Investment analysts at Macquarie initiated coverage on shares of Freeport-McMoran, Inc. (NYSE:FCX) in a research note issued to investors on Thursday, MarketBeat.com reports. The brokerage set a “neutral” rating and a $16.00 price target on the natural resource company’s stock. Macquarie’s target price would indicate a potential upside of 12.36% from the company’s previous close.

Other research analysts have also recently issued reports about the company. Clarkson Capital reiterated a “neutral” rating on shares of Freeport-McMoran in a research report on Monday, July 10th. ValuEngine cut Freeport-McMoran from a “buy” rating to a “hold” rating in a research report on Thursday, July 13th. BidaskClub upgraded Freeport-McMoran from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. BMO Capital Markets set a $17.00 price target on Freeport-McMoran and gave the company a “hold” rating in a research report on Wednesday, July 26th. Finally, Berenberg Bank reiterated a “sell” rating and set a $10.40 price target on shares of Freeport-McMoran in a research report on Tuesday, September 5th. Three analysts have rated the stock with a sell rating, thirteen have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $14.99.

Freeport-McMoran (NYSE:FCX) opened at 14.24 on Thursday. Freeport-McMoran has a 52 week low of $9.24 and a 52 week high of $17.06. The company has a market capitalization of $20.61 billion, a P/E ratio of 20.08 and a beta of 2.57. The company’s 50 day moving average price is $14.59 and its 200-day moving average price is $12.96.

Freeport-McMoran (NYSE:FCX) last announced its quarterly earnings results on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.21 by $0.04. The company had revenue of $3.71 billion for the quarter, compared to analysts’ expectations of $3.67 billion. Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. The firm’s revenue was up 11.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.02) earnings per share. Equities research analysts expect that Freeport-McMoran will post $0.91 earnings per share for the current year.

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In related news, COO Harry M. Iv Conger acquired 36,180 shares of the stock in a transaction on Thursday, September 7th. The shares were bought at an average price of $15.23 per share, with a total value of $551,021.40. Following the completion of the purchase, the chief operating officer now owns 73,943 shares of the company’s stock, valued at approximately $1,126,151.89. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.40% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Freeport-McMoran by 4.9% during the second quarter. Vanguard Group Inc. now owns 139,502,519 shares of the natural resource company’s stock worth $1,675,425,000 after buying an additional 6,510,840 shares during the last quarter. State Street Corp boosted its stake in Freeport-McMoran by 4.6% during the first quarter. State Street Corp now owns 64,979,781 shares of the natural resource company’s stock worth $868,135,000 after buying an additional 2,835,834 shares during the last quarter. FMR LLC boosted its stake in Freeport-McMoran by 104.4% during the first quarter. FMR LLC now owns 42,399,057 shares of the natural resource company’s stock worth $566,451,000 after buying an additional 21,652,647 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Freeport-McMoran by 39.4% during the second quarter. Bank of New York Mellon Corp now owns 20,568,631 shares of the natural resource company’s stock worth $247,029,000 after buying an additional 5,810,712 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Freeport-McMoran by 14.7% during the first quarter. Geode Capital Management LLC now owns 12,966,422 shares of the natural resource company’s stock worth $172,986,000 after buying an additional 1,664,093 shares during the last quarter. 67.94% of the stock is currently owned by 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.

Analyst Recommendations for Freeport-McMoran (NYSE:FCX)

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