FBR & Co Reiterates “Neutral” Rating for Freeport-McMoran, Inc. (FCX)
Freeport-McMoran, Inc. (NYSE:FCX)‘s stock had its “neutral” rating reiterated by equities researchers at FBR & Co in a report issued on Thursday. They currently have a $12.00 target price on the natural resource company’s stock, down from their prior target price of $13.00. FBR & Co’s price target suggests a potential downside of 13.92% from the company’s previous close.
FCX has been the topic of several other reports. ValuEngine upgraded Freeport-McMoran from a “hold” rating to a “buy” rating in a research report on Thursday, August 31st. Berenberg Bank set a $10.00 target price on Freeport-McMoran and gave the stock a “sell” rating in a research report on Friday, July 28th. Zacks Investment Research downgraded Freeport-McMoran from a “hold” rating to a “sell” rating in a research report on Wednesday, July 5th. Raymond James Financial, Inc. initiated coverage on Freeport-McMoran in a research report on Tuesday, August 15th. They set a “market perform” rating and a $15.00 target price on the stock. Finally, Vertical Research reiterated a “buy” rating and set a $20.00 target price on shares of Freeport-McMoran in a research report on Tuesday, August 29th. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $14.93.
Shares of Freeport-McMoran (NYSE:FCX) traded down 0.466% during mid-day trading on Thursday, reaching $13.875. 12,004,677 shares of the company traded hands. The stock has a market capitalization of $20.08 billion, a price-to-earnings ratio of 19.570 and a beta of 2.57. Freeport-McMoran has a 52-week low of $9.24 and a 52-week high of $17.06. The company’s 50 day moving average is $14.67 and its 200 day moving average is $12.96.
Freeport-McMoran (NYSE:FCX) last released its 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 return on equity of 10.45% and a net margin of 5.97%. The business had revenue of $3.71 billion for the quarter, compared to analysts’ expectations of $3.67 billion. During the same quarter last year, the company posted ($0.02) earnings per share. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, equities analysts forecast that Freeport-McMoran will post $0.93 earnings per share for the current year.
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In related news, COO Harry M. Iv Conger bought 36,180 shares of the company’s stock in a transaction that occurred on Thursday, September 7th. The shares were acquired at an average cost of $15.23 per share, for a total transaction of $551,021.40. Following the acquisition, the chief operating officer now owns 73,943 shares in the company, valued at approximately $1,126,151.89. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.40% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of Freeport-McMoran by 4.9% during the 2nd quarter. Vanguard Group Inc. now owns 139,502,519 shares of the natural resource company’s stock valued at $1,675,425,000 after buying an additional 6,510,840 shares during the period. State Street Corp raised its holdings in shares of Freeport-McMoran by 4.6% during the 1st quarter. State Street Corp now owns 64,979,781 shares of the natural resource company’s stock valued at $868,135,000 after buying an additional 2,835,834 shares during the period. FMR LLC grew its stake in Freeport-McMoran by 104.4% during the 1st quarter. FMR LLC now owns 42,399,057 shares of the natural resource company’s stock valued at $566,451,000 after purchasing an additional 21,652,647 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Freeport-McMoran by 39.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 20,568,631 shares of the natural resource company’s stock valued at $247,029,000 after purchasing an additional 5,810,712 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in Freeport-McMoran by 14.7% during the 1st quarter. Geode Capital Management LLC now owns 12,966,422 shares of the natural resource company’s stock valued at $172,986,000 after purchasing an additional 1,664,093 shares in the last quarter. Institutional investors and hedge funds own 67.95% of the company’s stock.
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.
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