Freeport-McMoran’s (FCX) “Buy” Rating Reaffirmed at Jefferies Group LLC
Freeport-McMoran, Inc. (NYSE:FCX)‘s stock had its “buy” rating reaffirmed by equities researchers at Jefferies Group LLC in a report issued on Wednesday. They currently have a $19.00 price target on the natural resource company’s stock, down from their prior price target of $23.00. Jefferies Group LLC’s price objective indicates a potential upside of 29.78% from the stock’s previous close.
A number of other equities research analysts have also recently commented on FCX. CIBC initiated coverage on shares of Freeport-McMoran in a research report on Friday, September 15th. They set a “sector outperform” rating and a $18.00 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, September 14th. Macquarie began coverage on shares of Freeport-McMoran in a report on Thursday, September 7th. They issued a “neutral” rating and a $16.00 price target on the stock. Berenberg Bank reaffirmed a “sell” rating and issued a $10.40 price target on shares of Freeport-McMoran in a report on Tuesday, September 5th. Finally, ValuEngine raised Freeport-McMoran from a “hold” rating to a “buy” rating in a research report on Thursday, August 31st. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $16.67.
Freeport-McMoran (FCX) traded down 0.376% during midday trading on Wednesday, hitting $14.585. 12,817,339 shares of the stock were exchanged. Freeport-McMoran has a 12 month low of $9.24 and a 12 month high of $17.06. The company has a market cap of $21.11 billion, a PE ratio of 20.571 and a beta of 2.54. The firm’s 50 day moving average price is $14.51 and its 200 day moving average price is $13.09.
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 analysts’ consensus estimates of $0.21 by ($0.04). Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. The firm had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.67 billion. During the same quarter in the prior year, the business posted ($0.02) earnings per share. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. On average, equities research analysts forecast that Freeport-McMoran will post $0.97 earnings per share for the current fiscal year.
In related news, COO Harry M. Iv Conger bought 36,180 shares of the stock in a transaction dated Thursday, September 7th. The shares were purchased at an average price of $15.23 per share, for a total transaction of $551,021.40. Following the completion of the purchase, the chief operating officer now directly owns 73,943 shares of the company’s stock, valued at $1,126,151.89. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 1.29% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the stock. IHT Wealth Management LLC lifted its holdings in Freeport-McMoran by 27.1% in the second quarter. IHT Wealth Management LLC now owns 1,758 shares of the natural resource company’s stock valued at $843,000 after acquiring an additional 375 shares during the period. Sun Life Financial INC boosted its position in Freeport-McMoran by 96,340.0% in the 2nd quarter. Sun Life Financial INC now owns 9,644 shares of the natural resource company’s stock worth $116,000 after purchasing an additional 9,634 shares in the last quarter. First Manhattan Co. boosted its position in Freeport-McMoran by 0.3% in the 2nd quarter. First Manhattan Co. now owns 10,067 shares of the natural resource company’s stock worth $120,000 after purchasing an additional 33 shares in the last quarter. Outfitter Advisors LTD. purchased a new stake in Freeport-McMoran in the 2nd quarter worth approximately $121,000. Finally, Fisher Asset Management LLC purchased a new stake in Freeport-McMoran in the 2nd quarter worth approximately $122,000. 67.94% of the stock is currently owned by hedge funds and other institutional investors.
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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