ValuEngine Upgrades Freeport-McMoran, Inc. (FCX) to Buy

ValuEngine upgraded shares of Freeport-McMoran, Inc. (NYSE:FCX) from a hold rating to a buy rating in a research note published on Thursday.

Other analysts have also recently issued reports about the company. Clarkson Capital reissued a neutral rating on shares of Freeport-McMoran in a report on Monday, July 10th. BMO Capital Markets set a $17.00 price target on Freeport-McMoran and gave the stock a hold rating in a report on Wednesday, July 26th. BidaskClub raised Freeport-McMoran from a sell rating to a hold rating in a report on Monday, July 24th. FBR & Co reaffirmed a hold rating and issued a $12.00 price objective on shares of Freeport-McMoran in a report on Thursday. Finally, Berenberg Bank cut Freeport-McMoran from a hold rating to a sell rating and set a $10.00 price objective for the company. in a report on Wednesday, July 12th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of Hold and an average target price of $15.76.

Freeport-McMoran (NYSE FCX) traded up 0.177% during mid-day trading on Thursday, hitting $14.155. The stock had a trading volume of 3,026,294 shares. The stock’s 50 day moving average price is $14.42 and its 200 day moving average price is $13.30. The firm has a market capitalization of $20.49 billion, a price-to-earnings ratio of 19.965 and a beta of 2.54. Freeport-McMoran has a one year low of $10.50 and a one year high of $17.06.

Freeport-McMoran (NYSE:FCX) last released its quarterly earnings results on Wednesday, October 25th. The natural resource company reported $0.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.03. The business 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 revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period last year, the firm posted $0.13 EPS. Analysts forecast that Freeport-McMoran will post $1.07 EPS for the current year.

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In other news, COO Harry M. Iv Conger acquired 36,180 shares of Freeport-McMoran stock in a transaction that occurred on Thursday, September 7th. The shares were acquired at an average price of $15.23 per share, for a total transaction of $551,021.40. Following the transaction, the chief operating officer now directly owns 73,943 shares of the company’s stock, valued at approximately $1,126,151.89. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.29% of the company’s stock.

A number of hedge funds have recently modified their holdings of FCX. Thrivent Financial For Lutherans grew its position in Freeport-McMoran by 9.9% during the 1st quarter. Thrivent Financial For Lutherans now owns 48,672 shares of the natural resource company’s stock worth $650,000 after acquiring an additional 4,380 shares during the last quarter. United Capital Financial Advisers LLC grew its position in Freeport-McMoran by 49.6% during the 1st quarter. United Capital Financial Advisers LLC now owns 22,596 shares of the natural resource company’s stock worth $302,000 after acquiring an additional 7,491 shares during the last quarter. Investment Centers of America Inc. grew its position in Freeport-McMoran by 544.6% during the 1st quarter. Investment Centers of America Inc. now owns 69,525 shares of the natural resource company’s stock worth $929,000 after acquiring an additional 58,740 shares during the last quarter. Baker Avenue Asset Management LP grew its position in Freeport-McMoran by 36.9% during the 1st quarter. Baker Avenue Asset Management LP now owns 40,677 shares of the natural resource company’s stock worth $543,000 after acquiring an additional 10,974 shares during the last quarter. Finally, Metropolitan Life Insurance Co. NY grew its position in Freeport-McMoran by 4.1% during the 1st quarter. Metropolitan Life Insurance Co. NY now owns 669,180 shares of the natural resource company’s stock worth $8,940,000 after acquiring an additional 26,495 shares during the last quarter. Institutional investors and hedge funds own 67.95% of the company’s stock.

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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