Freeport-McMoRan Inc. (FCX) Lowered to “Sell” at Zacks Investment Research
According to Zacks, “Freeport’s copper business remains affected by supply-related issues and slowdown in China (a major market). A still soft global economy is weighing on the copper market. We are also concerned about the depressed copper pricing environment which may continue to hurt the company’s sales. Freeport also faces uncertainties associated with its Indonesian operations.”
Several other research firms have also commented on FCX. Berenberg Bank reiterated a hold rating and issued a $11.00 price target on shares of Freeport-McMoRan in a research report on Thursday, July 28th. Jefferies Group reiterated a buy rating and issued a $15.00 price target on shares of Freeport-McMoRan in a research report on Thursday, July 14th. BMO Capital Markets reiterated a hold rating on shares of Freeport-McMoRan in a research report on Wednesday, July 27th. Vetr upgraded shares of Freeport-McMoRan from a buy rating to a strong-buy rating and set a $14.27 price target on the stock in a research report on Tuesday, July 19th. Finally, FBR & Co lowered their price target on shares of Freeport-McMoRan from $11.00 to $9.00 and set a mkt perform rating on the stock in a research report on Wednesday, July 20th. Six investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. Freeport-McMoRan has an average rating of Hold and an average target price of $10.42.
Shares of Freeport-McMoRan (NYSE:FCX) traded down 1.23% during mid-day trading on Tuesday, reaching $9.60. The company’s stock had a trading volume of 4,879,472 shares. Freeport-McMoRan has a 1-year low of $3.52 and a 1-year high of $14.06. The company’s market capitalization is $12.75 billion. The firm’s 50 day moving average price is $10.31 and its 200-day moving average price is $11.19.
Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, July 26th. The natural resource company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by $0.01. The business earned $3.33 billion during the quarter, compared to analyst estimates of $3.70 billion. Freeport-McMoRan had a negative net margin of 87.70% and a negative return on equity of 3.68%. The firm’s revenue for the quarter was down 15.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.14 earnings per share. On average, analysts predict that Freeport-McMoRan will post $0.45 EPS for the current year.
Several hedge funds have recently added to or reduced their stakes in FCX. Simmons Bank acquired a new stake in Freeport-McMoRan during the first quarter worth approximately $356,000. Geode Capital Management LLC increased its stake in Freeport-McMoRan by 11.3% in the first quarter. Geode Capital Management LLC now owns 10,230,429 shares of the natural resource company’s stock worth $105,573,000 after buying an additional 1,034,663 shares during the last quarter. Cleararc Capital Inc. increased its stake in Freeport-McMoRan by 8.0% in the first quarter. Cleararc Capital Inc. now owns 30,522 shares of the natural resource company’s stock worth $316,000 after buying an additional 2,256 shares during the last quarter. UBS Asset Management Americas Inc. increased its stake in Freeport-McMoRan by 17.0% in the first quarter. UBS Asset Management Americas Inc. now owns 3,390,238 shares of the natural resource company’s stock worth $35,056,000 after buying an additional 491,757 shares during the last quarter. Finally, Lazard Asset Management LLC increased its stake in Freeport-McMoRan by 4.6% in the first quarter. Lazard Asset Management LLC now owns 5,725,978 shares of the natural resource company’s stock worth $59,206,000 after buying an additional 253,759 shares during the last quarter. Institutional investors 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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