Freeport-McMoRan Inc. (FCX) Debt Trading 1.8% Lower
An issue of Freeport-McMoRan Inc. (NYSE:FCX) debt fell 1.8% as a percentage of its face value during trading on Thursday. The debt issue has a 4.55% coupon and will mature on November 14, 2024. The debt is now trading at $89.75 and was trading at $90.75 one week ago. Price moves in a company’s debt in credit markets sometimes predict parallel moves in its stock price.
FCX has been the subject of several research analyst reports. Macquarie restated a “neutral” rating and issued a $10.00 price target on shares of Freeport-McMoRan in a research report on Tuesday, June 21st. HSBC restated a “buy” rating on shares of Freeport-McMoRan in a research report on Thursday, July 7th. Vetr lowered shares of Freeport-McMoRan from a “strong-buy” rating to a “buy” rating and set a $14.27 price objective on the stock. in a research note on Tuesday, July 12th. Jefferies Group reiterated a “buy” rating and issued a $15.00 price objective on shares of Freeport-McMoRan in a research note on Thursday, July 14th. Finally, FBR & Co dropped their price objective on shares of Freeport-McMoRan from $11.00 to $9.00 and set a “mkt perform” rating on the stock in a research note on Wednesday, July 20th. Three research analysts have rated the stock with a sell rating, thirteen have given a hold rating and four have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $10.43.
Shares of Freeport-McMoRan Inc. (NYSE:FCX) opened at 9.64 on Friday. The firm has a 50-day moving average of $10.42 and a 200-day moving average of $11.19. Freeport-McMoRan Inc. has a one year low of $3.52 and a one year high of $14.20. The company’s market capitalization is $12.80 billion.
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Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Tuesday, July 26th. The natural resource company reported ($0.02) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.01) by $0.01. Freeport-McMoRan had a negative net margin of 87.70% and a negative return on equity of 3.68%. The company earned $3.33 billion during the quarter, compared to the consensus estimate of $3.70 billion. During the same period in the previous year, the firm posted $0.14 EPS. The business’s quarterly revenue was down 15.3% compared to the same quarter last year. Equities research analysts expect that Freeport-McMoRan Inc. will post $0.45 EPS for the current fiscal year.
Several hedge funds have recently made changes to their positions in FCX. Capital Research Global Investors raised its stake in shares of Freeport-McMoRan by 76.8% in the second quarter. Capital Research Global Investors now owns 114,175,293 shares of the natural resource company’s stock worth $1,271,913,000 after buying an additional 49,597,808 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Freeport-McMoRan by 1.8% in the second quarter. Vanguard Group Inc. now owns 105,393,182 shares of the natural resource company’s stock worth $1,174,080,000 after buying an additional 1,888,550 shares in the last quarter. State Street Corp raised its stake in shares of Freeport-McMoRan by 0.6% in the second quarter. State Street Corp now owns 56,651,387 shares of the natural resource company’s stock worth $631,088,000 after buying an additional 311,054 shares in the last quarter. BlackRock Fund Advisors raised its stake in shares of Freeport-McMoRan by 5.1% in the second quarter. BlackRock Fund Advisors now owns 21,709,795 shares of the natural resource company’s stock worth $241,847,000 after buying an additional 1,050,831 shares in the last quarter. Finally, FMR LLC raised its stake in shares of Freeport-McMoRan by 101.2% in the second quarter. FMR LLC now owns 15,373,806 shares of the natural resource company’s stock worth $171,264,000 after buying an additional 7,731,396 shares in the last quarter. 67.78% of the stock is currently owned by institutional investors and hedge funds.
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.
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