Freeport-McMoran, Inc. (FCX) Given a $12.00 Price Target at FBR & Co
Freeport-McMoran, Inc. (NYSE:FCX) has been given a $12.00 target price by research analysts at FBR & Co in a research report issued to clients and investors on Friday. The firm presently has a “hold” rating on the natural resource company’s stock. FBR & Co’s price target points to a potential downside of 19.08% from the company’s previous close. FBR & Co also issued estimates for Freeport-McMoran’s FY2018 earnings at $1.45 EPS and FY2019 earnings at $0.90 EPS.
Other analysts have also recently issued reports about the stock. Jefferies Group LLC set a $15.00 target price on shares of Freeport-McMoran and gave the stock a “buy” rating in a report on Monday, July 10th. ValuEngine raised shares of Freeport-McMoran from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Vertical Research reissued a “buy” rating and set a $20.00 target price on shares of Freeport-McMoran in a report on Tuesday, August 29th. Zacks Investment Research raised shares of Freeport-McMoran from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a report on Tuesday, October 10th. Finally, Deutsche Bank AG reissued a “hold” rating and set a $13.00 target price (down from $14.00) on shares of Freeport-McMoran in a report on Sunday, June 25th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $15.76.
Shares of Freeport-McMoran (NYSE:FCX) traded up 0.14% during midday trading on Friday, reaching $14.83. 14,307,072 shares of the company traded hands. The firm has a market capitalization of $21.46 billion, a P/E ratio of 20.92 and a beta of 2.54. Freeport-McMoran has a 12 month low of $9.85 and a 12 month high of $17.06. The company has a 50 day moving average of $14.45 and a 200 day moving average of $13.26.
Freeport-McMoran (NYSE:FCX) last posted its quarterly earnings results on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by ($0.04). The company had revenue of $3.71 billion during the quarter, compared to analyst estimates of $3.67 billion. Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. The company’s revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the company earned ($0.02) earnings per share. On average, equities research analysts predict that Freeport-McMoran will post $1.02 earnings per share for the current fiscal year.
In related news, COO Harry M. Iv Conger bought 36,180 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The stock was purchased at an average price of $15.23 per share, for a total transaction of $551,021.40. Following the transaction, the chief operating officer now directly owns 73,943 shares of the company’s stock, valued at approximately $1,126,151.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.29% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in FCX. Municipal Employees Retirement System of Michigan grew its position in Freeport-McMoran by 7.9% in the 1st quarter. Municipal Employees Retirement System of Michigan now owns 42,750 shares of the natural resource company’s stock valued at $571,000 after buying an additional 3,130 shares in the last quarter. OppenheimerFunds Inc. grew its position in Freeport-McMoran by 71.4% in the 1st quarter. OppenheimerFunds Inc. now owns 632,355 shares of the natural resource company’s stock valued at $8,448,000 after buying an additional 263,504 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Freeport-McMoran by 4.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 169,420 shares of the natural resource company’s stock valued at $2,262,000 after buying an additional 7,154 shares in the last quarter. Thrivent Financial For Lutherans grew its position in Freeport-McMoran by 9.9% in the 1st quarter. Thrivent Financial For Lutherans now owns 48,672 shares of the natural resource company’s stock valued at $650,000 after buying an additional 4,380 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Freeport-McMoran by 14.7% in 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 buying an additional 1,664,093 shares in the last quarter. Hedge funds and other institutional investors own 67.97% of the company’s stock.
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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