Freeport-McMoRan Inc. (FCX) Stock Price Up 5.7% Following Analyst Upgrade
Freeport-McMoRan Inc. (NYSE:FCX)’s share price rose 5.7% during trading on Monday after Cowen and Company raised their price target on the stock from $15.00 to $20.00. Cowen and Company currently has an outperform rating on the stock. Freeport-McMoRan traded as high as $14.54 and last traded at $14.51, with a volume of 44,329,232 shares trading hands. The stock had previously closed at $13.73.
A number of other equities research analysts have also recently weighed in on FCX. Deutsche Bank AG reaffirmed a “buy” rating and set a $12.50 price target on shares of Freeport-McMoRan in a report on Tuesday, October 18th. Vetr cut Freeport-McMoRan from a “sell” rating to a “strong sell” rating and set a $11.88 price target on the stock. in a report on Monday, November 14th. Bank of America Corp. started coverage on Freeport-McMoRan in a report on Monday, October 17th. They set an “underperform” rating and a $8.00 price target on the stock. Barclays PLC lifted their price target on Freeport-McMoRan from $10.00 to $11.00 and gave the company an “equal weight” rating in a report on Monday, August 8th. Finally, BMO Capital Markets set a $12.00 price target on Freeport-McMoRan and gave the company a “hold” rating in a report on Tuesday, September 13th. 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 stock. The stock presently has an average rating of “Hold” and a consensus target price of $10.97.
In other Freeport-McMoRan news, Director Courtney Mather acquired 150,000 shares of Freeport-McMoRan stock in a transaction that occurred 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 owns 65,523 shares in the company, valued at $702,406.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.40% of the stock is currently owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the stock. Commerzbank Aktiengesellschaft FI raised its stake in 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 valued at $13,368,000 after buying an additional 493,331 shares during the last quarter. DekaBank Deutsche Girozentrale raised its stake in Freeport-McMoRan by 27.5% in the second quarter. DekaBank Deutsche Girozentrale now owns 60,759 shares of the natural resource company’s stock valued at $656,000 after buying an additional 13,115 shares during the last quarter. KBC Group NV raised its stake in Freeport-McMoRan by 81.4% in the second quarter. KBC Group NV now owns 122,947 shares of the natural resource company’s stock valued at $1,370,000 after buying an additional 55,156 shares during the last quarter. First Dallas Securities Inc. raised its stake in 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 valued at $1,593,000 after buying an additional 520 shares during the last quarter. Finally, Boston Partners raised its stake in Freeport-McMoRan by 32.6% in the second quarter. Boston Partners now owns 503,434 shares of the natural resource company’s stock valued at $5,608,000 after buying an additional 123,911 shares during the last quarter. 68.54% of the stock is owned by institutional investors and hedge funds.
The firm’s market capitalization is $19.76 billion. The stock’s 50 day moving average is $11.12 and its 200-day moving average is $11.29.
Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, October 25th. The natural resource company reported $0.13 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by $0.06. The firm earned $3.88 billion during the quarter, compared to analyst estimates of $3.95 billion. Freeport-McMoRan had a negative return on equity of 0.72% and a negative net margin of 58.67%. The company’s revenue for the quarter was up 14.6% on a year-over-year basis. During the same quarter last year, the business posted ($0.15) earnings per share. On average, equities research analysts forecast that Freeport-McMoRan Inc. will post $0.23 earnings per share for the current year.
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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