Freeport-McMoRan (FCX) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research lowered shares of Freeport-McMoRan (NYSE:FCX) from a buy rating to a hold rating in a research report sent to investors on Tuesday.

According to Zacks, “Freeport is taking actions to cut mining costs which should lend support to its margins. The company should also gain from efforts to de-leverage its balance sheet. It is also conducting exploration activities near its existing mines with a focus to expand reserves that will support additional future production capacity.  However, Freeport’s copper business remains affected by supply-related issues and slowdown in China. Moreover, the company still faces uncertainties surrounding the Grasberg mine. It is also exposed to a volatile copper pricing environment.”

Several other equities analysts have also commented on the company. Jefferies Group reissued a buy rating and issued a $19.00 target price (down previously from $23.00) on shares of Freeport-McMoRan in a report on Wednesday, October 4th. FBR & Co reissued a hold rating and issued a $12.00 target price on shares of Freeport-McMoRan in a report on Thursday, October 26th. Deutsche Bank lowered Freeport-McMoRan from a hold rating to a sell rating and set a $13.00 price objective on the stock. in a report on Tuesday, October 17th. ValuEngine raised Freeport-McMoRan from a hold rating to a buy rating in a report on Thursday, October 26th. Finally, B. Riley raised their price objective on Freeport-McMoRan from $13.00 to $16.00 and gave the stock a neutral rating in a report on Monday, December 11th. Two analysts have rated the stock with a sell rating, sixteen have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $15.80.

Freeport-McMoRan (NYSE FCX) traded down $0.13 during trading hours on Tuesday, reaching $19.75. The company had a trading volume of 14,186,849 shares, compared to its average volume of 20,040,000. The stock has a market capitalization of $28,580.00, a price-to-earnings ratio of 27.43 and a beta of 2.51. The company has a quick ratio of 1.32, a current ratio of 2.02 and a debt-to-equity ratio of 1.23. Freeport-McMoRan has a 52-week low of $11.05 and a 52-week high of $20.07.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Wednesday, October 25th. The natural resource company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.31 by $0.03. The firm had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.06 billion. Freeport-McMoRan had a return on equity of 13.35% and a net margin of 6.20%. Freeport-McMoRan’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.13 earnings per share. equities research analysts anticipate that Freeport-McMoRan will post 1.09 EPS for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the company. Sun Life Financial INC boosted its stake in shares of 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 buying an additional 9,634 shares during the period. Schroder Investment Management Group boosted its stake in shares of Freeport-McMoRan by 2,015.5% during the second quarter. Schroder Investment Management Group now owns 11,487 shares of the natural resource company’s stock worth $139,000 after buying an additional 10,944 shares during the period. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Freeport-McMoRan during the third quarter worth about $140,000. Abbot Financial Management Inc. acquired a new stake in shares of Freeport-McMoRan during the second quarter worth about $142,000. Finally, Rothschild Investment Corp IL acquired a new stake in shares of Freeport-McMoRan during the third quarter worth about $147,000. Institutional investors and hedge funds own 68.07% of the company’s stock.

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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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