Freeport-McMoRan Inc. (FCX) Bond Prices Rise 1.5%
An issue of Freeport-McMoRan Inc. (NYSE:FCX) bonds rose 1.5% as a percentage of their face value during trading on Friday. The debt issue has a 6.875% coupon and will mature on February 15, 2023. The debt is now trading at $106.00 and was trading at $105.25 one week ago. Price changes in a company’s bonds in credit markets sometimes anticipate parallel changes in its share price.
A number of equities analysts have weighed in on FCX shares. HSBC reiterated a “buy” rating on shares of Freeport-McMoRan in a research note on Thursday, July 7th. Jefferies Group reiterated a “buy” rating and set a $15.00 price objective on shares of Freeport-McMoRan in a research note on Thursday, July 14th. Deutsche Bank AG upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and lifted their price objective for the company from $12.00 to $12.50 in a research note on Monday, October 3rd. Vetr upgraded Freeport-McMoRan from a “buy” rating to a “strong-buy” rating and set a $14.36 price objective for the company in a research note on Tuesday, August 2nd. Finally, Barclays PLC lifted their price target on Freeport-McMoRan from $10.00 to $11.00 and gave the company an “equal weight” rating in a research note on Monday, August 8th. Three equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $10.43.
Freeport-McMoRan Inc. (NYSE:FCX) opened at 9.66 on Friday. Freeport-McMoRan Inc. has a 12-month low of $3.52 and a 12-month high of $14.20. The company has a 50-day moving average price of $10.38 and a 200-day moving average price of $11.19. The firm’s market capitalization is $12.83 billion.
Freeport-McMoRan (NYSE:FCX) last issued 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 net margin of 87.70% and a negative return on equity of 3.68%. The company earned $3.33 billion during the quarter, compared to analysts’ expectations of $3.70 billion. During the same period last year, the business posted $0.14 earnings per share. The company’s quarterly revenue was down 15.3% on a year-over-year basis. On average, analysts predict that Freeport-McMoRan Inc. will post $0.45 earnings per share for the current year.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Stonebridge Capital Advisors LLC bought a new position in shares of Freeport-McMoRan during the second quarter worth about $114,000. Fox Run Management L.L.C. bought a new position in shares of Freeport-McMoRan during the second quarter worth about $115,000. M Holdings Securities Inc. bought a new position in shares of Freeport-McMoRan during the second quarter worth about $119,000. Swarthmore Group Inc. bought a new position in shares of Freeport-McMoRan during the second quarter worth about $125,000. Finally, Silvercrest Asset Management Group LLC bought a new position in shares of Freeport-McMoRan during the first quarter worth about $120,000. 67.78% of the stock is owned by institutional investors.
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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