Freeport-McMoran (FCX) Given a $13.00 Price Target at B. Riley
Freeport-McMoran (NYSE:FCX) has been assigned a $13.00 price objective by stock analysts at B. Riley in a research note issued to investors on Wednesday. The firm currently has a “hold” rating on the natural resource company’s stock. B. Riley’s price target would suggest a potential downside of 7.87% from the stock’s current price.
A number of other research firms have also commented on FCX. Raymond James Financial began coverage on Freeport-McMoran in a research note on Tuesday, August 15th. They issued a “market perform” rating and a $15.00 price objective on the stock. BidaskClub raised Freeport-McMoran from a “sell” rating to a “hold” rating in a research note on Thursday, August 24th. Jefferies Group set a $18.00 price objective on Freeport-McMoran and gave the stock a “buy” rating in a research note on Monday, August 28th. Vertical Research reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Freeport-McMoran in a research note on Tuesday, August 29th. Finally, Stifel Nicolaus set a $15.00 price objective on Freeport-McMoran and gave the stock a “hold” rating in a research note on Tuesday, August 29th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $15.57.
Shares of Freeport-McMoran (NYSE FCX) traded down $0.19 during mid-day trading on Wednesday, hitting $14.11. The stock had a trading volume of 19,535,100 shares, compared to its average volume of 21,046,389. Freeport-McMoran has a 12-month low of $11.05 and a 12-month high of $17.06. The firm has a market capitalization of $20,700.54, a price-to-earnings ratio of 15.71 and a beta of 2.56. The company has a quick ratio of 1.32, a current ratio of 2.02 and a debt-to-equity ratio of 1.23.
In other Freeport-McMoran news, COO Harry M. Iv Conger bought 36,180 shares of the stock in a transaction on Thursday, September 7th. The stock was acquired at an average cost of $15.23 per share, for a total transaction of $551,021.40. Following the completion of the acquisition, 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.29% of the company’s stock.
A number of hedge funds have recently modified their holdings of FCX. BT Investment Management Ltd bought a new stake in shares of Freeport-McMoran during the second quarter valued at approximately $94,821,000. BlueMountain Capital Management LLC increased its holdings in shares of Freeport-McMoran by 100.4% during the second quarter. BlueMountain Capital Management LLC now owns 26,461 shares of the natural resource company’s stock valued at $318,000 after acquiring an additional 6,651,458 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Freeport-McMoran by 4.9% during the second quarter. Vanguard Group Inc. now owns 139,502,519 shares of the natural resource company’s stock valued at $1,675,425,000 after acquiring an additional 6,510,840 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Freeport-McMoran by 39.4% during the second quarter. Bank of New York Mellon Corp now owns 20,568,631 shares of the natural resource company’s stock valued at $247,029,000 after acquiring an additional 5,810,712 shares in the last quarter. Finally, Contrarius Investment Management Ltd increased its holdings in shares of Freeport-McMoran by 700.5% during the second quarter. Contrarius Investment Management Ltd now owns 3,543,051 shares of the natural resource company’s stock valued at $42,552,000 after acquiring an additional 3,100,466 shares in the last quarter. Institutional investors and hedge funds own 68.12% of the company’s stock.
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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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