Freeport-McMoRan Inc (FCX) Debt Trading 1.4% Lower

An issue of Freeport-McMoRan Inc (NYSE:FCX) debt fell 1.4% as a percentage of its face value during trading on Friday. The debt issue has a 4.55% coupon and will mature on November 14, 2024. The debt is now trading at $94.50 and was trading at $93.25 one week ago. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its share price.

A number of analysts recently issued reports on FCX shares. BMO Capital Markets reissued a “hold” rating and issued a $15.00 target price on shares of Freeport-McMoRan in a research report on Thursday, December 29th. Jefferies Group LLC set a $16.00 target price on Freeport-McMoRan and gave the company a “buy” rating in a research report on Tuesday, January 3rd. Vetr raised Freeport-McMoRan from a “buy” rating to a “strong-buy” rating and set a $15.53 target price for the company in a research report on Tuesday, January 3rd. Zacks Investment Research cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, January 5th. Finally, TheStreet raised Freeport-McMoRan from a “d” rating to a “c-” rating in a research report on Friday, January 27th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $13.73.

Freeport-McMoRan Inc (NYSE:FCX) traded down 3.717% during trading on Friday, reaching $12.045. The company had a trading volume of 15,508,386 shares. The company has a 50-day moving average of $12.87 and a 200-day moving average of $13.53. Freeport-McMoRan Inc has a 52-week low of $9.24 and a 52-week high of $17.06. The firm’s market capitalization is $17.41 billion.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Wednesday, January 25th. The natural resource company reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.33 by $0.08. The firm had revenue of $4.38 billion for the quarter, compared to the consensus estimate of $4.34 billion. Freeport-McMoRan had a positive return on equity of 3.52% and a negative net margin of 28.09%. The company’s revenue for the quarter was up 24.5% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.02) earnings per share. Analysts expect that Freeport-McMoRan Inc will post $1.05 EPS for the current fiscal year.

In related news, COO Harry M. Iv Conger sold 77,500 shares of the firm’s stock in a transaction on Thursday, February 16th. The shares were sold at an average price of $15.24, for a total transaction of $1,181,100.00. Following the sale, the chief operating officer now directly owns 37,763 shares in the company, valued at $575,508.12. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jon C/ Madonna sold 14,000 shares of Freeport-McMoRan stock in a transaction on Wednesday, February 1st. The shares were sold at an average price of $16.61, for a total transaction of $232,540.00. Following the completion of the sale, the director now owns 61,080 shares in the company, valued at $1,014,538.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 151,645 shares of company stock worth $2,340,571. Insiders own 1.40% of the company’s stock.

A number of large investors have recently modified their holdings of the stock. Advantage Investment Management LLC acquired a new stake in shares of Freeport-McMoRan during the fourth quarter valued at about $117,000. Ancora Advisors LLC acquired a new stake in shares of Freeport-McMoRan during the fourth quarter valued at about $126,000. Atria Investments LLC acquired a new stake in shares of Freeport-McMoRan during the first quarter valued at about $134,000. Strid Group LLC acquired a new stake in shares of Freeport-McMoRan during the third quarter valued at about $112,000. Finally, Girard Securities Inc. acquired a new stake in shares of Freeport-McMoRan during the fourth quarter valued at about $136,000. Hedge funds and other institutional investors own 66.80% of the company’s stock.

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About Freeport-McMoRan

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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