Freeport-McMoran, Inc. (NYSE:FCX) – Research analysts at Jefferies Group reduced their FY2017 earnings estimates for Freeport-McMoran in a research note issued to investors on Tuesday. Jefferies Group analyst C. Lafemina now forecasts that the natural resource company will post earnings per share of $0.77 for the year, down from their prior forecast of $0.80. Jefferies Group has a “Buy” rating and a $15.00 price objective on the stock. Jefferies Group also issued estimates for Freeport-McMoran’s FY2020 earnings at $2.06 EPS.

Freeport-McMoran (NYSE:FCX) last released its quarterly earnings results on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.21 by $0.04. Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. The company had revenue of $3.71 billion for the quarter, compared to analysts’ expectations of $3.67 billion. During the same quarter in the previous year, the company posted ($0.02) EPS. The business’s quarterly revenue was up 11.3% on a year-over-year basis. TRADEMARK VIOLATION WARNING: “Jefferies Group Research Analysts Cut Earnings Estimates for Freeport-McMoran, Inc. (NYSE:FCX)” was reported by American Banking News and is the property of of American Banking News. If you are accessing this story on another domain, it was illegally stolen and republished in violation of U.S. and international trademark and copyright laws. The legal version of this story can be read at https://www.americanbankingnews.com/2017/07/27/jefferies-group-research-analysts-cut-earnings-estimates-for-freeport-mcmoran-inc-nysefcx.html.

A number of other equities analysts also recently issued reports on FCX. Vetr raised Freeport-McMoran from a “buy” rating to a “strong-buy” rating and set a $14.75 target price for the company in a research note on Wednesday, April 12th. FBR & Co reaffirmed a “hold” rating and issued a $13.00 price objective on shares of Freeport-McMoran in a research note on Wednesday, April 5th. Deutsche Bank AG reiterated a “hold” rating and set a $13.00 target price (down previously from $14.00) on shares of Freeport-McMoran in a report on Sunday, June 25th. ValuEngine upgraded Freeport-McMoran from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Finally, BidaskClub upgraded Freeport-McMoran from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 27th. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $14.02.

Freeport-McMoran (NYSE:FCX) traded down 0.631% during mid-day trading on Thursday, reaching $14.965. The company’s stock had a trading volume of 3,494,003 shares. The firm’s 50 day moving average price is $12.33 and its 200 day moving average price is $13.16. Freeport-McMoran has a 12-month low of $9.24 and a 12-month high of $17.06. The stock has a market cap of $21.65 billion, a price-to-earnings ratio of 80.027 and a beta of 2.55. Freeport-McMoran also saw unusually large options trading on Tuesday. Traders acquired 41,703 put options on the company. This is an increase of 283% compared to the average daily volume of 10,892 put options.

A number of large investors have recently bought and sold shares of FCX. Acrospire Investment Management LLC purchased a new stake in Freeport-McMoran during the first quarter worth approximately $122,000. Fisher Asset Management LLC bought a new position in shares of Freeport-McMoran during the second quarter valued at about $122,000. Advantage Investment Management LLC raised its position in shares of Freeport-McMoran by 5.6% in the first quarter. Advantage Investment Management LLC now owns 9,402 shares of the natural resource company’s stock valued at $126,000 after buying an additional 500 shares in the last quarter. Benjamin F. Edwards & Company Inc. raised its position in shares of Freeport-McMoran by 56.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 10,704 shares of the natural resource company’s stock valued at $129,000 after buying an additional 3,865 shares in the last quarter. Finally, Atria Investments LLC bought a new position in shares of Freeport-McMoran during the first quarter valued at about $134,000. 69.48% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoran Company Profile

Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.

Earnings History and Estimates for Freeport-McMoran (NYSE:FCX)

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