Freeport-McMoRan Inc. (FCX) Stock Rating Lowered 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 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.”
FCX has been the topic of several other research reports. Macquarie reaffirmed a “neutral” rating and issued a $10.00 target price on shares of Freeport-McMoRan in a report on Tuesday, June 21st. HSBC reaffirmed a “buy” rating on shares of Freeport-McMoRan in a report on Thursday, July 7th. Vetr downgraded shares of Freeport-McMoRan from a “strong-buy” rating to a “buy” rating and set a $14.27 target price on the stock. in a report on Tuesday, July 12th. Jefferies Group reaffirmed a “buy” rating and issued a $15.00 target price on shares of Freeport-McMoRan in a report on Thursday, July 14th. Finally, FBR & Co lowered their target price on shares of Freeport-McMoRan from $11.00 to $9.00 and set a “mkt perform” rating on the stock 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. The stock currently has an average rating of “Hold” and a consensus price target of $10.42.
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Freeport-McMoRan (NYSE:FCX) traded up 0.7710% during mid-day trading on Tuesday, reaching $9.5934. 8,045,373 shares of the company’s stock were exchanged. Freeport-McMoRan has a 1-year low of $3.52 and a 1-year high of $14.06. The firm’s 50-day moving average is $10.34 and its 200 day moving average is $11.19. The stock’s market capitalization is $12.74 billion.
Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data 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 business earned $3.33 billion during the quarter, compared to analyst estimates of $3.70 billion. Freeport-McMoRan had a negative net margin of 87.70% and a negative return on equity of 3.68%. The company’s revenue for the quarter was down 15.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.14 earnings per share. Analysts forecast that Freeport-McMoRan will post $0.45 earnings per share for the current fiscal year.
A number of institutional investors have recently modified their holdings of FCX. Holderness Investments Co. raised its position in shares of Freeport-McMoRan by 0.7% in the second quarter. Holderness Investments Co. now owns 16,782 shares of the natural resource company’s stock valued at $187,000 after buying an additional 121 shares during the period. Bremer Trust National Association raised its position in shares of Freeport-McMoRan by 1.0% in the third quarter. Bremer Trust National Association now owns 22,678 shares of the natural resource company’s stock valued at $246,000 after buying an additional 225 shares during the period. Integrated Investment Consultants LLC raised its position in shares of Freeport-McMoRan by 1.9% in the third quarter. Integrated Investment Consultants LLC now owns 15,807 shares of the natural resource company’s stock valued at $152,000 after buying an additional 294 shares during the period. Nippon Life Insurance Co. raised its position in shares of Freeport-McMoRan by 1.2% in the second quarter. Nippon Life Insurance Co. now owns 41,112 shares of the natural resource company’s stock valued at $458,000 after buying an additional 472 shares during the period. Finally, Investors Asset Management of Georgia Inc. GA ADV raised its position in shares of Freeport-McMoRan by 3.0% in the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 17,000 shares of the natural resource company’s stock valued at $189,000 after buying an additional 500 shares during the period. 67.74% of the stock is owned by hedge funds and other 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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