Vetr upgraded shares of Freeport-McMoRan Inc. (NYSE:FCX) from a sell rating to a buy rating in a research report sent to investors on Thursday morning. They currently have $17.30 price target on the natural resource company’s stock.
FCX has been the topic of several other reports. Deutsche Bank AG raised shares of Freeport-McMoRan from a hold rating to a buy rating and increased their price objective for the company from $12.00 to $12.50 in a research report on Monday, October 3rd. Morgan Stanley set a $9.00 price objective on shares of Freeport-McMoRan and gave the company a hold rating in a research report on Tuesday, September 13th. Berenberg Bank reaffirmed a hold rating and set a $11.00 price target on shares of Freeport-McMoRan in a research report on Thursday, July 28th. Jefferies Group set a $15.00 price target on shares of Freeport-McMoRan and gave the stock a buy rating in a research report on Sunday, October 16th. Finally, FBR & Co reaffirmed a hold rating on shares of Freeport-McMoRan in a research report on Thursday, October 20th. Five analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the company’s stock. Freeport-McMoRan currently has an average rating of Hold and a consensus target price of $11.19.
Freeport-McMoRan (NYSE:FCX) opened at 16.21 on Thursday. The firm has a 50 day moving average of $11.58 and a 200-day moving average of $11.38. The company’s market capitalization is $22.07 billion. Freeport-McMoRan has a 52 week low of $3.52 and a 52 week high of $16.42.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, October 25th. The natural resource company reported $0.13 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate 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 net margin of 58.67% and a negative return on equity of 0.72%. Freeport-McMoRan’s revenue for the quarter was up 14.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.15) earnings per share. On average, analysts forecast that Freeport-McMoRan will post $0.25 earnings per share for the current year.
In other news, Director Courtney Mather purchased 150,000 shares of the stock in a transaction on Thursday, October 27th. The stock was purchased at an average price of $10.72 per share, for a total transaction of $1,608,000.00. Following the acquisition, the director now owns 65,523 shares in the company, valued at $702,406.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.40% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Stonebridge Capital Advisors LLC purchased a new position in Freeport-McMoRan during the second quarter valued at about $114,000. Fox Run Management L.L.C. purchased a new position in Freeport-McMoRan during the second quarter valued at about $115,000. Strid Group LLC purchased a new position in Freeport-McMoRan during the third quarter valued at about $112,000. RiverPoint Capital Management LLC purchased a new position in Freeport-McMoRan during the third quarter valued at about $114,000. Finally, Ancora Inverness LLC purchased a new position in Freeport-McMoRan during the third quarter valued at about $115,000. Hedge funds and other institutional investors own 68.54% of the company’s stock.
Freeport-McMoRan Company Profile
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.