FBR & Co Comments on Freeport-McMoran, Inc.’s FY2018 Earnings (FCX)
Freeport-McMoran, Inc. (NYSE:FCX) – Stock analysts at FBR & Co upped their FY2018 earnings per share (EPS) estimates for shares of Freeport-McMoran in a report released on Friday. FBR & Co analyst L. Pipes now anticipates that the natural resource company will post earnings of $1.45 per share for the year, up from their previous estimate of $1.35. FBR & Co currently has a “Hold” rating and a $12.00 target price on the stock. FBR & Co also issued estimates for Freeport-McMoran’s FY2019 earnings at $0.90 EPS.
Freeport-McMoran (NYSE:FCX) last posted its earnings results on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.21 by ($0.04). The business had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.67 billion. Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. The business’s revenue was up 11.3% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.02) EPS.
A number of other equities analysts have also commented on the stock. Deutsche Bank AG lowered shares of Freeport-McMoran from a “hold” rating to a “sell” rating and set a $13.00 price target on the stock. in a research report on Tuesday, October 17th. Royal Bank Of Canada set a $14.00 price target on shares of Freeport-McMoran and gave the stock a “hold” rating in a research report on Wednesday, October 11th. Zacks Investment Research raised shares of Freeport-McMoran from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a research report on Tuesday, October 10th. Jefferies Group LLC reissued a “buy” rating and issued a $19.00 target price (down from $23.00) on shares of Freeport-McMoran in a report on Wednesday, October 4th. Finally, CIBC initiated coverage on shares of Freeport-McMoran in a report on Friday, September 15th. They issued a “sector outperform” rating and a $18.00 target price on the stock. 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 given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $15.76.
Shares of Freeport-McMoran (NYSE:FCX) opened at 14.83 on Monday. The company has a market cap of $21.46 billion, a PE ratio of 20.92 and a beta of 2.54. The company has a 50-day moving average of $14.45 and a 200-day moving average of $13.26. Freeport-McMoran has a 1-year low of $9.85 and a 1-year high of $17.06.
A number of large investors have recently bought and sold shares of FCX. Sun Life Financial INC boosted its position in Freeport-McMoran by 96,340.0% during the 2nd quarter. Sun Life Financial INC now owns 9,644 shares of the natural resource company’s stock worth $116,000 after buying an additional 9,634 shares during the period. First Manhattan Co. lifted its position in shares of 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 during the period. Outfitter Advisors LTD. acquired a new position in shares of Freeport-McMoran in the 2nd quarter worth approximately $121,000. Fisher Asset Management LLC acquired a new position in shares of Freeport-McMoran in the 2nd quarter worth approximately $122,000. Finally, Partnervest Advisory Services LLC acquired a new position in shares of Freeport-McMoran in the 2nd quarter worth approximately $123,000. Institutional investors and hedge funds own 67.97% of the company’s stock.
In other Freeport-McMoran news, COO Harry M. Iv Conger bought 36,180 shares of the business’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 transaction, the chief operating officer now directly owns 73,943 shares in the company, valued at $1,126,151.89. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.29% of the stock is owned by company insiders.
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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