Freeport-McMoran, Inc. (NYSE:FCX) was downgraded by stock analysts at Deutsche Bank AG from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday, October 17th. They currently have a $13.00 target price on the natural resource company’s stock. Deutsche Bank AG’s price objective would indicate a potential downside of 10.96% from the stock’s current price.
Other research analysts also recently issued research reports about the stock. Jefferies Group LLC set a $15.00 price objective on shares of Freeport-McMoran and gave the company a “buy” rating in a research report on Monday, July 10th. ValuEngine upgraded shares of Freeport-McMoran from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Vertical Research restated a “buy” rating and set a $20.00 price objective on shares of Freeport-McMoran in a research report on Tuesday, August 29th. Zacks Investment Research upgraded shares of Freeport-McMoran from a “hold” rating to a “buy” rating and set a $16.00 price objective for the company in a report on Tuesday, October 10th. Finally, BMO Capital Markets set a $17.00 price target on shares of Freeport-McMoran and gave the company a “hold” rating in a report on Wednesday, July 26th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $15.54.
Shares of Freeport-McMoran (NYSE FCX) traded up $0.45 during trading hours on Tuesday, hitting $14.60. 9,860,603 shares of the stock traded hands, compared to its average volume of 16,650,000. Freeport-McMoran has a 52-week low of $10.50 and a 52-week high of $17.06. The company has a market capitalization of $20,480.00, a P/E ratio of 15.55 and a beta of 2.55. The company has a current ratio of 2.02, a quick ratio of 1.32 and a debt-to-equity ratio of 1.23.
Freeport-McMoran (NYSE:FCX) last posted its quarterly earnings results on Wednesday, October 25th. The natural resource company reported $0.34 EPS for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.03. The firm had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.06 billion. Freeport-McMoran had a net margin of 6.20% and a return on equity of 13.35%. The business’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.13 earnings per share. equities research analysts expect that Freeport-McMoran will post 1.07 earnings per share for the current fiscal year.
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In related news, COO Harry M. Iv Conger bought 36,180 shares of the firm’s stock in a transaction on Thursday, September 7th. The shares were bought at an average cost of $15.23 per share, for a total transaction of $551,021.40. Following the transaction, the chief operating officer now owns 73,943 shares of the company’s stock, valued at $1,126,151.89. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.29% of the stock is currently owned by insiders.
Large investors have recently added to or reduced their stakes in the company. IHT Wealth Management LLC raised its stake in shares of Freeport-McMoran by 27.1% during the 2nd quarter. IHT Wealth Management LLC now owns 1,758 shares of the natural resource company’s stock worth $843,000 after buying an additional 375 shares during the last quarter. Sun Life Financial INC raised its stake in Freeport-McMoran by 96,340.0% in the 2nd quarter. Sun Life Financial INC now owns 9,644 shares of the natural resource company’s stock valued at $116,000 after purchasing an additional 9,634 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Freeport-McMoran in the 3rd quarter valued at about $140,000. First Manhattan Co. raised its stake in Freeport-McMoran by 0.3% in the 2nd quarter. First Manhattan Co. now owns 10,067 shares of the natural resource company’s stock valued at $120,000 after purchasing an additional 33 shares during the last quarter. Finally, Outfitter Advisors LTD. acquired a new position in Freeport-McMoran in the 2nd quarter valued at about $121,000. 68.06% of the stock is 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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