Freeport-McMoRan Inc. (FCX) Downgraded by Zacks Investment Research
Freeport-McMoRan Inc. (NYSE:FCX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.
According to Zacks, “Freeport’s copper business remains affected by supply-related issues and slowdown in China (a major market). A still soft global economy is weighing on the copper market. We are also concerned about the depressed copper pricing environment which may continue to hurt the company’s sales. Freeport also faces uncertainties associated with its Indonesian operations.”
Several other equities analysts have also commented on FCX. Jefferies Group set a $15.00 target price on Freeport-McMoRan and gave the company a “buy” rating in a report on Sunday. Macquarie lowered their target price on Freeport-McMoRan from $13.00 to $10.00 and set a “neutral” rating for the company in a report on Wednesday, September 14th. Vetr lowered Freeport-McMoRan from a “strong-buy” rating to a “hold” rating and set a $11.00 target price for the company. in a report on Wednesday, September 28th. Deutsche Bank AG lowered their target price on Freeport-McMoRan from $12.50 to $12.00 and set a “hold” rating for the company in a report on Tuesday, September 13th. Finally, FBR & Co lowered their target price on Freeport-McMoRan from $11.00 to $9.00 and set a “mkt perform” rating for the company in a report on Wednesday, July 20th. Six investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. Freeport-McMoRan presently has an average rating of “Hold” and a consensus price target of $10.42.
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Shares of Freeport-McMoRan (NYSE:FCX) traded up 2.10% during trading on Tuesday, reaching $9.72. The company had a trading volume of 17,424,199 shares. Freeport-McMoRan has a 12 month low of $3.52 and a 12 month high of $14.06. The stock’s market capitalization is $12.91 billion. The stock’s 50-day moving average price is $10.31 and its 200-day moving average price is $11.19.
Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, July 26th. The natural resource company reported ($0.02) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by $0.01. The company had revenue of $3.33 billion for 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%. The firm’s revenue for the quarter was down 15.3% compared to the same quarter last year. During the same period last year, the company posted $0.14 earnings per share. Equities analysts forecast that Freeport-McMoRan will post $0.45 earnings per share for the current fiscal year.
Institutional investors have recently modified their holdings of the stock. BB&T Securities LLC increased its stake in shares of Freeport-McMoRan by 34.1% in the first quarter. BB&T Securities LLC now owns 82,303 shares of the natural resource company’s stock worth $851,000 after buying an additional 20,920 shares during the period. DekaBank Deutsche Girozentrale increased its stake in shares of Freeport-McMoRan by 27.5% in the second quarter. DekaBank Deutsche Girozentrale now owns 60,759 shares of the natural resource company’s stock worth $656,000 after buying an additional 13,115 shares during the period. KBC Group NV increased its stake in shares of Freeport-McMoRan by 81.4% in the second quarter. KBC Group NV now owns 122,947 shares of the natural resource company’s stock worth $1,370,000 after buying an additional 55,156 shares during the period. Geode Capital Management LLC increased its stake in shares of Freeport-McMoRan by 11.3% in the first quarter. Geode Capital Management LLC now owns 10,230,429 shares of the natural resource company’s stock worth $105,573,000 after buying an additional 1,034,663 shares during the period. Finally, First Dallas Securities Inc. increased its stake in shares of Freeport-McMoRan by 0.4% in the second quarter. First Dallas Securities Inc. now owns 143,013 shares of the natural resource company’s stock worth $1,593,000 after buying an additional 520 shares during the period. 67.74% of the stock is owned by hedge funds and other institutional investors.
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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