An issue of Freeport-McMoRan Inc (NYSE:FCX) bonds rose 1.2% against their face value during trading on Thursday. The debt issue has a 5.4% coupon and will mature on November 14, 2034. The bonds in the issue are now trading at $86.71 and were trading at $87.07 last week. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its share price.
A number of research firms recently issued reports on FCX. Royal Bank of Canada restated a “hold” rating and issued a $17.00 target price on shares of Freeport-McMoRan in a report on Wednesday. Vetr upgraded shares of Freeport-McMoRan from a “buy” rating to a “strong-buy” rating and set a $14.75 target price for the company in a report on Wednesday, April 12th. Cowen and Company restated a “buy” rating on shares of Freeport-McMoRan in a report on Tuesday, April 11th. FBR & Co reiterated a “hold” rating and set a $13.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, April 5th. Finally, Jefferies Group LLC boosted their price objective on shares of Freeport-McMoRan to $16.00 and gave the stock a “buy” rating in a research note on Tuesday, March 28th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Freeport-McMoRan has a consensus rating of “Hold” and an average target price of $13.73.
Shares of Freeport-McMoRan Inc (NYSE:FCX) traded down 2.438% during trading on Friday, reaching $12.205. 22,749,899 shares of the company were exchanged. The stock’s market capitalization is $17.64 billion. The stock has a 50-day moving average of $12.87 and a 200 day moving average of $13.53. Freeport-McMoRan Inc has a 52-week low of $9.24 and a 52-week high of $17.06.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Wednesday, January 25th. The natural resource company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.33 by $0.08. Freeport-McMoRan had a negative net margin of 28.09% and a positive return on equity of 3.52%. The firm earned $4.38 billion during the quarter, compared to analyst estimates of $4.34 billion. During the same period in the prior year, the company earned ($0.02) earnings per share. The business’s quarterly revenue was up 24.5% compared to the same quarter last year. On average, equities analysts anticipate that Freeport-McMoRan Inc will post $1.02 earnings per share for the current fiscal year.
In related news, VP C Donald Whitmire, Jr. sold 57,620 shares of the company’s stock in a transaction on Thursday, February 9th. The stock was sold at an average price of $15.42, for a total transaction of $888,500.40. Following the completion of the sale, the vice president now directly owns 64,896 shares in the company, valued at approximately $1,000,696.32. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO Harry M. Iv Conger sold 77,500 shares of the company’s stock in a transaction on Thursday, February 16th. The stock was sold at an average price of $15.24, for a total value of $1,181,100.00. Following the sale, the chief operating officer now owns 37,763 shares of the company’s stock, valued at $575,508.12. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 151,645 shares of company stock valued at $2,340,571. Corporate insiders own 1.40% of the company’s stock.
Several hedge funds have recently made changes to their positions in FCX. Financial Architects Inc increased its stake in shares of Freeport-McMoRan by 23.7% in the third quarter. Financial Architects Inc now owns 22,163 shares of the natural resource company’s stock valued at $241,000 after buying an additional 4,250 shares in the last quarter. Private Ocean LLC acquired a new stake in shares of Freeport-McMoRan during the third quarter valued at $217,000. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Freeport-McMoRan by 57.9% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 5,180,754 shares of the natural resource company’s stock valued at $56,263,000 after buying an additional 1,899,083 shares in the last quarter. V Wealth Management LLC increased its stake in shares of Freeport-McMoRan by 3.0% in the third quarter. V Wealth Management LLC now owns 17,180 shares of the natural resource company’s stock valued at $185,000 after buying an additional 500 shares in the last quarter. Finally, Arrow Investment Advisors LLC increased its stake in shares of Freeport-McMoRan by 9.1% in the third quarter. Arrow Investment Advisors LLC now owns 144,167 shares of the natural resource company’s stock valued at $1,566,000 after buying an additional 12,004 shares in the last quarter. Institutional investors and hedge funds own 66.80% 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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