Freeport-McMoran, Inc. (FCX) Price Target Increased to $14.00 by Analysts at UBS AG
Freeport-McMoran, Inc. (NYSE:FCX) had its price target raised by equities researchers at UBS AG from $13.50 to $14.00 in a research note issued to investors on Monday, www.benzinga.com reports. The brokerage currently has a “neutral” rating on the natural resource company’s stock. UBS AG’s price objective suggests a potential upside of 0.43% from the stock’s current price.
Several other research firms have also recently issued reports on FCX. FBR & Co reissued a “market perform” rating and issued a $13.00 price target (up previously from $12.00) on shares of Freeport-McMoran in a research note on Thursday, July 27th. Zacks Investment Research raised Freeport-McMoran from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a research note on Tuesday, October 10th. ValuEngine raised Freeport-McMoran from a “hold” rating to a “buy” rating in a research note on Thursday. Berenberg Bank set a $10.00 price target on Freeport-McMoran and gave the stock a “sell” rating in a research note on Friday, July 28th. Finally, BidaskClub raised Freeport-McMoran from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Freeport-McMoran currently has a consensus rating of “Hold” and an average target price of $15.54.
Shares of Freeport-McMoran (NYSE:FCX) traded down 1.34% during midday trading on Monday, hitting $13.94. The company had a trading volume of 15,066,065 shares. Freeport-McMoran has a 12 month low of $10.50 and a 12 month high of $17.06. The stock’s 50-day moving average price is $14.41 and its 200-day moving average price is $13.31. The company has a market cap of $20.18 billion, a price-to-earnings ratio of 19.66 and a beta of 2.54.
Freeport-McMoran (NYSE:FCX) last released its quarterly earnings results on Wednesday, October 25th. The natural resource company reported $0.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.03. Freeport-McMoran had a return on equity of 13.35% and a net margin of 6.20%. The company had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.06 billion. During the same quarter in the prior year, the business posted $0.13 earnings per share. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. On average, equities research analysts forecast that Freeport-McMoran will post $1.08 EPS for the current year.
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In related news, COO Harry M. Iv Conger bought 36,180 shares of Freeport-McMoran stock in a transaction dated Thursday, September 7th. The stock was acquired at an average cost of $15.23 per share, with a total value of $551,021.40. Following the completion of the acquisition, the chief operating officer now directly owns 73,943 shares in the company, valued at approximately $1,126,151.89. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.29% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. IHT Wealth Management LLC lifted its holdings in shares of Freeport-McMoran by 27.1% during the second quarter. IHT Wealth Management LLC now owns 1,758 shares of the natural resource company’s stock valued at $843,000 after purchasing an additional 375 shares during the last quarter. Sun Life Financial INC lifted its stake 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 acquiring an additional 9,634 shares in the last quarter. First Manhattan Co. lifted its stake 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 acquiring an additional 33 shares in the last quarter. Outfitter Advisors LTD. purchased a new stake in Freeport-McMoran in the 2nd quarter worth about $121,000. Finally, Fisher Asset Management LLC purchased a new stake in Freeport-McMoran in the 2nd quarter worth about $122,000. 67.95% of the stock is owned by institutional investors and hedge funds.
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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