Freeport-McMoRan (FCX) Lowered to “Neutral” at CIBC

Freeport-McMoRan (NYSE:FCX) was downgraded by CIBC from a “sector outperform” rating to a “neutral” rating in a research report issued to clients and investors on Monday, Marketbeat Ratings reports.

Several other equities analysts have also recently weighed in on FCX. B. Riley reaffirmed a “neutral” rating on shares of Freeport-McMoRan in a research report on Wednesday, November 1st. Zacks Investment Research cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Tuesday, January 9th. Royal Bank of Canada set a $14.00 price target on shares of Freeport-McMoRan and gave the company a “hold” rating in a research report on Wednesday, October 11th. FBR & Co set a $12.00 price target on shares of Freeport-McMoRan and gave the company a “hold” rating in a research report on Friday, October 20th. Finally, UBS Group raised their price target on shares of Freeport-McMoRan from $13.50 to $14.00 and gave the company a “neutral” rating in a research report on Monday, October 30th. Two equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $15.89.

Shares of Freeport-McMoRan (FCX) traded up $0.56 during midday trading on Monday, reaching $19.96. 22,635,799 shares of the company traded hands, compared to its average volume of 21,000,553. Freeport-McMoRan has a twelve month low of $11.05 and a twelve month high of $20.16. The company has a market cap of $28,840.00, a PE ratio of 27.72 and a beta of 2.51. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.32 and a current ratio of 2.02.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Wednesday, October 25th. The natural resource company reported $0.34 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.03. Freeport-McMoRan had a net margin of 6.20% and a return on equity of 13.35%. The business had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.06 billion. During the same quarter last year, the firm earned $0.13 EPS. The firm’s revenue for the quarter was up 11.2% compared to the same quarter last year. equities analysts predict that Freeport-McMoRan will post 1.13 EPS for the current fiscal year.

A number of large investors have recently bought and sold shares of FCX. Bank of New York Mellon Corp increased its stake in shares of Freeport-McMoRan by 18.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 24,292,902 shares of the natural resource company’s stock worth $341,073,000 after purchasing an additional 3,724,271 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Freeport-McMoRan by 5.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 12,110,654 shares of the natural resource company’s stock worth $170,081,000 after purchasing an additional 589,638 shares during the last quarter. BT Investment Management Ltd increased its stake in shares of Freeport-McMoRan by 6.4% during the 3rd quarter. BT Investment Management Ltd now owns 8,402,905 shares of the natural resource company’s stock worth $118,048,000 after purchasing an additional 507,722 shares during the last quarter. Contrarius Investment Management Ltd increased its stake in shares of Freeport-McMoRan by 74.3% during the 3rd quarter. Contrarius Investment Management Ltd now owns 6,176,460 shares of the natural resource company’s stock worth $86,717,000 after purchasing an additional 2,633,409 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its stake in shares of Freeport-McMoRan by 1.6% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 6,061,699 shares of the natural resource company’s stock worth $114,930,000 after purchasing an additional 97,798 shares during the last quarter. Hedge funds and other institutional investors own 68.13% 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.

Analyst Recommendations for Freeport-McMoRan (NYSE:FCX)

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