Freeport-McMoran, Inc. (FCX) Cut to “Sell” at Zacks Investment Research

Freeport-McMoran, Inc. (NYSE:FCX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday, July 11th.

According to Zacks, “Estimates for Freeport for second-quarter 2017 have been going down of late. Freeport’s copper business is affected by supply-related issues and slowdown in China (a major market). Moreover, the company faces uncertainties surrounding the Grasberg mine in Indonesia. It is also exposed to a volatile copper pricing environment. Prices of the metal are expected to remain under pressure in second-half 2017 on concerns over an economic slowdown in China. Freeport has also underperformed the Zacks categorized Mining-Non Ferrous industry over the past six months.”

Several other equities analysts have also issued reports on the stock. Vetr upgraded shares of Freeport-McMoran from a “buy” rating to a “strong-buy” rating and set a $14.75 target price on the stock in a report on Wednesday, April 12th. FBR & Co restated a “hold” rating and issued a $13.00 target price on shares of Freeport-McMoran in a report on Wednesday, April 5th. Jefferies Group LLC boosted their target price on shares of Freeport-McMoran to $16.00 and gave the company a “buy” rating in a report on Tuesday, March 28th. Deutsche Bank AG restated a “hold” rating and issued a $13.00 target price (down previously from $14.00) on shares of Freeport-McMoran in a report on Sunday, June 25th. Finally, ValuEngine raised shares of Freeport-McMoran from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $14.27.

Shares of Freeport-McMoran (NYSE FCX) opened at 13.96 on Tuesday. The company has a market cap of $20.20 billion, a P/E ratio of 19.69 and a beta of 2.59. Freeport-McMoran has a 52 week low of $9.24 and a 52 week high of $17.06. The firm’s 50-day moving average price is $13.24 and its 200 day moving average price is $13.11.

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 consensus estimate of $0.21 by $0.04. The firm had revenue of $3.71 billion during the quarter, compared to analyst estimates of $3.67 billion. Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. Freeport-McMoran’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.02) EPS. On average, equities analysts predict that Freeport-McMoran will post $0.87 EPS for the current fiscal year.

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Hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. acquired a new stake in shares of Freeport-McMoran during the fourth quarter worth approximately $2,632,000. Elkhorn Investments LLC acquired a new stake in shares of Freeport-McMoran during the fourth quarter worth approximately $1,231,000. River & Mercantile Asset Management LLP acquired a new stake in shares of Freeport-McMoran during the fourth quarter worth approximately $4,341,000. Quadrature Capital Ltd boosted its stake in shares of Freeport-McMoran by 7,264.4% in the fourth quarter. Quadrature Capital Ltd now owns 1,361,304 shares of the natural resource company’s stock worth $17,956,000 after buying an additional 1,342,819 shares during the last quarter. Finally, Wealthfront Inc. boosted its stake in Freeport-McMoran by 17.7% in the fourth quarter. Wealthfront Inc. now owns 30,519 shares of the natural resource company’s stock valued at $403,000 after buying an additional 4,589 shares in the last quarter. Institutional investors own 69.45% 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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