Freeport-McMoRan Inc. (FCX) Bond Prices Rise 0.9%
An issue of Freeport-McMoRan Inc. (NYSE:FCX) debt rose 0.9% against its face value during trading on Wednesday. The high-yield issue of debt has a 4% coupon and will mature on November 14, 2021. The debt is now trading at $97.00 and was trading at $95.25 one week ago. Price moves in a company’s debt in credit markets sometimes predict parallel moves in its stock price.
A number of research analysts have issued reports on the stock. Vetr lowered shares of Freeport-McMoRan from a “strong-buy” rating to a “buy” rating and set a $11.90 target price on the stock. in a research report on Thursday, September 22nd. Deutsche Bank AG upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and increased their target price for the stock from $12.00 to $12.50 in a research report on Monday, October 3rd. Morgan Stanley set a $9.00 target price on shares of Freeport-McMoRan and gave the stock a “hold” rating in a research report on Tuesday, September 13th. Berenberg Bank restated a “hold” rating and set a $11.00 target price on shares of Freeport-McMoRan in a research report on Thursday, July 28th. Finally, Jefferies Group set a $15.00 target price on shares of Freeport-McMoRan and gave the stock a “buy” rating in a research report on Sunday, October 16th. Six investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the company. Freeport-McMoRan has an average rating of “Hold” and an average price target of $10.68.
Shares of Freeport-McMoRan Inc. (NYSE:FCX) opened at 13.80 on Friday. Freeport-McMoRan Inc. has a 52-week low of $3.52 and a 52-week high of $14.26. The stock’s 50 day moving average is $11.11 and its 200 day moving average is $11.30. The firm’s market capitalization is $18.79 billion.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, October 25th. The natural resource company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.19 by $0.06. The firm had revenue of $3.88 billion for the quarter, compared to analysts’ expectations of $3.95 billion. Freeport-McMoRan had a negative net margin of 58.67% and a negative return on equity of 0.72%. Freeport-McMoRan’s revenue was up 14.6% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.15) EPS. On average, equities research analysts forecast that Freeport-McMoRan Inc. will post $0.23 EPS for the current year.
In related news, Director Courtney Mather purchased 150,000 shares of the business’s stock in a transaction on Thursday, October 27th. The stock was acquired at an average price of $10.72 per share, with a total value of $1,608,000.00. Following the purchase, the director now directly owns 65,523 shares in the company, valued at $702,406.56. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.40% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in FCX. Swarthmore Group Inc. bought a new position in Freeport-McMoRan during the second quarter worth approximately $125,000. First Republic Investment Management Inc. boosted its position 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 in the last quarter. Euclid Advisors LLC bought a new position in Freeport-McMoRan during the first quarter worth approximately $18,203,000. Ladenburg Thalmann Financial Services Inc. boosted its position 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 in the last quarter. Finally, Seven Eight Capital LLC bought a new position in Freeport-McMoRan during the first quarter worth approximately $314,000. 68.42% 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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