Vetr Inc. Lowers Freeport-McMoRan Inc. (FCX) to Sell
Freeport-McMoRan Inc. (NYSE:FCX) was downgraded by research analysts at Vetr from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday. They presently have a $9.75 price objective on the natural resource company’s stock. Vetr‘s price target points to a potential downside of 3.75% from the company’s current price.
Several other equities research analysts also recently weighed in on the company. Deutsche Bank AG raised Freeport-McMoRan from a “hold” rating to a “buy” rating and increased their price objective for the company from $12.00 to $12.50 in a report on Monday, October 3rd. Berenberg Bank reissued a “hold” rating and issued a $10.00 price objective on shares of Freeport-McMoRan in a report on Sunday, September 18th. Macquarie decreased their price objective on Freeport-McMoRan from $13.00 to $10.00 and set a “neutral” rating for the company in a report on Wednesday, September 14th. FBR & Co reissued a “market perform” rating on shares of Freeport-McMoRan in a report on Wednesday, September 14th. Finally, Morgan Stanley downgraded Freeport-McMoRan from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $9.00 to $7.00 in a report on Wednesday, September 14th. They noted that the move was a valuation call. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $10.43.
Shares of Freeport-McMoRan (NYSE:FCX) traded down 1.65% during midday trading on Tuesday, reaching $10.13. 34,391,769 shares of the company traded hands. The stock’s market capitalization is $13.46 billion. The stock’s 50-day moving average is $10.63 and its 200-day moving average is $11.21. Freeport-McMoRan has a 1-year low of $3.52 and a 1-year high of $14.06.
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Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, July 26th. The natural resource company reported ($0.02) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by $0.01. The firm earned $3.33 billion during the quarter, compared to analyst estimates of $3.70 billion. Freeport-McMoRan had a negative net margin of 87.70% and a negative return on equity of 3.68%. Freeport-McMoRan’s revenue was down 15.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.14 earnings per share. Equities analysts predict that Freeport-McMoRan will post $0.45 EPS for the current fiscal year.
Hedge funds have recently bought and sold shares of the company. Advisory Services Network LLC raised its stake in shares of Freeport-McMoRan by 2.3% in the third quarter. Advisory Services Network LLC now owns 88,297 shares of the natural resource company’s stock worth $959,000 after buying an additional 2,023 shares during the last quarter. Bremer Trust National Association raised its stake in shares of Freeport-McMoRan by 1.0% in the third quarter. Bremer Trust National Association now owns 22,678 shares of the natural resource company’s stock worth $246,000 after buying an additional 225 shares during the last quarter. Private Asset Management Inc. raised its stake in shares of Freeport-McMoRan by 0.4% in the third quarter. Private Asset Management Inc. now owns 292,174 shares of the natural resource company’s stock worth $3,173,000 after buying an additional 1,050 shares during the last quarter. Carnick & Kubik Group LLC acquired a new stake in shares of Freeport-McMoRan during the second quarter worth about $549,000. Finally, Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in shares of Freeport-McMoRan during the second quarter worth about $563,000. Hedge funds and other institutional investors own 67.78% of the company’s stock.
Freeport-McMoRan Inc (FCX) is a natural resource company with a portfolio of mineral assets, and oil and natural gas resources. The Company’s segments include the Morenci, Cerro Verde, Grasberg and Tenke Fungurume copper mines, the Rod & Refining operations and the U.S. Oil & Gas Operations. It has organized its operations into five primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining and Molybdenum mines.
To view Vetr’s full report, visit Vetr’s official website.
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