Freeport-McMoRan Inc. (NYSE:FCX) has earned a consensus rating of “Hold” from the twenty brokerages that are covering the stock. Six equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $11.45.
FCX has been the subject of a number of analyst reports. Vetr lowered Freeport-McMoRan from a “buy” rating to a “sell” rating and set a $14.82 price objective for the company. in a research report on Monday. Cowen and Company raised their price objective on Freeport-McMoRan from $15.00 to $20.00 and gave the company an “outperform” rating in a research report on Monday, November 21st. Deutsche Bank AG lowered Freeport-McMoRan from a “buy” rating to a “hold” rating and reduced their price objective for the company from $13.80 to $12.50 in a research report on Thursday, November 17th. They noted that the move was a valuation call. Finally, FBR & Co reaffirmed a “neutral” rating on shares of Freeport-McMoRan in a research report on Wednesday, October 26th.
Shares of Freeport-McMoRan (NYSE:FCX) traded down 1.31% during mid-day trading on Monday, hitting $15.79. The company’s stock had a trading volume of 19,057,962 shares. The company’s market cap is $21.50 billion. The stock’s 50 day moving average price is $11.77 and its 200 day moving average price is $11.42. Freeport-McMoRan has a 52-week low of $3.52 and a 52-week high of $16.42.
Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, October 25th. The natural resource company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm earned $3.88 billion during the quarter, compared to the consensus estimate of $3.95 billion. During the same period in the prior year, the company posted ($0.15) EPS. The firm’s revenue was up 14.6% on a year-over-year basis. Equities analysts forecast that Freeport-McMoRan will post $0.25 EPS for the current year.
In other Freeport-McMoRan news, Director Courtney Mather purchased 150,000 shares of the firm’s stock in a transaction on Thursday, October 27th. The shares were acquired at an average cost 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 in the company, valued at $702,406.56. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.40% of the company’s stock.
A number of large investors have recently bought and sold shares of the stock. Capital Research Global Investors boosted 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 in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Freeport-McMoRan by 125.7% in the second quarter. Dimensional Fund Advisors LP now owns 14,027,580 shares of the natural resource company’s stock valued at $156,242,000 after buying an additional 7,812,975 shares during the period. FMR LLC boosted its stake in shares of Freeport-McMoRan by 101.2% in the second quarter. FMR LLC now owns 15,373,806 shares of the natural resource company’s stock valued at $171,264,000 after buying an additional 7,731,396 shares during the period. Bridgeway Capital Management Inc. purchased a new stake in shares of Freeport-McMoRan during the second quarter valued at about $35,997,000. Finally, Systematic Financial Management LP purchased a new stake in shares of Freeport-McMoRan during the second quarter valued at about $33,310,000. 69.95% of the stock is currently owned by institutional investors and hedge funds.