Freeport-McMoRan Inc. (NYSE:FCX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage currently has a $17.00 price objective on the natural resource company’s stock. Zacks Investment Research’s price objective would suggest a potential upside of 11.55% from the company’s previous close.
According to Zacks, “Freeport has outperformed the Zacks categorized Mining-Non Ferrous industry in the past three months. The company is taking actions to manage costs and capital spending amid a still challenging operating environment. Freeport also remains focused on deleveraging its balance sheet, partly through assets sale. It is also conducting exploration activities near its existing mines with a focus on opportunities to expand reserves that will support the development of additional future production capacity.”
A number of other analysts also recently issued reports on the company. Cowen and Company raised their price target on Freeport-McMoRan from $15.00 to $20.00 and gave the stock an “outperform” rating in a research report on Monday, November 21st. Deutsche Bank AG reiterated a “buy” rating and issued a $12.50 target price on shares of Freeport-McMoRan in a research note on Tuesday, October 18th. Vetr lowered Freeport-McMoRan from a “sell” rating to a “strong sell” rating and set a $11.88 target price on the stock. in a research note on Monday, November 14th. Bank of America Corp. assumed coverage on Freeport-McMoRan in a research note on Monday, October 17th. They issued an “underperform” rating and a $8.00 target price on the stock. Finally, Jefferies Group reiterated a “buy” rating and issued a $16.00 target price on shares of Freeport-McMoRan in a research note on Tuesday, December 6th. Five analysts have rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $11.78.
Freeport-McMoRan (NYSE:FCX) opened at 15.24 on Tuesday. The company’s market cap is $20.75 billion. Freeport-McMoRan has a 52 week low of $3.80 and a 52 week high of $16.42. The company has a 50-day moving average of $14.73 and a 200-day moving average of $12.38.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, October 25th. The natural resource company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by $0.06. The company earned $3.88 billion during the quarter, compared to the consensus estimate of $3.95 billion. Freeport-McMoRan had a negative return on equity of 0.72% and a negative net margin of 58.67%. The firm’s quarterly revenue was up 14.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.15) earnings per share. On average, equities analysts expect that Freeport-McMoRan will post $0.29 EPS for the current year.
In other news, Director Courtney Mather bought 150,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 27th. The stock was purchased at an average price of $10.72 per share, with a total value of $1,608,000.00. Following the completion of the acquisition, the director now directly owns 65,523 shares of the company’s stock, valued at approximately $702,406.56. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 1.40% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Capital Research Global Investors increased its stake in Freeport-McMoRan by 76.8% in the second quarter. Capital Research Global Investors now owns 114,175,293 shares of the natural resource company’s stock worth $1,271,913,000 after buying an additional 49,597,808 shares during the period. FMR LLC increased its stake in Freeport-McMoRan by 101.2% in the second quarter. FMR LLC now owns 15,373,806 shares of the natural resource company’s stock worth $171,264,000 after buying an additional 7,731,396 shares during the period. Bridgeway Capital Management Inc. purchased a new stake in Freeport-McMoRan during the second quarter worth approximately $35,997,000. Los Angeles Capital Management & Equity Research Inc. increased its stake in Freeport-McMoRan by 22,976.9% in the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 2,571,688 shares of the natural resource company’s stock worth $27,929,000 after buying an additional 2,560,544 shares during the period. Finally, Teachers Advisors LLC increased its stake in Freeport-McMoRan by 107.1% in the third quarter. Teachers Advisors LLC now owns 4,415,565 shares of the natural resource company’s stock worth $47,953,000 after buying an additional 2,283,677 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.
Freeport-McMoRan Inc (FCX) is a natural resource company with a portfolio of mineral assets, and oil and natural gas resources. The Company’s segments include the Morenci, Cerro Verde, Grasberg and Tenke Fungurume copper mines, the Rod & Refining operations and the U.S. Oil & Gas Operations. It has organized its operations into five primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining and Molybdenum mines.
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