Freeport-McMoran, Inc. (NYSE:FCX) – Research analysts at Jefferies Group reduced their FY2019 earnings per share (EPS) estimates for Freeport-McMoran in a report issued on Tuesday. Jefferies Group analyst C. Lafemina now anticipates that the natural resource company will post earnings per share of $1.34 for the year, down from their previous estimate of $1.41. Jefferies Group has a “Buy” rating and a $18.00 price objective on the stock.
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 analysts’ consensus estimates 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% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.02) earnings per share. COPYRIGHT VIOLATION WARNING: This story was first published by BBNS and is the sole property of of BBNS. If you are viewing this story on another domain, it was illegally stolen and reposted in violation of U.S. & international trademark & copyright laws. The original version of this story can be viewed at https://baseballnewssource.com/markets/jefferies-group-brokers-reduce-earnings-estimates-for-freeport-mcmoran-inc-fcx-updated/1304666.html.
Several other research analysts also recently weighed in on FCX. Berenberg Bank set a $10.00 price target on Freeport-McMoran and gave the stock a “sell” rating in a research note on Friday. FBR & Co restated a “market perform” rating and issued a $13.00 price target (up from $12.00) on shares of Freeport-McMoran in a research note on Thursday. Zacks Investment Research upgraded Freeport-McMoran from a “sell” rating to a “hold” rating in a research note on Friday. BMO Capital Markets set a $17.00 price target on Freeport-McMoran and gave the stock a “hold” rating in a research note on Wednesday. Finally, Cowen and Company upped their price target on Freeport-McMoran from $20.00 to $22.00 and gave the stock an “outperform” rating in a research note on Thursday. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $14.27.
Shares of Freeport-McMoran (NYSE:FCX) traded up 0.69% during midday trading on Wednesday, reaching $14.60. 17,858,305 shares of the company were exchanged. 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 price of $12.40 and a 200-day moving average price of $13.17. The stock has a market capitalization of $21.12 billion, a P/E ratio of 78.07 and a beta of 2.55. Freeport-McMoran also was the target of unusually large options trading on Tuesday. Traders acquired 41,703 put options on the stock. This represents an increase of 283% compared to the average daily volume of 10,892 put options.
A number of hedge funds have recently added to or reduced their stakes in FCX. State of Alaska Department of Revenue bought a new stake in Freeport-McMoran during the first quarter valued at $222,000. Bank of New York Mellon Corp raised its stake in Freeport-McMoran by 46.2% in the first quarter. Bank of New York Mellon Corp now owns 14,757,919 shares of the natural resource company’s stock valued at $197,166,000 after buying an additional 4,662,665 shares during the last quarter. Parkwood LLC raised its stake in Freeport-McMoran by 380.3% in the first quarter. Parkwood LLC now owns 80,541 shares of the natural resource company’s stock valued at $1,076,000 after buying an additional 63,773 shares during the last quarter. ARP Americas LLC bought a new stake in Freeport-McMoran during the first quarter valued at $150,000. Finally, Vanguard Group Inc. raised its stake in Freeport-McMoran by 10.7% in the first quarter. Vanguard Group Inc. now owns 132,991,679 shares of the natural resource company’s stock valued at $1,776,769,000 after buying an additional 12,897,514 shares during the last quarter. Institutional investors own 69.48% of the company’s stock.
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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