Freeport-McMoRan Inc. (FCX) Stock Rating Upgraded by Vetr Inc.
Freeport-McMoRan Inc. (NYSE:FCX) was upgraded by Vetr from a “strong sell” rating to a “sell” rating in a research report issued to clients and investors on Tuesday. The firm presently has a $13.50 target price on the natural resource company’s stock. Vetr‘s target price would indicate a potential downside of 2.17% from the company’s current price.
Several other brokerages also recently issued reports on FCX. FBR & Co reiterated a “market perform” rating on shares of Freeport-McMoRan in a research report on Wednesday, September 14th. Barclays PLC upped their price target on shares of Freeport-McMoRan from $10.00 to $11.00 and gave the stock an “equal weight” rating in a research report on Monday, August 8th. Zacks Investment Research downgraded shares of Freeport-McMoRan from a “hold” rating to a “sell” rating in a research report on Tuesday, October 18th. BMO Capital Markets set a $12.00 price target on shares of Freeport-McMoRan and gave the stock a “hold” rating in a research report on Tuesday, September 13th. Finally, Cowen and Company set a $15.00 price target on shares of Freeport-McMoRan and gave the stock a “buy” rating in a research report on Tuesday, September 13th. Six research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company’s stock. Freeport-McMoRan has an average rating of “Hold” and a consensus target price of $10.68.
Freeport-McMoRan (NYSE:FCX) opened at 13.80 on Tuesday. The firm has a 50 day moving average of $11.03 and a 200 day moving average of $11.28. Freeport-McMoRan has a one year low of $3.52 and a one year high of $14.26. The firm’s market capitalization is $18.79 billion.
Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, October 25th. The natural resource company reported $0.13 EPS for the quarter, missing the Thomson Reuters’ consensus estimate 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 analyst estimates of $3.95 billion. During the same quarter in the prior year, the firm posted ($0.15) EPS. The firm’s revenue for the quarter 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 acquired 150,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 27th. The stock was acquired at an average cost of $10.72 per share, for a total transaction of $1,608,000.00. Following the transaction, the director now owns 65,523 shares of the company’s stock, valued at $702,406.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.40% of the stock is owned by corporate insiders.
Several institutional investors have recently modified their holdings of FCX. LPL Financial LLC acquired a new position in shares of Freeport-McMoRan during the third quarter valued at about $114,000. Mosaic Family Wealth LLC raised its position in shares of Freeport-McMoRan by 27.3% in the third quarter. Mosaic Family Wealth LLC now owns 13,615 shares of the natural resource company’s stock valued at $148,000 after buying an additional 2,920 shares in the last quarter. Ameritas Investment Partners Inc. raised its position in shares of 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 in the last quarter. Cetera Advisor Networks LLC raised its position in shares of 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 in the last quarter. Finally, Xact Kapitalforvaltning AB acquired a new position in shares of Freeport-McMoRan during the third quarter valued at about $836,000. 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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