Freeport-McMoRan Inc. (FCX) Lowered to “Sell” at Vetr Inc.
Freeport-McMoRan Inc. (NYSE:FCX) was downgraded by investment analysts at Vetr from a “hold” rating to a “sell” rating in a research note issued on Monday. They currently have a $9.17 price target on the natural resource company’s stock. Vetr‘s price objective points to a potential downside of 3.68% from the company’s previous close.
A number of other research analysts have also commented on the stock. Jefferies Group set a $15.00 price target on shares of Freeport-McMoRan and gave the company a “buy” rating in a research report on Sunday. Bank of America Corp. started coverage on shares of Freeport-McMoRan in a report on Monday. They set an “underperform” rating and a $8.00 price objective for the company. Deutsche Bank AG raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $12.00 to $12.50 in a report on Monday, October 3rd. Berenberg Bank reaffirmed a “hold” rating and set a $10.00 price objective on shares of Freeport-McMoRan in a report on Sunday, September 18th. Finally, Macquarie dropped their price objective on shares of Freeport-McMoRan from $13.00 to $10.00 and set a “neutral” rating for the company in a report on Wednesday, September 14th. Five investment analysts have rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $10.42.
Shares of Freeport-McMoRan (NYSE:FCX) traded down 1.45% during mid-day trading on Monday, reaching $9.52. The company’s stock had a trading volume of 15,204,577 shares. The firm’s market cap is $12.65 billion. The company’s 50-day moving average is $10.34 and its 200 day moving average is $11.19. Freeport-McMoRan has a 12 month low of $3.52 and a 12 month high of $14.06.
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Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, July 26th. The natural resource company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by $0.01. The firm had revenue of $3.33 billion for the quarter, compared to analysts’ expectations of $3.70 billion. Freeport-McMoRan had a negative net margin of 87.70% and a negative return on equity of 3.68%. The firm’s revenue for the quarter was down 15.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.14 earnings per share. On average, equities analysts anticipate that Freeport-McMoRan will post $0.45 EPS for the current year.
Large investors have recently bought and sold shares of the stock. Stonebridge Capital Advisors LLC purchased a new stake in Freeport-McMoRan during the second quarter worth approximately $114,000. Fox Run Management L.L.C. purchased a new stake in Freeport-McMoRan during the second quarter worth approximately $115,000. M Holdings Securities Inc. purchased a new stake in Freeport-McMoRan during the second quarter worth approximately $119,000. Silvercrest Asset Management Group LLC purchased a new stake in Freeport-McMoRan during the first quarter worth approximately $120,000. Finally, Swarthmore Group Inc. purchased a new stake in Freeport-McMoRan during the second quarter worth approximately $125,000. Hedge funds and other institutional investors own 67.74% 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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