Zacks Investment Research Upgrades Freeport-McMoran (NYSE:FCX) to Buy

Freeport-McMoran (NYSE:FCX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, November 14th. The brokerage presently has a $16.00 target price on the natural resource company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 13.39% from the stock’s previous close.

According to Zacks, “Freeport reported a year-over-year increase in earnings and revenues for third-quarter 2017. Earnings and sales also beat the respective Zacks Consensus Estimate. Freeport is taking actions to cut mining costs which should lend support to its margins in 2017. The company should also gain from efforts to de-leverage its balance sheet. It is also conducting exploration activities near its existing mines with a focus to expand reserves that will support additional future production capacity.”

FCX has been the topic of several other research reports. Jefferies Group reissued a “buy” rating and set a $18.00 target price on shares of Freeport-McMoran in a research note on Thursday, July 27th. Macquarie assumed coverage on shares of Freeport-McMoran in a research note on Thursday, September 7th. They set a “neutral” rating and a $16.00 target price on the stock. FBR & Co reissued a “neutral” rating and set a $12.00 target price (down previously from $13.00) on shares of Freeport-McMoran in a research note on Thursday, September 14th. UBS raised their target price on shares of Freeport-McMoran from $13.50 to $14.00 and gave the company a “neutral” rating in a research note on Monday, October 30th. Finally, 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. Two investment analysts have rated the stock with a sell rating, thirteen 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 presently has a consensus rating of “Hold” and a consensus target price of $15.54.

Freeport-McMoran (NYSE FCX) traded up $0.19 during mid-day trading on Tuesday, hitting $14.11. 13,706,073 shares of the company were exchanged, compared to its average volume of 12,881,305. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.32 and a current ratio of 2.02. Freeport-McMoran has a 1-year low of $11.05 and a 1-year high of $17.06. The firm has a market cap of $20,425.49, a PE ratio of 15.51 and a beta of 2.56.

Freeport-McMoran (NYSE:FCX) last released its quarterly earnings data on Wednesday, October 25th. The natural resource company reported $0.34 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.03. Freeport-McMoran had a net margin of 6.20% and a return on equity of 13.35%. The business had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.06 billion. During the same quarter last year, the company earned $0.13 EPS. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. analysts expect that Freeport-McMoran will post 1.07 earnings per share for the current fiscal year.

In related news, COO Harry M. Iv Conger purchased 36,180 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The stock was acquired at an average cost of $15.23 per share, for a total transaction of $551,021.40. Following the completion of the acquisition, the chief operating officer now owns 73,943 shares in the company, valued at approximately $1,126,151.89. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.29% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of FCX. Visionary Asset Management Inc. bought a new position in shares of Freeport-McMoran in the third quarter valued at approximately $215,000. GSA Capital Partners LLP bought a new position in shares of Freeport-McMoran in the third quarter valued at approximately $303,000. Americafirst Capital Management LLC bought a new position in shares of Freeport-McMoran in the third quarter valued at approximately $170,000. Belpointe Asset Management LLC bought a new position in shares of Freeport-McMoran in the third quarter valued at approximately $150,000. Finally, Ladenburg Thalmann Financial Services Inc. raised its position in shares of Freeport-McMoran by 5.5% in the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 159,535 shares of the natural resource company’s stock valued at $2,245,000 after purchasing an additional 8,321 shares during the period. 68.12% of the stock is currently owned by hedge funds and other institutional investors.

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About Freeport-McMoran

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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