Freeport-McMoran, Inc. (NYSE:FCX)‘s stock had its “buy” rating reiterated by research analysts at Jefferies Group LLC in a research report issued to clients and investors on Wednesday, October 4th, MarketBeat reports. They presently have a $19.00 price target on the natural resource company’s stock, down from their prior price target of $23.00. Jefferies Group LLC’s price target would suggest a potential upside of 24.43% from the stock’s current price.
A number of other research analysts have also issued reports on the company. Berenberg Bank reiterated a “sell” rating and issued a $10.40 target price on shares of Freeport-McMoran in a report on Tuesday, September 5th. Zacks Investment Research lowered Freeport-McMoran from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. ValuEngine upgraded Freeport-McMoran from a “hold” rating to a “buy” rating in a report on Thursday, August 31st. BMO Capital Markets set a $17.00 target price on Freeport-McMoran and gave the company a “hold” rating in a report on Wednesday, July 26th. Finally, Deutsche Bank AG reiterated a “hold” rating and issued a $13.00 target price (down from $14.00) on shares of Freeport-McMoran in a report on Sunday, June 25th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $15.36.
Freeport-McMoran (NYSE FCX) traded down 2.980% on Wednesday, hitting $14.815. 12,847,440 shares of the company traded hands. The firm has a market capitalization of $21.44 billion, a PE ratio of 20.896 and a beta of 2.54. Freeport-McMoran has a 1-year low of $9.50 and a 1-year high of $17.06. The firm’s 50 day moving average price is $14.44 and its 200 day moving average price is $13.20.
Freeport-McMoran (NYSE:FCX) last released its earnings results on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.21 by ($0.04). The company had revenue of $3.71 billion during the quarter, compared to analysts’ expectations of $3.67 billion. Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.02) earnings per share. Equities research analysts predict that Freeport-McMoran will post $0.99 EPS for the current fiscal year.
In related news, COO Harry M. Iv Conger purchased 36,180 shares of the company’s stock in a transaction that occurred on Thursday, September 7th. The shares were purchased at an average price of $15.23 per share, for a total transaction of $551,021.40. Following the transaction, the chief operating officer now directly owns 73,943 shares of the company’s stock, valued at approximately $1,126,151.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.29% of the company’s stock.
A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in Freeport-McMoran by 4.9% in the 2nd quarter. Vanguard Group Inc. now owns 139,502,519 shares of the natural resource company’s stock valued at $1,675,425,000 after acquiring an additional 6,510,840 shares during the period. State Street Corp increased its position in Freeport-McMoran by 4.6% in the 1st quarter. State Street Corp now owns 64,979,781 shares of the natural resource company’s stock valued at $868,135,000 after acquiring an additional 2,835,834 shares during the period. FMR LLC increased its position in Freeport-McMoran by 104.4% in the 1st quarter. FMR LLC now owns 42,399,057 shares of the natural resource company’s stock valued at $566,451,000 after acquiring an additional 21,652,647 shares during the period. Bank of New York Mellon Corp increased its position in Freeport-McMoran by 39.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 20,568,631 shares of the natural resource company’s stock valued at $247,029,000 after acquiring an additional 5,810,712 shares during the period. Finally, Geode Capital Management LLC increased its position 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 purchasing an additional 1,664,093 shares during the period. Hedge funds and other institutional investors own 67.97% of the company’s stock.
Freeport-McMoran Company Profile
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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