P/E/G ratio of 2.89 and a beta of 1.89. The company’s 50 day simple moving average is $43.42 and its 200-day simple moving average is $47.33.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. The firm had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The firm’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.35 EPS. Equities analysts expect that Freeport-McMoRan Inc. will post 1.61 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently weighed in on FCX. StockNews.com raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Wednesday, September 18th. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Raymond James raised their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the company an “outperform” rating in a report on Monday. Morgan Stanley dropped their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research report on Monday, June 10th. Four research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus price target of $52.93.

Freeport-McMoRan Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.