Freeport-McMoRan Inc. (FCX) Coverage Initiated at Bank of America Corp.
Analysts at Bank of America Corp. started coverage on shares of Freeport-McMoRan Inc. (NYSE:FCX) in a research report issued on Monday. The firm set an “underperform” rating and a $8.00 price target on the natural resource company’s stock. Bank of America Corp.’s price target would suggest a potential downside of 17.70% from the stock’s current price.
A number of other research analysts have also issued reports on the company. Vetr lowered Freeport-McMoRan from a “strong-buy” rating to a “buy” rating and set a $11.90 target price on the stock. in a report on Thursday, September 22nd. Deutsche Bank AG raised Freeport-McMoRan from a “hold” rating to a “buy” rating and lifted their target price for the stock from $12.00 to $12.50 in a report on Monday, October 3rd. 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. Morgan Stanley set a $9.00 target price on Freeport-McMoRan and gave the stock a “hold” rating in a report on Tuesday, September 13th. Finally, Berenberg Bank reaffirmed a “hold” rating and set a $11.00 target price on shares of Freeport-McMoRan in a report on Thursday, July 28th. Six research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned 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.
Freeport-McMoRan (NYSE:FCX) opened at 9.72 on Monday. The firm’s market capitalization is $12.91 billion. The firm has a 50-day moving average of $10.31 and a 200 day moving average of $11.19. Freeport-McMoRan has a 52 week low of $3.52 and a 52 week high of $14.06.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, July 26th. The natural resource company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates 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 had revenue of $3.33 billion for the quarter, compared to the consensus estimate of $3.70 billion. During the same quarter in the prior year, the firm earned $0.14 earnings per share. Freeport-McMoRan’s revenue for the quarter was down 15.3% compared to the same quarter last year. Analysts predict that Freeport-McMoRan will post $0.45 earnings per share for the current year.
A number of institutional investors have recently bought and sold shares of the stock. Bessemer Group Inc. increased its stake in Freeport-McMoRan by 260.4% in the first quarter. Bessemer Group Inc. now owns 13,509 shares of the natural resource company’s stock valued at $140,000 after buying an additional 9,761 shares in the last quarter. M&T Bank Corp increased its stake 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. Investec Asset Management LTD bought a new stake in Freeport-McMoRan during the first quarter valued at about $6,509,000. Aviva PLC increased its stake 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. Finally, Credit Agricole S A increased its stake 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. Institutional investors and hedge funds own 67.74% of the company’s stock.
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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