Freeport-McMoRan Inc. (FCX) Now Covered by Analysts at Bank of America Corp.
Research analysts at Bank of America Corp. assumed coverage on shares of Freeport-McMoRan Inc. (NYSE:FCX) in a research note issued to investors on Monday. The firm set a “sell” rating and a $8.00 price target on the natural resource company’s stock. Bank of America Corp.’s target price suggests a potential downside of 17.18% from the company’s current price.
FCX has been the topic of several other reports. Jefferies Group restated a “buy” rating and issued a $15.00 price target on shares of Freeport-McMoRan in a research note on Thursday, July 14th. Vetr downgraded shares of Freeport-McMoRan from a “strong-buy” rating to a “buy” rating and set a $11.90 price target on the stock. in a research note on Thursday, September 22nd. Deutsche Bank AG upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and upped their price target for the company from $12.00 to $12.50 in a research note on Monday, October 3rd. FBR & Co restated a “market perform” rating on shares of Freeport-McMoRan in a research note on Wednesday, September 14th. Finally, BMO Capital Markets set a $12.00 price target on shares of Freeport-McMoRan and gave the company a “hold” rating in a research note on Tuesday, September 13th. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $10.46.
Freeport-McMoRan (NYSE:FCX) opened at 9.66 on Monday. Freeport-McMoRan has a 52 week low of $3.52 and a 52 week high of $14.06. The company’s market capitalization is $12.83 billion. The firm has a 50 day moving average of $10.38 and a 200-day moving average of $11.19.
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Freeport-McMoRan (NYSE:FCX) last issued 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 company earned $3.33 billion during the quarter, compared to the consensus estimate 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 for the quarter was down 15.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.14 earnings per share. On average, analysts forecast that Freeport-McMoRan will post $0.45 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently modified their holdings of FCX. Bessemer Group Inc. raised its position in shares of Freeport-McMoRan by 260.4% in the first quarter. Bessemer Group Inc. now owns 13,509 shares of the natural resource company’s stock worth $140,000 after buying an additional 9,761 shares during the period. M&T Bank Corp raised its position in shares of Freeport-McMoRan by 121.0% in the first quarter. M&T Bank Corp now owns 213,280 shares of the natural resource company’s stock worth $2,205,000 after buying an additional 116,769 shares during the period. Investec Asset Management LTD acquired a new position in shares of Freeport-McMoRan during the first quarter worth about $6,509,000. Aviva PLC raised its position in shares of Freeport-McMoRan by 7.7% in the first quarter. Aviva PLC now owns 687,870 shares of the natural resource company’s stock worth $7,112,000 after buying an additional 49,450 shares during the period. Finally, Credit Agricole S A raised its position in shares of Freeport-McMoRan by 190.9% in the first quarter. Credit Agricole S A now owns 3,374,211 shares of the natural resource company’s stock worth $34,889,000 after buying an additional 2,214,169 shares during the period. Institutional investors and hedge funds 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.
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