FBR & Co Reaffirms “Hold” Rating for Freeport-McMoran, Inc. (FCX)

FBR & Co reissued their hold rating on shares of Freeport-McMoran, Inc. (NYSE:FCX) in a research note published on Thursday morning. FBR & Co currently has a $12.00 price objective on the natural resource company’s stock. FBR & Co also issued estimates for Freeport-McMoran’s FY2018 earnings at $1.45 EPS and FY2019 earnings at $0.90 EPS.

Several other research analysts have also issued reports on the company. Jefferies Group LLC set a $18.00 target price on Freeport-McMoran and gave the company a buy rating in a research report on Monday, August 28th. Berenberg Bank reaffirmed a sell rating and set a $10.40 target price on shares of Freeport-McMoran in a research report on Tuesday, September 5th. Zacks Investment Research lowered Freeport-McMoran from a hold rating to a sell rating in a research report on Tuesday, July 11th. ValuEngine raised Freeport-McMoran from a hold rating to a buy rating in a research report on Thursday, August 31st. Finally, BMO Capital Markets set a $17.00 target price on Freeport-McMoran and gave the company a hold rating in a research report on Wednesday, July 26th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $15.76.

Shares of Freeport-McMoran (NYSE:FCX) traded down 3.81% during trading on Thursday, reaching $14.13. The company’s stock had a trading volume of 22,873,999 shares. Freeport-McMoran has a one year low of $10.50 and a one year high of $17.06. The company has a 50-day moving average price of $14.42 and a 200-day moving average price of $13.30. The stock has a market cap of $20.45 billion, a price-to-earnings ratio of 17.44 and a beta of 2.54.

Freeport-McMoran (NYSE:FCX) last issued its quarterly earnings data on Wednesday, October 25th. The natural resource company reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.03. The firm had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.06 billion. Freeport-McMoran had a return on equity of 13.35% and a net margin of 6.20%. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.13 EPS. On average, equities research analysts forecast that Freeport-McMoran will post $1.07 earnings per share for the current fiscal year.

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In other Freeport-McMoran news, COO Harry M. Iv Conger bought 36,180 shares of the business’s stock in a transaction on Thursday, September 7th. The stock was bought at an average price of $15.23 per share, with a total value of $551,021.40. Following the completion of the purchase, the chief operating officer now directly owns 73,943 shares in the company, valued at $1,126,151.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.29% of the stock is owned by company insiders.

Hedge funds have recently bought and sold shares of the business. Sun Life Financial INC increased its stake in Freeport-McMoran by 96,340.0% during the second quarter. Sun Life Financial INC now owns 9,644 shares of the natural resource company’s stock worth $116,000 after acquiring an additional 9,634 shares during the last quarter. First Manhattan Co. increased its stake in Freeport-McMoran by 0.3% during the second quarter. First Manhattan Co. now owns 10,067 shares of the natural resource company’s stock worth $120,000 after acquiring an additional 33 shares during the last quarter. Outfitter Advisors LTD. acquired a new stake in Freeport-McMoran during the second quarter worth $121,000. Fisher Asset Management LLC acquired a new stake in Freeport-McMoran during the second quarter worth $122,000. Finally, Partnervest Advisory Services LLC acquired a new stake in Freeport-McMoran during the second quarter worth $123,000. 68.02% of the stock is owned by institutional investors.

About Freeport-McMoran

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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