Today, Freeport-McMoRan Inc. (FCX) Downgraded by Vetr Inc. to “Sell”

Today, Freeport-McMoRan Inc. (FCX) Downgraded by Vetr Inc. to “Sell”

Vetr downgraded shares of Freeport-McMoRan Inc. (NYSE:FCX) from a hold rating to a sell rating in a report published on Monday. They currently have $9.17 price target on the natural resource company’s stock.

Other equities research analysts also recently issued reports about the company. Jefferies Group set a $15.00 price objective on Freeport-McMoRan and gave the company a buy rating in a research report on Sunday. Bank of America Corp. initiated coverage on Freeport-McMoRan in a report on Monday. They issued an underperform rating and a $8.00 price target on the stock. Macquarie reiterated a neutral rating and issued a $10.00 price target on shares of Freeport-McMoRan in a report on Tuesday, June 21st. Morgan Stanley reiterated a hold rating and issued a $9.00 price target on shares of Freeport-McMoRan in a report on Tuesday, August 16th. Finally, HSBC reiterated a buy rating on shares of Freeport-McMoRan in a report on Thursday, July 7th. Five equities 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 stock. The company presently has a consensus rating of Hold and a consensus target price of $10.42.

Shares of Freeport-McMoRan (NYSE:FCX) opened at 9.63 on Monday. The company’s 50 day moving average price is $10.34 and its 200 day moving average price is $11.19. The company’s market capitalization is $12.79 billion. Freeport-McMoRan has a 52-week low of $3.52 and a 52-week high of $14.06.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, July 26th. The natural resource company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by $0.01. Freeport-McMoRan had a negative net margin of 87.70% and a negative return on equity of 3.68%. The company had revenue of $3.33 billion for the quarter, compared to analysts’ expectations of $3.70 billion. During the same quarter last year, the company earned $0.14 earnings per share. The company’s revenue for the quarter was down 15.3% on a year-over-year basis. On average, analysts predict that Freeport-McMoRan will post $0.45 EPS for the current year.

Institutional investors have recently modified their holdings of the company. Holderness Investments Co. raised its position in shares of Freeport-McMoRan by 0.7% in the second quarter. Holderness Investments Co. now owns 16,782 shares of the natural resource company’s stock worth $187,000 after buying an additional 121 shares during the period. Bremer Trust National Association raised its position in shares of Freeport-McMoRan by 1.0% in the third quarter. Bremer Trust National Association now owns 22,678 shares of the natural resource company’s stock worth $246,000 after buying an additional 225 shares during the period. Integrated Investment Consultants LLC raised its position in shares of Freeport-McMoRan by 1.9% in the third quarter. Integrated Investment Consultants LLC now owns 15,807 shares of the natural resource company’s stock worth $152,000 after buying an additional 294 shares during the period. Nippon Life Insurance Co. raised its position in shares of Freeport-McMoRan by 1.2% in the second quarter. Nippon Life Insurance Co. now owns 41,112 shares of the natural resource company’s stock worth $458,000 after buying an additional 472 shares during the period. Finally, Investors Asset Management of Georgia Inc. GA ADV raised its position in shares of Freeport-McMoRan by 3.0% in the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 17,000 shares of the natural resource company’s stock worth $189,000 after buying an additional 500 shares during the period. Institutional investors own 67.74% 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.

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