Freeport-McMoran, Inc. (NYSE:FCX) had its price objective reduced by research analysts at FBR & Co from $13.00 to $12.00 in a research note issued on Thursday. The firm presently has a “neutral” rating on the natural resource company’s stock. FBR & Co’s price target indicates a potential downside of 13.92% from the stock’s previous close.
Several other brokerages also recently issued reports on FCX. BMO Capital Markets reaffirmed a “hold” rating and issued a $15.00 price target on shares of Freeport-McMoran in a research report on Thursday, June 29th. Berenberg Bank set a $10.00 price target on Freeport-McMoran and gave the company a “sell” rating in a research report on Friday, July 28th. BidaskClub raised Freeport-McMoran from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Clarkson Capital reaffirmed a “neutral” rating on shares of Freeport-McMoran in a research report on Monday, July 10th. Finally, Raymond James Financial, Inc. started coverage on Freeport-McMoran in a research report on Tuesday, August 15th. They issued a “market perform” rating and a $15.00 price target on the stock. Three analysts have rated the stock with a sell rating, thirteen have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Freeport-McMoran presently has a consensus rating of “Hold” and an average target price of $14.93.
Shares of Freeport-McMoran (NYSE:FCX) traded down 1.399% during mid-day trading on Thursday, reaching $13.745. The company had a trading volume of 3,572,218 shares. The company has a market capitalization of $19.89 billion, a PE ratio of 19.386 and a beta of 2.57. Freeport-McMoran has a 52-week low of $9.24 and a 52-week high of $17.06. The company’s 50-day moving average price is $14.67 and its 200-day moving average price is $12.96.
Freeport-McMoran (NYSE:FCX) last issued its quarterly earnings results on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.21 by ($0.04). The business had revenue of $3.71 billion during the quarter, compared to analyst estimates of $3.67 billion. Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.02) earnings per share. On average, analysts forecast that Freeport-McMoran will post $0.93 earnings per share for the current fiscal year.
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In related news, COO Harry M. Iv Conger acquired 36,180 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The stock was acquired at an average price 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 of the company’s stock, valued at approximately $1,126,151.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.40% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Hosking Partners LLP increased its holdings in Freeport-McMoran by 68.7% during the second quarter. Hosking Partners LLP now owns 809,467 shares of the natural resource company’s stock worth $9,722,000 after buying an additional 329,770 shares during the last quarter. Parkwood LLC increased its holdings in Freeport-McMoran by 380.3% during the first quarter. Parkwood LLC now owns 80,541 shares of the natural resource company’s stock worth $1,076,000 after buying an additional 63,773 shares during the last quarter. Vanguard Group Inc. increased its holdings in Freeport-McMoran by 10.7% during the first quarter. Vanguard Group Inc. now owns 132,991,679 shares of the natural resource company’s stock worth $1,776,769,000 after buying an additional 12,897,514 shares during the last quarter. Hodges Capital Management Inc. increased its holdings in Freeport-McMoran by 56.8% during the first quarter. Hodges Capital Management Inc. now owns 1,248,890 shares of the natural resource company’s stock worth $16,685,000 after buying an additional 452,565 shares during the last quarter. Finally, Global X Management Co. LLC increased its holdings in Freeport-McMoran by 9.3% during the first quarter. Global X Management Co. LLC now owns 185,238 shares of the natural resource company’s stock worth $2,475,000 after buying an additional 15,808 shares during the last quarter. Institutional investors and hedge funds own 67.95% of the company’s stock.
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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