Freeport-McMoRan Inc. (NYSE:FCX) was upgraded by equities research analysts at Vetr from a “sell” rating to a “hold” rating in a research note issued on Tuesday. The firm currently has a $9.75 price target on the natural resource company’s stock. Vetr‘s price target points to a potential downside of 1.22% from the company’s current price.

A number of other analysts have also recently commented on FCX. Macquarie reaffirmed a “neutral” rating and set a $10.00 target price on shares of Freeport-McMoRan in a report on Tuesday, June 21st. HSBC reaffirmed a “buy” rating on shares of Freeport-McMoRan in a report on Thursday, July 7th. Jefferies Group reaffirmed a “buy” rating and set a $15.00 target price on shares of Freeport-McMoRan in a report on Thursday, July 14th. FBR & Co reduced their target price on shares of Freeport-McMoRan from $11.00 to $9.00 and set a “mkt perform” rating for the company in a report on Wednesday, July 20th. Finally, BMO Capital Markets reaffirmed a “hold” rating on shares of Freeport-McMoRan in a report on Wednesday, July 27th. Three equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and four have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $10.43.

Analyst Recommendations for Freeport-McMoRan (NYSE:FCX)

Freeport-McMoRan (NYSE:FCX) traded down 3.14% during mid-day trading on Tuesday, hitting $9.87. 28,841,619 shares of the stock traded hands. Freeport-McMoRan has a 12 month low of $3.52 and a 12 month high of $14.06. The company’s 50 day moving average is $10.52 and its 200 day moving average is $11.21. The company’s market cap is $13.11 billion.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, July 26th. The natural resource company reported ($0.02) EPS for the quarter, missing the Zacks’ consensus estimate 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 business had revenue of $3.33 billion for the quarter, compared to analysts’ expectations of $3.70 billion. During the same period in the prior year, the company posted $0.14 earnings per share. The firm’s quarterly revenue was down 15.3% on a year-over-year basis. On average, analysts expect that Freeport-McMoRan will post $0.45 earnings per share for the current fiscal year.

Large investors have recently made changes to their positions in the stock. Canada Pension Plan Investment Board increased its position in Freeport-McMoRan by 320.2% in the first quarter. Canada Pension Plan Investment Board now owns 1,124,890 shares of the natural resource company’s stock valued at $11,631,000 after buying an additional 857,200 shares in the last quarter. Credit Agricole S A increased its position in Freeport-McMoRan by 190.9% in the first quarter. Credit Agricole S A now owns 3,374,211 shares of the natural resource company’s stock valued at $34,889,000 after buying an additional 2,214,169 shares in the last quarter. Aviva PLC increased its position in Freeport-McMoRan by 7.7% in the first quarter. Aviva PLC now owns 687,870 shares of the natural resource company’s stock valued at $7,112,000 after buying an additional 49,450 shares in the last quarter. Investec Asset Management LTD bought a new position in Freeport-McMoRan during the first quarter valued at approximately $6,509,000. Finally, M&T Bank Corp increased its position in Freeport-McMoRan by 121.0% in the first quarter. M&T Bank Corp now owns 213,280 shares of the natural resource company’s stock valued at $2,205,000 after buying an additional 116,769 shares in the last quarter. 67.78% of the stock is currently owned by institutional investors and hedge funds.

About Freeport-McMoRan

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.

5 Day Chart for NYSE:FCX

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