CCM Investment Advisers LLC Has $12.07 Million Stock Holdings in Freeport-McMoRan Inc. $FCX

Key Points

• CCM Investment Advisers LLC increased its holdings in Freeport-McMoRan Inc. to $12.07 million after acquiring additional shares, bringing the total to 278,369 shares.
• Freeport-McMoRan reported earnings of $0.54 per share, surpassing analysts' estimates of $0.45, and achieved a revenue of $7.58 billion, exceeding expectations of $6.85 billion.
• Research analysts have differing views on the stock, with ratings ranging from "Strong Buy" to "Hold," and an average price target set at $51.33.

CCM Investment Advisers LLC increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 3.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 278,369 shares of the natural resource company's stock after buying an additional 9,543 shares during the quarter. CCM Investment Advisers LLC's holdings in Freeport-McMoRan were worth $12,067,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Kestra Private Wealth Services LLC grew its position in Freeport-McMoRan by 0.4% during the first quarter. Kestra Private Wealth Services LLC now owns 62,015 shares of the natural resource company's stock worth $2,348,000 after buying an additional 275 shares in the last quarter. Princeton Capital Management LLC lifted its stake in Freeport-McMoRan by 1.1% during the first quarter. Princeton Capital Management LLC now owns 25,980 shares of the natural resource company's stock worth $984,000 after purchasing an additional 275 shares during the period. Capital Investment Advisory Services LLC lifted its stake in Freeport-McMoRan by 3.2% during the first quarter. Capital Investment Advisory Services LLC now owns 9,102 shares of the natural resource company's stock worth $345,000 after purchasing an additional 278 shares during the period. Capital Analysts LLC lifted its stake in Freeport-McMoRan by 12.5% during the first quarter. Capital Analysts LLC now owns 2,550 shares of the natural resource company's stock worth $96,000 after purchasing an additional 284 shares during the period. Finally, Sargent Investment Group LLC lifted its stake in Freeport-McMoRan by 2.8% during the first quarter. Sargent Investment Group LLC now owns 10,421 shares of the natural resource company's stock worth $395,000 after purchasing an additional 285 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $45.37 on Wednesday. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $52.61. The firm has a 50 day moving average of $43.59 and a 200-day moving average of $40.54. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $65.15 billion, a P/E ratio of 34.37, a price-to-earnings-growth ratio of 0.84 and a beta of 1.59.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The company had revenue of $7.58 billion during the quarter, compared to analysts' expectations of $6.85 billion. During the same quarter in the previous year, the company posted $0.46 earnings per share. Freeport-McMoRan's quarterly revenue was up 14.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Hsbc Global Res cut shares of Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 22nd. JPMorgan Chase & Co. raised their price target on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 9th. UBS Group cut shares of Freeport-McMoRan from a "buy" rating to a "neutral" rating and raised their price target for the stock from $45.00 to $50.00 in a research note on Friday, July 11th. Royal Bank Of Canada raised their price target on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. Finally, Bank of America restated a "neutral" rating and set a $56.00 price target on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $51.33.

Freeport-McMoRan Company 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.

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