Freeport-McMoRan Inc. (FCX) Rating Reiterated by Deutsche Bank AG
Freeport-McMoRan Inc. (NYSE:FCX)‘s stock had its “buy” rating restated by stock analysts at Deutsche Bank AG in a research report issued on Tuesday. They presently have a $12.50 price objective on the natural resource company’s stock. Deutsche Bank AG’s target price points to a potential upside of 31.30% from the company’s current price.
A number of other research analysts have also weighed in on the company. Zacks Investment Research lowered Freeport-McMoRan from a “hold” rating to a “sell” rating in a report on Tuesday. Vetr lowered Freeport-McMoRan from a “hold” rating to a “sell” rating and set a $9.17 target price on the stock. in a report on Monday. Jefferies Group set a $15.00 target price on Freeport-McMoRan and gave the stock a “buy” rating in a report on Sunday. Bank of America Corp. assumed coverage on Freeport-McMoRan in a report on Monday. They set an “underperform” rating and a $8.00 target price on the stock. Finally, Berenberg Bank reissued a “hold” rating and set a $10.00 target price on shares of Freeport-McMoRan in a report on Sunday, September 18th. Six analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company’s stock. Freeport-McMoRan currently has a consensus rating of “Hold” and a consensus price target of $10.42.
Freeport-McMoRan (NYSE:FCX) traded up 0.84% on Tuesday, reaching $9.60. The company’s stock had a trading volume of 8,298,138 shares. The company has a 50-day moving average price of $10.34 and a 200 day moving average price of $11.19. The company’s market cap is $12.75 billion. 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 posted its quarterly earnings results 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 had revenue of $3.33 billion for the quarter, compared to analyst estimates of $3.70 billion. Freeport-McMoRan had a negative return on equity of 3.68% and a negative net margin of 87.70%. 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 firm earned $0.14 EPS. On average, equities research analysts anticipate that Freeport-McMoRan will post $0.45 EPS for the current fiscal year.
Several large investors have recently modified their holdings of the stock. Stonebridge Capital Advisors LLC bought a new stake in shares of Freeport-McMoRan during the second quarter valued at $114,000. Fox Run Management L.L.C. bought a new stake in shares of Freeport-McMoRan during the second quarter valued at $115,000. M Holdings Securities Inc. bought a new stake in shares of Freeport-McMoRan during the second quarter valued at $119,000. Swarthmore Group Inc. bought a new stake in shares of Freeport-McMoRan during the second quarter valued at $125,000. Finally, Silvercrest Asset Management Group LLC bought a new stake in shares of Freeport-McMoRan during the first quarter valued at $120,000. 67.74% of the stock is owned by institutional investors.
Freeport-McMoRan Company Profile
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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