Freeport-McMoRan Inc. (FCX) Rating Lowered to Strong Sell at Vetr Inc.
Freeport-McMoRan Inc. (NYSE:FCX) was downgraded by Vetr from a “sell” rating to a “strong sell” rating in a report issued on Monday. They currently have a $11.88 price objective on the natural resource company’s stock. Vetr‘s price target indicates a potential downside of 15.08% from the stock’s previous close.
FCX has been the subject of a number of other reports. FBR & Co reissued a “hold” rating on shares of Freeport-McMoRan in a report on Thursday, October 20th. Deutsche Bank AG raised Freeport-McMoRan from a “hold” rating to a “buy” rating and lifted their price objective for the company from $12.00 to $12.50 in a report on Monday, October 3rd. Zacks Investment Research cut Freeport-McMoRan from a “hold” rating to a “sell” rating in a report on Tuesday, October 18th. BMO Capital Markets set a $12.00 target price on Freeport-McMoRan and gave the company a “hold” rating in a research note on Tuesday, September 13th. Finally, Berenberg Bank restated a “hold” rating and issued a $10.00 target price on shares of Freeport-McMoRan in a research note on Sunday, September 18th. Six equities 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 a consensus rating of “Hold” and an average price target of $10.68.
Shares of Freeport-McMoRan (NYSE:FCX) opened at 13.99 on Monday. Freeport-McMoRan has a 1-year low of $3.52 and a 1-year high of $14.26. The firm’s 50-day moving average is $10.74 and its 200-day moving average is $11.27. The stock’s market capitalization is $19.05 billion.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, October 25th. The natural resource company reported $0.13 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.19 by $0.06. The company had revenue of $3.88 billion for the quarter, compared to the consensus estimate of $3.95 billion. Freeport-McMoRan had a negative net margin of 58.67% and a negative return on equity of 0.72%. The firm’s revenue was up 14.6% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.15) earnings per share. On average, analysts predict that Freeport-McMoRan will post $0.23 earnings per share for the current fiscal year.
In other Freeport-McMoRan news, Director Courtney Mather acquired 150,000 shares of the business’s stock in a transaction dated Thursday, October 27th. The shares were acquired at an average price of $10.72 per share, for a total transaction of $1,608,000.00. Following the acquisition, the director now directly owns 65,523 shares of the company’s stock, valued at approximately $702,406.56. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.40% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. boosted its stake in Freeport-McMoRan by 18.0% in the third quarter. Ameritas Investment Partners Inc. now owns 29,215 shares of the natural resource company’s stock valued at $317,000 after buying an additional 4,461 shares during the last quarter. Cetera Advisor Networks LLC boosted its stake in Freeport-McMoRan by 131.6% in the third quarter. Cetera Advisor Networks LLC now owns 65,847 shares of the natural resource company’s stock valued at $715,000 after buying an additional 37,410 shares during the last quarter. Xact Kapitalforvaltning AB purchased a new stake in Freeport-McMoRan during the third quarter valued at approximately $836,000. Peconic Partners LLC boosted its stake in Freeport-McMoRan by 33.3% in the third quarter. Peconic Partners LLC now owns 600,000 shares of the natural resource company’s stock valued at $6,516,000 after buying an additional 150,000 shares during the last quarter. Finally, Capital Research Global Investors boosted its stake in Freeport-McMoRan by 22.6% in the third quarter. Capital Research Global Investors now owns 139,981,480 shares of the natural resource company’s stock valued at $1,520,199,000 after buying an additional 25,806,187 shares during the last quarter. Institutional investors and hedge funds own 68.42% of the company’s stock.
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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