CIBC initiated coverage on shares of Freeport-McMoran, Inc. (NYSE:FCX) in a research report report published on Friday, MarketBeat reports. The brokerage issued a sector outperform rating and a $18.00 target price on the natural resource company’s stock.
Several other analysts have also recently commented on FCX. Raymond James Financial, Inc. assumed coverage on Freeport-McMoran in a research report on Tuesday, August 15th. They set a market perform rating and a $15.00 price target for the company. FBR & Co reiterated a market perform rating and set a $13.00 price target (up from $12.00) on shares of Freeport-McMoran in a research report on Thursday, July 27th. Jefferies Group LLC reiterated a buy rating and set a $18.00 price target on shares of Freeport-McMoran in a research report on Thursday, July 27th. Zacks Investment Research upgraded Freeport-McMoran from a sell rating to a hold rating in a research report on Friday, July 28th. Finally, Berenberg Bank set a $10.00 price target on Freeport-McMoran and gave the stock a sell rating in a research report on Friday, July 28th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Freeport-McMoran has a consensus rating of Hold and a consensus target price of $15.51.
Freeport-McMoran (NYSE FCX) opened at 14.13 on Friday. The stock has a market capitalization of $20.45 billion, a price-to-earnings ratio of 19.93 and a beta of 2.57. Freeport-McMoran has a 12-month low of $9.24 and a 12-month high of $17.06. The company has a 50 day moving average of $14.58 and a 200-day moving average of $12.97.
Freeport-McMoran (NYSE:FCX) last announced its earnings results on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.21 by ($0.04). Freeport-McMoran had a return on equity of 10.45% and a net margin of 5.97%. The business had revenue of $3.71 billion for the quarter, compared to analyst estimates of $3.67 billion. During the same period in the previous year, the company earned ($0.02) earnings per share. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, equities research analysts forecast that Freeport-McMoran will post $0.95 earnings per share for the current year.
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In other Freeport-McMoran news, COO Harry M. Iv Conger purchased 36,180 shares of the firm’s stock in a transaction dated Thursday, September 7th. The shares were acquired at an average price of $15.23 per share, with a total value of $551,021.40. Following the purchase, the chief operating officer now directly owns 73,943 shares in the company, valued at approximately $1,126,151.89. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.40% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Freeport-McMoran by 4.9% during the 2nd quarter. Vanguard Group Inc. now owns 139,502,519 shares of the natural resource company’s stock worth $1,675,425,000 after acquiring an additional 6,510,840 shares in the last quarter. State Street Corp lifted its stake in Freeport-McMoran by 4.6% during the 1st quarter. State Street Corp now owns 64,979,781 shares of the natural resource company’s stock worth $868,135,000 after acquiring an additional 2,835,834 shares in the last quarter. FMR LLC lifted its stake in Freeport-McMoran by 104.4% during the 1st quarter. FMR LLC now owns 42,399,057 shares of the natural resource company’s stock worth $566,451,000 after acquiring an additional 21,652,647 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Freeport-McMoran by 39.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 20,568,631 shares of the natural resource company’s stock worth $247,029,000 after acquiring an additional 5,810,712 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Freeport-McMoran by 14.7% during the 1st quarter. Geode Capital Management LLC now owns 12,966,422 shares of the natural resource company’s stock worth $172,986,000 after acquiring an additional 1,664,093 shares in the last quarter. 67.94% of the stock is currently owned by institutional investors and hedge funds.
Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.
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