Freeport-McMoRan (FCX) Stock Rating Reaffirmed by Scotiabank

Scotiabank reiterated their hold rating on shares of Freeport-McMoRan (NYSE:FCX) in a report issued on Monday. They currently have a $19.00 price target on the natural resource company’s stock.

Several other equities analysts have also recently issued reports on FCX. B. Riley reiterated a neutral rating on shares of Freeport-McMoRan in a research report on Wednesday, November 1st. Royal Bank of Canada set a $14.00 price objective on shares of Freeport-McMoRan and gave the stock a hold rating in a report on Wednesday, October 11th. FBR & Co restated a neutral rating and issued a $12.00 price objective (down previously from $13.00) on shares of Freeport-McMoRan in a report on Thursday, September 14th. UBS Group upped their price objective on shares of Freeport-McMoRan from $13.50 to $14.00 and gave the stock a neutral rating in a report on Monday, October 30th. Finally, Zacks Investment Research upgraded shares of Freeport-McMoRan from a hold rating to a buy rating and set a $16.00 price objective on the stock in a report on Tuesday, October 10th. Two analysts have rated the stock with a sell rating, sixteen have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of Hold and an average target price of $15.80.

Shares of Freeport-McMoRan (FCX) traded down $0.13 during midday trading on Monday, hitting $19.75. 14,187,599 shares of the company traded hands, compared to its average volume of 20,040,000. Freeport-McMoRan has a one year low of $11.05 and a one year high of $20.07. The company has a debt-to-equity ratio of 1.23, a current ratio of 2.02 and a quick ratio of 1.32. The stock has a market capitalization of $28,580.00, a PE ratio of 27.43 and a beta of 2.51.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Wednesday, October 25th. The natural resource company reported $0.34 earnings per share (EPS) for the quarter, beating the 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 company had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.06 billion. During the same quarter in the previous year, the company earned $0.13 earnings per share. Freeport-McMoRan’s quarterly revenue was up 11.2% on a year-over-year basis. equities analysts anticipate that Freeport-McMoRan will post 1.09 EPS for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Nisa Investment Advisors LLC lifted its stake in shares of Freeport-McMoRan by 16.8% in the fourth quarter. Nisa Investment Advisors LLC now owns 416,147 shares of the natural resource company’s stock worth $7,890,000 after buying an additional 59,776 shares in the last quarter. North Star Investment Management Corp. lifted its stake in shares of Freeport-McMoRan by 65.5% in the fourth quarter. North Star Investment Management Corp. now owns 146,853 shares of the natural resource company’s stock worth $2,784,000 after buying an additional 58,125 shares in the last quarter. Grassi Investment Management lifted its stake in shares of Freeport-McMoRan by 6.1% in the fourth quarter. Grassi Investment Management now owns 62,800 shares of the natural resource company’s stock worth $1,191,000 after buying an additional 3,600 shares in the last quarter. Visionary Asset Management Inc. bought a new position in shares of Freeport-McMoRan in the third quarter worth approximately $215,000. Finally, GSA Capital Partners LLP bought a new position in shares of Freeport-McMoRan in the third quarter worth approximately $303,000. Hedge funds and other institutional investors own 68.07% of the company’s stock.

COPYRIGHT VIOLATION NOTICE: “Freeport-McMoRan (FCX) Stock Rating Reaffirmed by Scotiabank” was originally posted by Chaffey Breeze and is the property of of Chaffey Breeze. If you are reading this article on another website, it was stolen and republished in violation of U.S. and international copyright & trademark law. The legal version of this article can be viewed at https://www.chaffeybreeze.com/2018/01/12/freeport-mcmoran-fcx-stock-rating-reaffirmed-by-scotiabank.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.

Analyst Recommendations for Freeport-McMoRan (NYSE:FCX)

Receive News & Ratings for Freeport-McMoRan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoRan and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply