An issue of Freeport-McMoRan Inc. (NYSE:FCX) debt rose 3.1% against its face value during trading on Thursday. The high-yield issue of debt has a 4.55% coupon and will mature on November 14, 2024. The bonds in the issue are now trading at $96.13 and were trading at $93.00 one week ago. Price changes in a company’s debt in credit markets sometimes predict parallel changes in its share price.
Several brokerages have issued reports on FCX. Vetr upgraded shares of Freeport-McMoRan from a “sell” rating to a “buy” rating and set a $17.30 price target on the stock in a research note on Thursday. Deutsche Bank AG lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $13.80 to $12.50 in a research note on Thursday, November 17th. They noted that the move was a valuation call. Cowen and Company boosted their price objective on shares of Freeport-McMoRan from $15.00 to $20.00 and gave the stock an “outperform” rating in a research note on Monday, November 21st. Barclays PLC boosted their price objective on shares of Freeport-McMoRan from $10.00 to $11.00 and gave the stock an “equal weight” rating in a research note on Monday, August 8th. Finally, Morgan Stanley restated a “hold” rating and set a $9.00 price objective on shares of Freeport-McMoRan in a research note on Tuesday, August 16th. Five research analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $11.19.
Freeport-McMoRan Inc. (NYSE:FCX) opened at 16.00 on Friday. The company’s 50-day moving average is $11.77 and its 200-day moving average is $11.42. The firm’s market capitalization is $21.79 billion. Freeport-McMoRan Inc. has a 52-week low of $3.52 and a 52-week high of $16.42.
Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data 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. Freeport-McMoRan had a negative return on equity of 0.72% and a negative net margin of 58.67%. The company had revenue of $3.88 billion for the quarter, compared to analysts’ expectations of $3.95 billion. During the same quarter last year, the business posted ($0.15) EPS. The business’s quarterly revenue was up 14.6% on a year-over-year basis. Analysts forecast that Freeport-McMoRan Inc. will post $0.25 EPS for the current fiscal year.
In other Freeport-McMoRan news, Director Courtney Mather bought 150,000 shares of Freeport-McMoRan stock in a transaction dated 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 completion of the purchase, the director now directly owns 65,523 shares of the company’s stock, valued at $702,406.56. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.40% of the stock is currently owned by insiders.
Institutional investors have recently bought and sold shares of the company. TRUE Private Wealth Advisors acquired a new position in Freeport-McMoRan during the third quarter valued at $106,000. Strid Group LLC acquired a new position in Freeport-McMoRan during the third quarter valued at $112,000. Stonebridge Capital Advisors LLC acquired a new position in Freeport-McMoRan during the second quarter valued at $114,000. RiverPoint Capital Management LLC acquired a new position in Freeport-McMoRan during the third quarter valued at $114,000. Finally, LPL Financial LLC acquired a new position in Freeport-McMoRan during the third quarter valued at $114,000. Hedge funds and other institutional investors own 68.54% of the company’s stock.