Freeport-McMoRan Inc. (FCX) Stock Rating Reaffirmed by Deutsche Bank AG
Freeport-McMoRan Inc. (NYSE:FCX)‘s stock had its “buy” rating reaffirmed by equities researchers at Deutsche Bank AG in a research note issued to investors on Tuesday. They currently have a $12.50 price objective on the natural resource company’s stock. Deutsche Bank AG’s target price would indicate a potential upside of 31.30% from the company’s previous close.
Several other analysts have also weighed in on FCX. Macquarie reissued a “neutral” rating and issued a $10.00 price objective on shares of Freeport-McMoRan in a report on Tuesday, June 21st. HSBC reissued a “buy” rating on shares of Freeport-McMoRan in a report on Thursday, July 7th. Vetr lowered Freeport-McMoRan from a “strong-buy” rating to a “buy” rating and set a $14.27 price objective for the company. in a report on Tuesday, July 12th. Jefferies Group reissued a “buy” rating and issued a $15.00 price objective on shares of Freeport-McMoRan in a report on Thursday, July 14th. Finally, FBR & Co decreased their target price on Freeport-McMoRan from $11.00 to $9.00 and set a “mkt perform” rating for the company in a research note on Wednesday, July 20th. Six equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company’s stock. Freeport-McMoRan currently has an average rating of “Hold” and an average price target of $10.42.
Shares of Freeport-McMoRan (NYSE:FCX) traded up 0.998% during trading on Tuesday, hitting $9.615. The stock had a trading volume of 8,486,253 shares. Freeport-McMoRan has a one year low of $3.52 and a one year high of $14.06. The firm’s market cap is $12.77 billion. The firm’s 50-day moving average is $10.34 and its 200-day moving average is $11.19.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/18/freeport-mcmoran-inc-fcx-stock-rating-reaffirmed-by-deutsche-bank-ag.html
Freeport-McMoRan (NYSE:FCX) last announced 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 firm 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%. The firm’s quarterly revenue was down 15.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.14 earnings per share. Equities research analysts forecast that Freeport-McMoRan will post $0.45 EPS for the current year.
Several institutional investors have recently bought and sold shares of the stock. Simmons Bank bought a new position in Freeport-McMoRan during the first quarter valued at approximately $356,000. Geode Capital Management LLC boosted its position in 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 valued at $105,573,000 after buying an additional 1,034,663 shares in the last quarter. Cleararc Capital Inc. boosted its position in Freeport-McMoRan by 8.0% in the first quarter. Cleararc Capital Inc. now owns 30,522 shares of the natural resource company’s stock valued at $316,000 after buying an additional 2,256 shares in the last quarter. UBS Asset Management Americas Inc. boosted its position in Freeport-McMoRan by 17.0% in the first quarter. UBS Asset Management Americas Inc. now owns 3,390,238 shares of the natural resource company’s stock valued at $35,056,000 after buying an additional 491,757 shares in the last quarter. Finally, Lazard Asset Management LLC boosted its position in Freeport-McMoRan by 4.6% in the first quarter. Lazard Asset Management LLC now owns 5,725,978 shares of the natural resource company’s stock valued at $59,206,000 after buying an additional 253,759 shares in the last quarter. Institutional investors and hedge funds own 67.74% of the company’s stock.
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.
Receive News & Ratings for Freeport-McMoRan Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoRan Inc. and related companies with MarketBeat.com's FREE daily email newsletter.