Freeport-McMoRan Inc (FCX) Bonds Trading 1.5% Lower

An issue of Freeport-McMoRan Inc (NYSE:FCX) bonds fell 1.5% as a percentage of their face value during trading on Monday. The high-yield debt issue has a 5.45% coupon and will mature on March 15, 2043. The debt is now trading at $84.50 and was trading at $83.74 last week. Price moves in a company’s bonds in credit markets often predict parallel moves in its share price.

FCX has been the subject of a number of analyst reports. Jefferies Group LLC set a $19.00 price target on shares of Freeport-McMoRan and gave the stock a “buy” rating in a research note on Monday, January 9th. Vetr upgraded shares of Freeport-McMoRan from a “sell” rating to a “buy” rating and set a $17.30 price target for the company in a research note on Thursday, November 24th. Zacks Investment Research upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $17.00 target price for the company in a research note on Tuesday, January 17th. TheStreet upgraded shares of Freeport-McMoRan from a “d” rating to a “c-” rating in a research note on Friday, January 27th. Finally, Barclays PLC reiterated an “equal weight” rating and issued a $14.00 target price on shares of Freeport-McMoRan in a research note on Monday, January 30th. Five analysts have rated the stock with a sell rating, nine have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $13.92.

Shares of Freeport-McMoRan Inc (NYSE:FCX) traded down 0.24% during trading on Monday, hitting $12.73. 14,907,246 shares of the stock traded hands. Freeport-McMoRan Inc has a 1-year low of $8.76 and a 1-year high of $17.06. The firm has a 50-day moving average of $14.34 and a 200-day moving average of $13.11. The firm’s market capitalization is $18.40 billion.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Wednesday, January 25th. The natural resource company reported $0.25 earnings per share for the quarter, missing the 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 had revenue of $4.38 billion for the quarter, compared to analysts’ expectations of $4.34 billion. During the same quarter last year, the firm posted ($0.02) earnings per share. The firm’s revenue for the quarter was up 24.5% compared to the same quarter last year. On average, equities analysts forecast that Freeport-McMoRan Inc will post $1.00 earnings per share for the current year.

In other Freeport-McMoRan news, COO Harry M. Iv Conger sold 77,500 shares of Freeport-McMoRan stock in a transaction dated Thursday, February 16th. The shares were sold at an average price of $15.24, for a total value of $1,181,100.00. Following the sale, the chief operating officer now owns 37,763 shares of the company’s stock, valued at $575,508.12. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP C Donald Whitmire, Jr. sold 2,525 shares of Freeport-McMoRan stock in a transaction dated Thursday, February 16th. The stock was sold at an average price of $15.22, for a total transaction of $38,430.50. Following the completion of the sale, the vice president now directly owns 60,989 shares in the company, valued at approximately $928,252.58. The disclosure for this sale can be found here. In the last ninety days, insiders sold 151,645 shares of company stock worth $2,340,571. Insiders own 1.40% of the company’s stock.

A number of hedge funds have recently made changes to their positions in FCX. Advantage Investment Management LLC acquired a new stake in Freeport-McMoRan during the fourth quarter valued at about $117,000. Ancora Advisors LLC acquired a new stake in Freeport-McMoRan during the fourth quarter valued at about $126,000. Strid Group LLC acquired a new stake in Freeport-McMoRan during the third quarter valued at about $112,000. Girard Securities Inc. acquired a new stake in Freeport-McMoRan during the fourth quarter valued at about $136,000. Finally, RiverPoint Capital Management LLC acquired a new stake in Freeport-McMoRan during the third quarter valued at about $114,000. 66.80% of the stock is currently owned by institutional investors and hedge funds.

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About Freeport-McMoRan

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.

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