Freeport-McMoRan Inc. (FCX) Rating Reiterated by Deutsche Bank AG
Freeport-McMoRan Inc. (NYSE:FCX)‘s stock had its “buy” rating restated by equities research analysts at Deutsche Bank AG in a report released on Tuesday. They currently have a $12.50 price objective on the natural resource company’s stock. Deutsche Bank AG’s price objective would suggest a potential upside of 31.30% from the company’s previous close.
Several other research firms also recently issued reports on FCX. HSBC restated a “buy” rating on shares of Freeport-McMoRan in a report on Thursday, July 7th. FBR & Co reiterated a “market perform” rating on shares of Freeport-McMoRan in a report on Wednesday, September 14th. Vetr downgraded Freeport-McMoRan from a “hold” rating to a “sell” rating and set a $9.17 target price on the stock. in a report on Monday. Barclays PLC upped their target price on Freeport-McMoRan from $10.00 to $11.00 and gave the company an “equal weight” rating in a report on Monday, August 8th. Finally, Zacks Investment Research downgraded Freeport-McMoRan from a “hold” rating to a “sell” rating in a report on Tuesday. Six research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $10.42.
Shares of Freeport-McMoRan (NYSE:FCX) traded up 0.84% on Tuesday, reaching $9.60. 8,298,138 shares of the company’s stock were exchanged. Freeport-McMoRan has a 12 month low of $3.52 and a 12 month high of $14.06. The firm’s 50 day moving average price is $10.34 and its 200-day moving average price is $11.19. The company’s market capitalization is $12.75 billion.
Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, July 26th. The natural resource company reported ($0.02) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by $0.01. The company had revenue of $3.33 billion for the quarter, compared to analyst estimates of $3.70 billion. Freeport-McMoRan had a negative return on equity of 3.68% and a negative net margin of 87.70%. Freeport-McMoRan’s quarterly revenue was down 15.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.14 EPS. On average, equities analysts anticipate that Freeport-McMoRan will post $0.45 EPS for the current year.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Stonebridge Capital Advisors LLC purchased a new position in shares of Freeport-McMoRan during the second quarter valued at approximately $114,000. Fox Run Management L.L.C. bought a new position in Freeport-McMoRan during the second quarter valued at about $115,000. M Holdings Securities Inc. bought a new position in Freeport-McMoRan during the second quarter valued at about $119,000. Silvercrest Asset Management Group LLC bought a new position in Freeport-McMoRan during the first quarter valued at about $120,000. Finally, Swarthmore Group Inc. bought a new position in Freeport-McMoRan during the second quarter valued at about $125,000. 67.74% of the stock is owned by hedge funds and other 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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