Deutsche Bank AG upgraded shares of Freeport-McMoRan Inc. (NYSE:FCX) from a hold rating to a buy rating in a report released on Monday morning. The brokerage currently has $12.50 price objective on the natural resource company’s stock, up from their previous price objective of $12.00.
FCX has been the topic of a number of other research reports. Jefferies Group restated a buy rating and set a $15.00 target price on shares of Freeport-McMoRan in a research report on Thursday, July 14th. Vetr lowered shares of Freeport-McMoRan from a strong-buy rating to a buy rating and set a $11.90 target price on the stock. in a research report on Thursday, September 22nd. FBR & Co restated a market perform rating on shares of Freeport-McMoRan in a research report on Wednesday, September 14th. BMO Capital Markets set a $12.00 target price on shares of Freeport-McMoRan and gave the stock a hold rating in a research report on Tuesday, September 13th. Finally, Barclays PLC raised their target price on shares of Freeport-McMoRan from $10.00 to $11.00 and gave the stock an equal weight rating in a research report on Monday, August 8th. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have given a buy rating to the stock. Freeport-McMoRan currently has a consensus rating of Hold and a consensus price target of $10.43.
Freeport-McMoRan (NYSE:FCX) opened at 10.30 on Monday. The firm’s market cap is $13.68 billion. Freeport-McMoRan has a 52 week low of $3.52 and a 52 week high of $14.20. The company’s 50 day moving average is $10.69 and its 200-day moving average is $11.21.
Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, July 26th. The natural resource company reported ($0.02) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.01) by $0.01. Freeport-McMoRan had a negative return on equity of 3.68% and a negative net margin of 87.70%. The firm had revenue of $3.33 billion for the quarter, compared to analyst estimates of $3.70 billion. During the same quarter last year, the business posted $0.14 EPS. The firm’s revenue was down 15.3% compared to the same quarter last year. Equities analysts expect that Freeport-McMoRan will post $0.45 earnings per share for the current year.
Several large investors have recently added to or reduced their stakes in FCX. Stonebridge Capital Advisors LLC bought a new stake in Freeport-McMoRan during the second quarter valued at $114,000. Fox Run Management L.L.C. bought a new stake in Freeport-McMoRan during the second quarter valued at $115,000. M Holdings Securities Inc. bought a new stake in Freeport-McMoRan during the second quarter valued at $119,000. Swarthmore Group Inc. bought a new stake in Freeport-McMoRan during the second quarter valued at $125,000. Finally, Silvercrest Asset Management Group LLC bought a new stake in Freeport-McMoRan during the first quarter valued at $120,000. 67.78% of the stock is owned by institutional investors.
Freeport-McMoRan Company Profile