Freeport-McMoran, Inc. (NYSE:FCX) was upgraded by equities researchers at BidaskClub from a “sell” rating to a “hold” rating in a research report issued on Monday, July 24th.
FCX has been the topic of several other reports. Zacks Investment Research cut Freeport-McMoran from a “hold” rating to a “sell” rating in a research note on Wednesday, July 5th. Deutsche Bank AG reiterated a “hold” rating and issued a $13.00 price objective (down from $14.00) on shares of Freeport-McMoran in a research note on Sunday, June 25th. FBR & Co reiterated a “hold” rating and issued a $13.00 price objective on shares of Freeport-McMoran in a research note on Wednesday, April 5th. Vetr cut Freeport-McMoran from a “strong-buy” rating to a “buy” rating and set a $14.50 price target on the stock. in a research note on Tuesday, April 25th. Finally, ValuEngine cut Freeport-McMoran from a “buy” rating to a “hold” rating in a research note on Thursday, July 13th. Three equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $14.32.
Freeport-McMoran (FCX) opened at 14.15 on Monday. The company has a market capitalization of $20.48 billion, a price-to-earnings ratio of 19.96 and a beta of 2.59. The stock has a 50 day moving average price of $13.58 and a 200 day moving average price of $13.04. Freeport-McMoran has a 52-week low of $9.24 and a 52-week high of $17.06. Freeport-McMoran also was the target of some unusual options trading on Wednesday. Investors purchased 48,064 call options on the stock. This represents an increase of 145% compared to the typical daily volume of 19,644 call options.
Freeport-McMoran (NYSE:FCX) last announced its quarterly earnings data on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by $0.04. The company 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 firm’s revenue was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.02) earnings per share. On average, equities analysts expect that Freeport-McMoran will post $0.89 earnings per share for the current year.
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Several institutional investors have recently added to or reduced their stakes in FCX. IHT Wealth Management LLC raised its position in Freeport-McMoran by 27.1% in the second quarter. IHT Wealth Management LLC now owns 1,758 shares of the natural resource company’s stock worth $843,000 after buying an additional 375 shares in the last quarter. Acrospire Investment Management LLC bought a new position in Freeport-McMoran during the first quarter worth about $122,000. Advantage Investment Management LLC raised its position in Freeport-McMoran by 5.6% in the first quarter. Advantage Investment Management LLC now owns 9,402 shares of the natural resource company’s stock worth $126,000 after buying an additional 500 shares in the last quarter. Sun Life Financial INC raised its position in Freeport-McMoran by 96,340.0% in the second quarter. Sun Life Financial INC now owns 9,644 shares of the natural resource company’s stock worth $116,000 after buying an additional 9,634 shares in the last quarter. Finally, Atria Investments LLC bought a new position in Freeport-McMoran during the first quarter worth about $134,000. 69.94% of the stock is currently owned by hedge funds and other institutional investors.
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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