The New Carl Icahn’s Icahn Carl C Holding in Freeport-Mcmoran Inc
Icahn Carl C filed with the SEC SC 13D/A form for Freeport-Mcmoran Inc. The form can be accessed here: 000092846416000243. As reported in Carl Icahn’s Icahn Carl C’s form, the filler as of late owns 7.2% or 104,000,000 shares of the Materials–company.
Freeport-Mcmoran Inc stake is a new one for the for the hedge fund and it was filed because of activity on November 23, 2016. We feel this shows Carl Icahn’s Icahn Carl C’s positive view for the stock.
The hedge fund is active investor in the Materials sector. In the manager’s last 13-F, we saw 9% of Carl Icahn’s Icahn Carl C’s US equities portfolio is in this sector.
Freeport-Mcmoran Inc Institutional Sentiment
Latest Security and Exchange filings show 671 investors own Freeport-Mcmoran Inc. The institutional ownership in Q3 2015 is extremely high, at 64.16% of the outstanding shares. This is increased by 150623650 the total institutional shares. 872600564 were the shares owned by these institutional investors. In total 86 funds opened new Freeport-Mcmoran Inc stakes, 270 increased stakes. There were 110 that closed positions and 236 reduced them.
13 managers had the stock in their top Ten. Notable investors are: Majedie Asset Management Ltd, Stuyvesant Capital Management, Icahn Carl C, Pacific Heights Asset Management Llc, Duquesne Family Office Llc, Northern Cross Llc, Old West Investment Management Llc..
Beck Mack & Oliver Llc is an institutional investor bullish on Freeport-Mcmoran Inc, owning 18514 shares as of Q3 2015 for 0.01% of its portfolio. Aviance Capital Management Llc owns 18575 shares or 0.01% of its portfolio. TX American National Registered Investment Advisor Inc have 0.11% of their stock portfolio for 21280 shares. Further, Ar Asset Management Inc reported stake worth 0.53% of its US stock portfolio. The TX American National Insurance Company owns 141600 shares. Freeport-Mcmoran Inc is 0.09% of the manager’s US portfolio.
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. Its portfolio of assets includes the Grasberg minerals district in Indonesia, mining operations in North and South America, the Tenke Fungurume (Tenke) minerals district in the Democratic Republic of Congo (DRC) in Africa, and oil and natural gas assets in the United States. Its Atlantic Copper smelts and refines copper concentrates, and markets refined copper and precious metals in slimes. It has a smelter at its Miami, Arizona, mining operation, and molybdenum conversion facilities in the United States and Europe.
SEC Form 13D is filed within 10 days, by anyone who acquires beneficial ownership of 5%+ of any public firm. Activist investors and practices such as: company breakups, hostile takeovers, and change of control events, are permitted for this form filers. A filer must promptly update its 13D filing in case of acquisition or disposition of 1% or more of the securities that are the subject of the filing.
Insitutional Activity: The institutional sentiment increased to 0.98 in 2016 Q2. Its up 0.19, from 0.79 in 2016Q1. The ratio increased, as 87 funds sold all Freeport-McMoRan Inc shares owned while 221 reduced positions. 68 funds bought stakes while 175 increased positions. They now own 889.86 million shares or 5.15% more from 846.29 million shares in 2016Q1.
Thomas J Herzfeld Advsr Incorporated has 0.19% invested in the company for 32,000 shares. Glg Limited Liability reported 53,006 shares or 0.04% of all its holdings. Wellington Shields Cap Mgmt holds 0.03% of its portfolio in Freeport-McMoRan Inc (NYSE:FCX) for 13,900 shares. West Chester Advsrs holds 0.56% or 33,618 shares in its portfolio. Paradigm Financial Advsr Ltd holds 0.25% of its portfolio in Freeport-McMoRan Inc (NYSE:FCX) for 36,560 shares. Moreover, Old Second National Bank Of Aurora has 0% invested in Freeport-McMoRan Inc (NYSE:FCX) for 774 shares. Livforsakringsbolaget Skandia Omsesidigt holds 0.08% of its portfolio in Freeport-McMoRan Inc (NYSE:FCX) for 165,103 shares. Principal Financial Grp Incorporated Inc holds 0.03% of its portfolio in Freeport-McMoRan Inc (NYSE:FCX) for 1.88M shares. Moreover, Oppenheimer & has 0.06% invested in Freeport-McMoRan Inc (NYSE:FCX) for 195,568 shares. Moreover, Cornerstone Advsrs has 0.01% invested in Freeport-McMoRan Inc (NYSE:FCX) for 986 shares. Moreover, Letko Brosseau And Associate has 1.01% invested in Freeport-McMoRan Inc (NYSE:FCX) for 9.54 million shares. Moreover, Sumitomo Mitsui Tru has 0.06% invested in Freeport-McMoRan Inc (NYSE:FCX) for 3.28 million shares. Balyasny Asset Mngmt Ltd last reported 0.02% of its portfolio in the stock. Highvista Strategies Lc reported 89,162 shares or 0.19% of all its holdings. Diam holds 335,411 shares or 0.05% of its portfolio.
Insider Transactions: Since October 27, 2016, the stock had 1 buying transaction, and 0 insider sales for $1.61 million net activity. MATHER COURTNEY bought $1.61 million worth of Freeport-McMoRan Inc (NYSE:FCX) on Thursday, October 27.
Analysts await Freeport-McMoRan Inc (NYSE:FCX) to report earnings on January, 24. They expect $0.26 EPS, up 1,400.00% or $0.28 from last year’s $-0.02 per share. FCX’s profit will be $370.28 million for 15.53 P/E if the $0.26 EPS becomes a reality. After $0.13 actual EPS reported by Freeport-McMoRan Inc for the previous quarter, Wall Street now forecasts 100.00% EPS growth.
About 68.71M shares traded hands or 90.65% up from the average. Freeport-McMoRan Inc (NYSE:FCX) has risen 31.25% since April 21, 2016 and is uptrending. It has outperformed by 25.92% the S&P500.
Freeport-McMoRan Inc. is a natural resource firm with a portfolio of mineral assets, and oil and natural gas resources. The company has a market cap of $23.00 billion. The Company’s divisions include the Morenci, Cerro Verde, Grasberg and Tenke Fungurume copper mines, the Rod & Refining activities and the U.S. It currently has negative earnings. Oil & Gas Operations.
Freeport-McMoRan Inc (NYSE:FCX) Ratings Coverage
Out of 18 analysts covering Freeport-McMoran Copper & Gold (NYSE:FCX), 5 rate it a “Buy”, 5 “Sell”, while 8 “Hold”. This means 28% are positive. $25 is the highest target while $5 is the lowest. The $11.88 average target is -26.44% below today’s ($16.15) stock price. Freeport-McMoran Copper & Gold has been the topic of 50 analyst reports since July 28, 2015 according to StockzIntelligence Inc. The firm has “Hold” rating by Jefferies given on Tuesday, January 12. On Monday, August 31 the stock rating was maintained by Deutsche Bank with “Buy”. The stock of Freeport-McMoRan Inc (NYSE:FCX) earned “Outperform” rating by Cowen & Co on Monday, November 21. Deutsche Bank maintained the stock with “Buy” rating in Saturday, August 29 report. The rating was upgraded by Zacks to “Strong Sell” on Tuesday, September 1. The firm earned “Neutral” rating on Friday, January 8 by Macquarie Research. As per Wednesday, September 14, the company rating was downgraded by Morgan Stanley. The firm earned “Buy” rating on Friday, September 11 by Gabelli. The firm has “Equal-Weight” rating by Barclays Capital given on Wednesday, March 30. Cowen & Co maintained Freeport-McMoRan Inc (NYSE:FCX) on Friday, July 24 with “Outperform” rating.
More recent Freeport-McMoRan Inc (NYSE:FCX) news were published by: Fool.com which released: “Better Buy: Freeport-McMoRan Inc. vs. Hecla Mining” on November 21, 2016. Also Streetinsider.com published the news titled: “Form 424B2 FREEPORT-MCMORAN INC” on November 23, 2016. Investorplace.com‘s news article titled: “3 Stocks to Watch on Monday: Freeport-McMoRan Inc (FCX), Microsoft Corporation …” with publication date: November 14, 2016 was also an interesting one.
According to Zacks Investment Research, “Freeport-McMoRan is engaged in mineral exploration and development, mining and milling of copper, gold, and silver in Indonesia, and the smelting and refining of copper concentrates in Spain and Indonesia. They are the world’s lowest-cost copper producer and one of the world’s largest producers of copper and gold. FCX’s operations are conducted through its subsidiaries, P.T. Freeport Indonesia (PT-FI), P.T. IRJA Eastern Minerals Corporation (Eastern Mining) and through Atlantic Copper, S.A. (Atlantic).”
FCX Company Profile
Freeport-McMoRan Inc. (FCX), incorporated on November 10, 1987, is a natural resource firm with a portfolio of mineral assets, and oil and natural gas resources. The Company’s divisions include the Morenci, Cerro Verde, Grasberg and Tenke Fungurume copper mines, the Rod & Refining activities and the U.S. Oil & Gas Operations. FCX has organized its activities into five primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining and Molybdenum mines. The Company’s portfolio of assets includes the Grasberg minerals district in Indonesia, mining activities in North and South America, the Tenke Fungurume (Tenke) minerals district in the Democratic Republic of Congo (DRC) in Africa, and oil and natural gas assets in the United States.
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