Freeport-McMoRan (NYSE:FCX) was upgraded by Clarkson Capital from a “neutral” rating to a “buy” rating in a research report issued on Wednesday.
A number of other analysts have also recently commented on FCX. Zacks Investment Research raised 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. Royal Bank of Canada set a $14.00 price objective on Freeport-McMoRan and gave the company a “hold” rating in a research report on Wednesday, October 11th. Jefferies Group reaffirmed a “buy” rating and issued a $19.00 price objective (down from $23.00) on shares of Freeport-McMoRan in a research report on Wednesday, October 4th. B. Riley set a $13.00 price objective on Freeport-McMoRan and gave the company a “hold” rating in a research report on Wednesday, December 6th. Finally, FBR & Co set a $12.00 price objective on Freeport-McMoRan and gave the company a “hold” rating in a research report on Friday, October 20th. Two investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $15.80.
Freeport-McMoRan (NYSE FCX) opened at $19.44 on Wednesday. Freeport-McMoRan has a twelve month low of $11.05 and a twelve month high of $20.07. The company has a current ratio of 2.02, a quick ratio of 1.32 and a debt-to-equity ratio of 1.23. The firm has a market capitalization of $28,190.00, a P/E ratio of 27.00 and a beta of 2.51.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in FCX. TRUE Private Wealth Advisors purchased a new stake in Freeport-McMoRan in the 3rd quarter worth $106,000. Strid Group LLC purchased a new stake in Freeport-McMoRan in the 3rd quarter worth $112,000. RiverPoint Capital Management LLC purchased a new stake in Freeport-McMoRan in the 3rd quarter worth $114,000. Fox Run Management L.L.C. purchased a new stake in Freeport-McMoRan in the 2nd quarter worth $115,000. Finally, Ancora Inverness LLC purchased a new stake in Freeport-McMoRan in the 3rd quarter worth $115,000. 68.06% of the stock is currently owned by hedge funds and other institutional investors.
COPYRIGHT VIOLATION NOTICE: “Freeport-McMoRan (FCX) Lifted to Buy at Clarkson Capital” was reported by American Banking and Market News and is owned by of American Banking and Market News. If you are viewing this piece on another website, it was stolen and reposted in violation of US and international copyright laws. The correct version of this piece can be accessed at https://www.americanbankingnews.com/2018/01/17/freeport-mcmoran-fcx-lifted-to-buy-at-clarkson-capital.html.
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.