Freeport-McMoRan Inc (NYSE:FCX) – Equities researchers at Jefferies Group increased their FY2020 earnings per share estimates for shares of Freeport-McMoRan in a research note issued to investors on Wednesday. Jefferies Group analyst C. Lafemina now forecasts that the natural resource company will post earnings per share of $2.90 for the year, up from their prior estimate of $2.77.
Other research analysts have also recently issued reports about the company. B. Riley reissued a “neutral” rating on shares of Freeport-McMoRan in a research report on Wednesday, November 1st. TheStreet upgraded Freeport-McMoRan from a “c” rating to a “b-” rating in a research note on Thursday, January 25th. Deutsche Bank lowered Freeport-McMoRan from a “hold” rating to a “sell” rating and set a $13.00 price objective on the stock. in a research note on Tuesday, October 17th. Zacks Investment Research lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Tuesday, January 9th. Finally, CIBC lowered Freeport-McMoRan from a “sector outperform” rating to a “neutral” rating in a research note on Monday, January 22nd. Three research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Freeport-McMoRan has a consensus rating of “Hold” and an average target price of $16.13.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, January 25th. The natural resource company reported $0.51 EPS for the quarter, beating the consensus estimate of $0.49 by $0.02. Freeport-McMoRan had a return on equity of 16.57% and a net margin of 11.08%. The firm had revenue of $5.04 billion during the quarter, compared to analysts’ expectations of $4.89 billion. During the same period in the prior year, the firm posted $0.25 earnings per share. The business’s quarterly revenue was up 15.2% compared to the same quarter last year.
In other news, VP C Donald Whitmire, Jr. sold 21,500 shares of the stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $19.49, for a total transaction of $419,035.00. Following the transaction, the vice president now owns 70,239 shares in the company, valued at $1,368,958.11. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.29% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. First Trust Advisors LP increased its stake in shares of Freeport-McMoRan by 354.5% during the fourth quarter. First Trust Advisors LP now owns 1,341,833 shares of the natural resource company’s stock worth $25,441,000 after purchasing an additional 1,046,632 shares during the period. Hosking Partners LLP increased its stake in shares of Freeport-McMoRan by 7.6% during the fourth quarter. Hosking Partners LLP now owns 874,342 shares of the natural resource company’s stock worth $16,578,000 after purchasing an additional 61,647 shares during the period. Hourglass Capital LLC increased its stake in shares of Freeport-McMoRan by 9.4% during the fourth quarter. Hourglass Capital LLC now owns 185,500 shares of the natural resource company’s stock worth $3,517,000 after purchasing an additional 16,000 shares during the period. Barings LLC increased its stake in shares of Freeport-McMoRan by 82.4% during the fourth quarter. Barings LLC now owns 310,868 shares of the natural resource company’s stock worth $5,894,000 after purchasing an additional 140,400 shares during the period. Finally, Sei Investments Co. increased its stake in shares of Freeport-McMoRan by 22.1% during the fourth quarter. Sei Investments Co. now owns 275,359 shares of the natural resource company’s stock worth $5,221,000 after purchasing an additional 49,856 shares during the period. Institutional investors own 68.21% 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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