Analysts at CIBC began coverage on shares of Freeport-McMoran, Inc. (NYSE:FCX) in a research report issued on Friday, MarketBeat Ratings reports. The firm set a “sector outperform” rating and a $18.00 price target on the natural resource company’s stock. CIBC’s price objective suggests a potential upside of 29.82% from the company’s previous close.

Several other research analysts have also issued reports on FCX. Raymond James Financial, Inc. assumed coverage on Freeport-McMoran in a research note on Tuesday, August 15th. They set a “market perform” rating and a $15.00 price objective for the company. Macquarie started coverage on Freeport-McMoran in a research note on Thursday, September 7th. They issued a “neutral” rating and a $16.00 target price for the company. FBR & Co restated a “neutral” rating and issued a $12.00 target price (down from $13.00) on shares of Freeport-McMoran in a research note on Thursday. Jefferies Group LLC restated a “buy” rating and issued a $18.00 target price on shares of Freeport-McMoran in a research note on Thursday, July 27th. Finally, Zacks Investment Research upgraded Freeport-McMoran from a “sell” rating to a “hold” rating in a research note on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have assigned 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 a consensus price target of $15.51.

Freeport-McMoran (FCX) traded up 1.046% during mid-day trading on Friday, reaching $14.005. 5,239,317 shares of the company’s stock traded hands. Freeport-McMoran has a 12 month low of $9.24 and a 12 month high of $17.06. The stock has a market capitalization of $20.27 billion, a PE ratio of 19.753 and a beta of 2.57. The firm’s 50-day moving average price is $14.61 and its 200 day moving average price is $12.97.

Freeport-McMoran (NYSE:FCX) last issued its earnings results on Tuesday, July 25th. The natural resource company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.21 by ($0.04). The firm had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.67 billion. Freeport-McMoran had a return on equity of 10.45% and a net margin of 5.97%. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period last year, the business earned ($0.02) earnings per share. Equities research analysts predict that Freeport-McMoran will post $0.94 EPS for the current year.

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In related news, COO Harry M. Iv Conger bought 36,180 shares of the business’s stock in a transaction dated Thursday, September 7th. The stock was purchased at an average cost of $15.23 per share, for a total transaction of $551,021.40. Following the transaction, the chief operating officer now owns 73,943 shares in the company, valued at approximately $1,126,151.89. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 1.40% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Hosking Partners LLP lifted its position in shares of Freeport-McMoran by 68.7% during the 2nd quarter. Hosking Partners LLP now owns 809,467 shares of the natural resource company’s stock worth $9,722,000 after buying an additional 329,770 shares during the last quarter. Parkwood LLC lifted its position in shares of Freeport-McMoran by 380.3% during the 1st quarter. Parkwood LLC now owns 80,541 shares of the natural resource company’s stock worth $1,076,000 after buying an additional 63,773 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Freeport-McMoran by 10.7% during the 1st quarter. Vanguard Group Inc. now owns 132,991,679 shares of the natural resource company’s stock worth $1,776,769,000 after buying an additional 12,897,514 shares during the last quarter. Hodges Capital Management Inc. lifted its position in shares of Freeport-McMoran by 56.8% during the 1st quarter. Hodges Capital Management Inc. now owns 1,248,890 shares of the natural resource company’s stock worth $16,685,000 after buying an additional 452,565 shares during the last quarter. Finally, Global X Management Co. LLC lifted its position in shares of Freeport-McMoran by 9.3% during the 1st quarter. Global X Management Co. LLC now owns 185,238 shares of the natural resource company’s stock worth $2,475,000 after buying an additional 15,808 shares during the last quarter. Institutional investors and hedge funds own 67.95% of the company’s stock.

About Freeport-McMoran

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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