Hourglass Capital LLC held its position in Freeport-McMoRan Inc (NYSE:FCX) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 219,500 shares of the natural resource company’s stock at the end of the first quarter. Hourglass Capital LLC’s holdings in Freeport-McMoRan were worth $2,933,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Advantage Investment Management LLC bought a new stake in shares of Freeport-McMoRan during the fourth quarter worth about $117,000. Ancora Advisors LLC bought a new stake in shares of Freeport-McMoRan during the fourth quarter worth about $126,000. Atria Investments LLC purchased a new stake in Freeport-McMoRan during the first quarter valued at $134,000. Leavell Investment Management Inc. purchased a new stake in Freeport-McMoRan during the first quarter valued at $134,000. Finally, Strid Group LLC purchased a new stake in Freeport-McMoRan during the third quarter valued at $112,000. 66.80% of the stock is owned by hedge funds and other institutional investors.
Freeport-McMoRan Inc (FCX) opened at 11.42 on Tuesday. The stock’s 50 day moving average price is $12.00 and its 200 day moving average price is $13.77. Freeport-McMoRan Inc has a 52 week low of $9.24 and a 52 week high of $17.06. The firm has a market capitalization of $16.52 billion, a P/E ratio of 61.07 and a beta of 2.49.
Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, April 25th. The natural resource company reported $0.15 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by $0.01. Freeport-McMoRan had a negative net margin of 28.09% and a positive return on equity of 3.52%. The firm had revenue of $3.34 billion for the quarter, compared to analyst estimates of $3.51 billion. During the same quarter in the previous year, the company earned ($0.16) EPS. The company’s quarterly revenue was down 5.3% compared to the same quarter last year. On average, equities analysts expect that Freeport-McMoRan Inc will post $1.05 EPS for the current year. Several analysts recently weighed in on FCX shares. Deutsche Bank AG restated a “hold” rating and issued a $14.00 price objective on shares of Freeport-McMoRan in a report on Tuesday, February 7th. JPMorgan Chase & Co. initiated coverage on shares of Freeport-McMoRan in a report on Thursday, February 9th. They issued a “neutral” rating and a $14.00 target price for the company. Citigroup Inc initiated coverage on shares of Freeport-McMoRan in a report on Tuesday, February 21st. They issued a “neutral” rating and a $16.00 target price for the company. FBR & Co reiterated a “hold” rating on shares of Freeport-McMoRan in a report on Tuesday, February 21st. Finally, Berenberg Bank upgraded shares of Freeport-McMoRan from a “sell” rating to a “hold” rating and set a $12.00 target price for the company in a report on Wednesday, March 22nd. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $13.76.
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