Trexquant Investment LP Acquires New Position in Freeport-McMoran, Inc. (FCX)

Trexquant Investment LP acquired a new stake in Freeport-McMoran, Inc. (NYSE:FCX) during the fourth quarter, Holdings Channel reports. The fund acquired 241,100 shares of the natural resource company’s stock, valued at approximately $3,180,000. Freeport-McMoran accounts for approximately 0.5% of Trexquant Investment LP’s portfolio, making the stock its 10th largest position.

Several other large investors have also recently added to or reduced their stakes in FCX. Capital Research Global Investors boosted its stake in Freeport-McMoran by 22.6% in the third quarter. Capital Research Global Investors now owns 139,981,480 shares of the natural resource company’s stock valued at $1,520,199,000 after buying an additional 25,806,187 shares during the period. State Street Corp boosted its stake in shares of Freeport-McMoran by 4.9% in the fourth quarter. State Street Corp now owns 62,143,947 shares of the natural resource company’s stock worth $819,681,000 after buying an additional 2,889,830 shares during the period. BlackRock Fund Advisors boosted its stake in shares of Freeport-McMoran by 5.1% in the third quarter. BlackRock Fund Advisors now owns 22,820,938 shares of the natural resource company’s stock worth $247,835,000 after buying an additional 1,111,143 shares during the period. FMR LLC boosted its stake in shares of Freeport-McMoran by 33.2% in the fourth quarter. FMR LLC now owns 20,746,410 shares of the natural resource company’s stock worth $273,644,000 after buying an additional 5,171,930 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of Freeport-McMoran by 2.3% in the third quarter. Northern Trust Corp now owns 17,734,495 shares of the natural resource company’s stock worth $192,596,000 after buying an additional 403,038 shares during the period. 66.80% of the stock is owned by institutional investors and hedge funds.

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

Freeport-McMoran, Inc. (NYSE:FCX) traded down 0.38% during midday trading on Tuesday, hitting $15.90. 23,423,772 shares of the stock traded hands. The company has a 50-day moving average price of $15.39 and a 200-day moving average price of $12.87. The firm’s market cap is $22.90 billion. Freeport-McMoran, Inc. has a 1-year low of $5.08 and a 1-year high of $17.06.

Freeport-McMoran (NYSE:FCX) last posted its earnings results on Wednesday, January 25th. The natural resource company reported $0.25 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.33 by $0.08. Freeport-McMoran had a positive return on equity of 3.52% and a negative net margin of 28.09%. The firm earned $4.38 billion during the quarter, compared to the consensus estimate of $4.34 billion. During the same period in the previous year, the company posted ($0.02) EPS. The firm’s revenue for the quarter was up 24.5% compared to the same quarter last year. Analysts predict that Freeport-McMoran, Inc. will post $1.10 EPS for the current year.

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A number of brokerages recently weighed in on FCX. Vetr raised shares of Freeport-McMoran from a “buy” rating to a “strong-buy” rating and set a $19.31 price target for the company in a research report on Wednesday, February 1st. Deutsche Bank AG cut shares of Freeport-McMoran from a “buy” rating to a “hold” rating and reduced their price target for the company from $13.80 to $12.50 in a research report on Thursday, November 17th. They noted that the move was a valuation call. Jefferies Group LLC reissued a “buy” rating and issued a $19.00 price target on shares of Freeport-McMoran in a research report on Thursday, January 26th. FBR & Co reissued a “hold” rating on shares of Freeport-McMoran in a research report on Thursday, October 20th. Finally, J P Morgan Chase & Co began coverage on shares of Freeport-McMoran in a research report on Thursday, February 9th. They issued a “neutral” rating and a $14.00 price target for the company. Five equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $12.96.

In related news, VP C Donald Whitmire, Jr. sold 57,620 shares of the stock in a transaction that occurred on Thursday, February 9th. The stock was sold at an average price of $15.42, for a total transaction of $888,500.40. Following the completion of the sale, the vice president now directly owns 64,896 shares of the company’s stock, valued at approximately $1,000,696.32. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jon C/ Madonna sold 14,000 shares of the stock in a transaction that occurred on Wednesday, February 1st. The stock was sold at an average price of $16.61, for a total value of $232,540.00. Following the sale, the director now directly owns 61,080 shares of the company’s stock, valued at $1,014,538.80. The disclosure for this sale can be found here. 1.40% of the stock is owned by corporate insiders.

Freeport-McMoran Company Profile

Freeport-McMoRan Inc (FCX) is a natural resource company with a portfolio of mineral assets, and oil and natural gas resources. The Company’s segments include the Morenci, Cerro Verde, Grasberg and Tenke Fungurume copper mines, the Rod & Refining operations and the U.S. Oil & Gas Operations. It has organized its operations into five primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining and Molybdenum mines.

5 Day Chart for NYSE:FCX

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