Vetr Inc. Downgrades Freeport-McMoRan Inc. (FCX) to Sell
Freeport-McMoRan Inc. (NYSE:FCX) was downgraded by equities researchers at Vetr from a “hold” rating to a “sell” rating in a report released on Monday. They presently have a $9.17 price objective on the natural resource company’s stock. Vetr‘s price objective suggests a potential downside of 5.66% from the stock’s previous close.
Other analysts also recently issued research reports about the stock. Jefferies Group set a $15.00 target price on shares of Freeport-McMoRan and gave the company a “buy” rating in a report on Sunday. Macquarie restated a “neutral” rating and issued a $10.00 price target on shares of Freeport-McMoRan in a research note on Tuesday, June 21st. Bank of America Corp. began coverage on shares of Freeport-McMoRan in a research note on Monday. They issued an “underperform” rating and a $8.00 price target for the company. Morgan Stanley restated a “hold” rating and issued a $9.00 price target on shares of Freeport-McMoRan in a research note on Tuesday, August 16th. Finally, HSBC restated a “buy” rating on shares of Freeport-McMoRan in a research note on Thursday, July 7th. Six 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 a consensus rating of “Hold” and a consensus target price of $10.42.
Freeport-McMoRan (NYSE:FCX) opened at 9.72 on Monday. Freeport-McMoRan has a 52 week low of $3.52 and a 52 week high of $14.06. The stock’s market cap is $12.91 billion. The company has a 50-day moving average price of $10.31 and a 200-day moving average price of $11.19.
Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, July 26th. The natural resource company reported ($0.02) earnings per share for the quarter, missing the Thomson Reuters’ 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 analyst estimates of $3.70 billion. During the same quarter last year, the business posted $0.14 EPS. The firm’s revenue for the quarter was down 15.3% on a year-over-year basis. Equities research analysts anticipate that Freeport-McMoRan will post $0.45 EPS for the current year.
Hedge funds have recently bought and sold shares of the company. Capital Research Global Investors boosted its stake in Freeport-McMoRan by 76.8% in the second quarter. Capital Research Global Investors now owns 114,175,293 shares of the natural resource company’s stock worth $1,271,913,000 after buying an additional 49,597,808 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Freeport-McMoRan by 125.7% in the second quarter. Dimensional Fund Advisors LP now owns 14,027,580 shares of the natural resource company’s stock valued at $156,242,000 after buying an additional 7,812,975 shares in the last quarter. FMR LLC boosted its position in shares of Freeport-McMoRan by 101.2% in the second quarter. FMR LLC now owns 15,373,806 shares of the natural resource company’s stock valued at $171,264,000 after buying an additional 7,731,396 shares in the last quarter. State Street Corp boosted its position in shares of Freeport-McMoRan by 9.0% in the first quarter. State Street Corp now owns 56,340,333 shares of the natural resource company’s stock valued at $582,563,000 after buying an additional 4,668,125 shares in the last quarter. Finally, Bridgeway Capital Management Inc. acquired a new position in shares of Freeport-McMoRan during the second quarter valued at $35,997,000. 67.74% of the stock is owned by institutional investors and hedge funds.
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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