Vetr cut shares of Freeport-McMoran, Inc. (NYSE:FCX) from a buy rating to a hold rating in a research report report published on Tuesday morning. The firm currently has $15.53 price objective on the natural resource company’s stock.
Several other equities research analysts have also commented on the stock. Cowen and Company boosted their price objective on shares of Freeport-McMoran from $15.00 to $20.00 and gave the stock an outperform rating in a research report on Monday, November 21st. Deutsche Bank AG restated a buy rating and issued a $12.50 target price on shares of Freeport-McMoran in a report on Tuesday, October 18th. Bank of America Corporation began coverage on shares of Freeport-McMoran in a report on Monday, October 17th. They issued an underperform rating and a $8.00 target price on the stock. Jefferies Group restated a buy rating and issued a $16.00 target price on shares of Freeport-McMoran in a report on Tuesday, December 6th. Finally, BMO Capital Markets set a $12.00 target price on shares of Freeport-McMoran and gave the company a hold rating in a report on Tuesday, September 13th. Five investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $11.55.
Shares of Freeport-McMoran (NYSE:FCX) traded up 0.932% during midday trading on Tuesday, hitting $15.695. 23,974,111 shares of the stock were exchanged. Freeport-McMoran has a 12-month low of $3.52 and a 12-month high of $16.42. The firm has a 50-day moving average price of $14.78 and a 200 day moving average price of $12.21. The firm’s market cap is $21.37 billion.
Freeport-McMoran (NYSE:FCX) last released its quarterly earnings data on Tuesday, October 25th. The natural resource company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.19 by $0.06. Freeport-McMoran had a negative return on equity of 0.72% and a negative net margin of 58.67%. The business earned $3.88 billion during the quarter, compared to analysts’ expectations of $3.95 billion. During the same quarter in the prior year, the firm earned ($0.15) earnings per share. Freeport-McMoran’s quarterly revenue was up 14.6% on a year-over-year basis. Analysts predict that Freeport-McMoran will post $0.29 earnings per share for the current fiscal year.
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In other news, Director Courtney Mather acquired 150,000 shares of Freeport-McMoran stock in a transaction that occurred on Thursday, October 27th. The shares were purchased at an average cost of $10.72 per share, for a total transaction of $1,608,000.00. Following the completion of the purchase, the director now directly owns 65,523 shares of the company’s stock, valued at approximately $702,406.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.40% of the company’s stock.
A number of institutional investors have recently made changes to their positions in FCX. Capital Research Global Investors boosted its position in shares of Freeport-McMoran by 22.6% in the third quarter. Capital Research Global Investors now owns 139,981,480 shares of the natural resource company’s stock valued at $1,520,199,000 after buying an additional 25,806,187 shares during the period. Vanguard Group Inc. boosted its position in shares of Freeport-McMoran by 1.8% in the second quarter. Vanguard Group Inc. now owns 105,393,182 shares of the natural resource company’s stock valued at $1,174,080,000 after buying an additional 1,888,550 shares during the period. State Street Corp boosted its position in shares of Freeport-McMoran by 0.6% in the second quarter. State Street Corp now owns 56,651,387 shares of the natural resource company’s stock valued at $631,088,000 after buying an additional 311,054 shares during the period. BlackRock Fund Advisors boosted its position in shares of Freeport-McMoran by 5.1% in the third quarter. BlackRock Fund Advisors now owns 22,820,938 shares of the natural resource company’s stock valued at $247,835,000 after buying an additional 1,111,143 shares during the period. Finally, Northern Trust Corp boosted its position in shares of Freeport-McMoran by 2.3% in the third quarter. Northern Trust Corp now owns 17,734,495 shares of the natural resource company’s stock valued at $192,596,000 after buying an additional 403,038 shares during the period. Hedge funds and other institutional investors own 69.83% of the company’s stock.
Freeport-McMoRan Inc (FCX) is a natural resource company with a portfolio of mineral assets, and oil and natural gas resources. The Company’s segments include the Morenci, Cerro Verde, Grasberg and Tenke Fungurume copper mines, the Rod & Refining operations and the U.S. Oil & Gas Operations. It has organized its operations into five primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining and Molybdenum mines.
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