Freeport-McMoRan Inc. (FCX) Bonds Drop 1.8% During Trading
An issue of Freeport-McMoRan Inc. (NYSE:FCX) debt fell 1.8% against its face value during trading on Thursday. The debt issue has a 4.55% coupon and will mature on November 14, 2024. The debt is now trading at $89.75 and was trading at $90.75 one week ago. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its share price.
Several research firms have commented on FCX. Macquarie reiterated a “neutral” rating and issued a $10.00 price objective on shares of Freeport-McMoRan in a research note on Tuesday, June 21st. Morgan Stanley reiterated a “hold” rating and issued a $9.00 price objective on shares of Freeport-McMoRan in a research note on Tuesday, August 16th. HSBC reiterated a “buy” rating on shares of Freeport-McMoRan in a research note on Thursday, July 7th. Vetr upgraded shares of 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, BMO Capital Markets restated a “hold” rating on shares of Freeport-McMoRan in a research note on Wednesday, July 27th. Three equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $10.43.
Freeport-McMoRan Inc. (NYSE:FCX) traded up 0.21% during mid-day trading on Friday, hitting $9.66. 26,033,346 shares of the stock were exchanged. The stock’s market capitalization is $12.83 billion. The company has a 50-day moving average of $10.38 and a 200-day moving average of $11.19. Freeport-McMoRan Inc. has a 52 week low of $3.52 and a 52 week high of $14.06.
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, equities analysts predict that Freeport-McMoRan Inc. will post $0.45 EPS for the current fiscal year.
A number of hedge funds have recently made changes to their positions in FCX. Stonebridge Capital Advisors LLC acquired a new stake in shares of Freeport-McMoRan during the second quarter worth approximately $114,000. Fox Run Management L.L.C. acquired a new stake in shares of Freeport-McMoRan during the second quarter worth approximately $115,000. M Holdings Securities Inc. acquired a new stake in shares of Freeport-McMoRan during the second quarter worth approximately $119,000. Silvercrest Asset Management Group LLC acquired a new stake in shares of Freeport-McMoRan during the first quarter worth approximately $120,000. Finally, Swarthmore Group Inc. acquired a new stake in shares of Freeport-McMoRan during the second quarter worth approximately $125,000. 67.78% of the stock is owned by institutional investors and hedge funds.
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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