Deutsche Bank AG Downgrades Freeport-McMoRan Inc. (FCX) to Hold
Freeport-McMoRan Inc. (NYSE:FCX) was downgraded by Deutsche Bank AG from a “buy” rating to a “hold” rating in a report released on Thursday.
FCX has been the subject of a number of other research reports. Vetr raised shares of Freeport-McMoRan from a “sell” rating to a “strong-buy” rating and set a $11.88 price objective for the company in a research report on Wednesday, October 19th. FBR & Co restated a “hold” rating on shares of Freeport-McMoRan in a research note on Thursday, October 20th. Zacks Investment Research cut shares of Freeport-McMoRan from a “hold” rating to a “sell” rating in a research note on Tuesday, October 18th. Finally, BMO Capital Markets set a $12.00 target price on shares of Freeport-McMoRan and gave the stock a “hold” rating in a research note on Tuesday, September 13th. Six equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the company’s stock. Freeport-McMoRan currently has an average rating of “Hold” and a consensus price target of $10.68.
Shares of Freeport-McMoRan (NYSE:FCX) opened at 13.80 on Thursday. The company has a 50-day moving average of $11.03 and a 200-day moving average of $11.28. Freeport-McMoRan has a 1-year low of $3.52 and a 1-year high of $14.26. The company’s market cap is $18.79 billion.
Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, October 25th. The natural resource company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by $0.06. Freeport-McMoRan had a negative net margin of 58.67% and a negative return on equity of 0.72%. The firm earned $3.88 billion during the quarter, compared to the consensus estimate of $3.95 billion. During the same period last year, the business earned ($0.15) EPS. The business’s revenue was up 14.6% on a year-over-year basis. Equities analysts forecast that Freeport-McMoRan will post $0.23 EPS for the current year.
In other Freeport-McMoRan news, Director Courtney Mather bought 150,000 shares of Freeport-McMoRan stock in a transaction on Thursday, October 27th. The shares were purchased at an average cost of $10.72 per share, with a total value 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 SEC, which can be accessed through this hyperlink. Company insiders own 1.40% of the company’s stock.
Large investors have recently bought and sold shares of the company. Swarthmore Group Inc. acquired a new stake in Freeport-McMoRan during the second quarter worth $125,000. First Republic Investment Management Inc. raised its stake in Freeport-McMoRan by 9.5% in the first quarter. First Republic Investment Management Inc. now owns 123,187 shares of the natural resource company’s stock worth $1,274,000 after buying an additional 10,671 shares during the last quarter. Euclid Advisors LLC acquired a new stake in Freeport-McMoRan during the first quarter worth $18,203,000. Ladenburg Thalmann Financial Services Inc. raised its stake in Freeport-McMoRan by 20.4% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 207,864 shares of the natural resource company’s stock worth $2,146,000 after buying an additional 35,180 shares during the last quarter. Finally, Seven Eight Capital LLC acquired a new stake in Freeport-McMoRan during the first quarter worth $314,000. 68.42% of the stock is currently owned by hedge funds and other institutional investors.
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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