Freeport-McMoRan Inc. (FCX) Bond Prices Rise 0.9%
An issue of Freeport-McMoRan Inc. (NYSE:FCX) debt rose 0.9% as a percentage of its face value during trading on Thursday. The high-yield debt issue 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 changes in a company’s debt in credit markets often anticipate parallel changes in its stock price.
FCX has been the subject of a number of recent research reports. Cowen and Company set a $15.00 target price on Freeport-McMoRan and gave the stock a “buy” rating in a research report on Tuesday, September 13th. Vetr downgraded Freeport-McMoRan from a “strong-buy” rating to a “buy” rating and set a $11.90 target price for the company. in a research report on Thursday, September 22nd. Deutsche Bank AG upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and boosted their target price for the stock from $12.00 to $12.50 in a research report on Monday, October 3rd. Jefferies Group set a $15.00 target price on Freeport-McMoRan and gave the stock a “buy” rating in a research report on Sunday, October 16th. Finally, Barclays PLC boosted their target price on Freeport-McMoRan from $10.00 to $11.00 and gave the stock an “equal weight” rating in a research report on Monday, August 8th. Six analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $10.68.
Shares of Freeport-McMoRan Inc. (NYSE:FCX) opened at 13.73 on Friday. Freeport-McMoRan Inc. has a 1-year low of $3.52 and a 1-year high of $14.26. The stock has a 50 day moving average price of $11.11 and a 200-day moving average price of $11.30. The stock’s market capitalization is $18.70 billion.
Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, October 25th. The natural resource company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by $0.06. The company earned $3.88 billion during 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%. Freeport-McMoRan’s revenue for the quarter was up 14.6% on a year-over-year basis. During the same period in the previous year, the business earned ($0.15) earnings per share. On average, analysts forecast that Freeport-McMoRan Inc. will post $0.23 earnings per share for the current year.
In other Freeport-McMoRan news, Director Courtney Mather purchased 150,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 27th. The stock was purchased at an average cost of $10.72 per share, with a total value of $1,608,000.00. Following the purchase, 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. Corporate insiders own 1.40% of the company’s stock.
Several large investors have recently modified their holdings of the company. Commerzbank Aktiengesellschaft FI raised its stake in shares of Freeport-McMoRan by 69.8% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 1,200,005 shares of the natural resource company’s stock worth $13,368,000 after buying an additional 493,331 shares in the last quarter. DekaBank Deutsche Girozentrale raised its stake in shares of Freeport-McMoRan by 27.5% in the second quarter. DekaBank Deutsche Girozentrale now owns 60,759 shares of the natural resource company’s stock worth $656,000 after buying an additional 13,115 shares in the last quarter. KBC Group NV raised its stake in shares of Freeport-McMoRan by 81.4% in the second quarter. KBC Group NV now owns 122,947 shares of the natural resource company’s stock worth $1,370,000 after buying an additional 55,156 shares in the last quarter. First Dallas Securities Inc. raised its stake in shares of Freeport-McMoRan by 0.4% in the second quarter. First Dallas Securities Inc. now owns 143,013 shares of the natural resource company’s stock worth $1,593,000 after buying an additional 520 shares in the last quarter. Finally, Boston Partners raised its stake in shares of Freeport-McMoRan by 32.6% in the second quarter. Boston Partners now owns 503,434 shares of the natural resource company’s stock worth $5,608,000 after buying an additional 123,911 shares in the last quarter. 68.42% of the stock is 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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