Freeport-McMoRan Inc. (FCX) Downgraded to Sell at Vetr Inc.
Vetr downgraded shares of Freeport-McMoRan Inc. (NYSE:FCX) from a hold rating to a sell rating in a research note issued to investors on Monday. Vetr currently has $13.50 price objective on the natural resource company’s stock.
A number of other research analysts have also recently issued reports on the stock. Cowen and Company boosted their price objective on shares of Freeport-McMoRan from $15.00 to $20.00 and gave the company an outperform rating in a report on Monday. Deutsche Bank AG reiterated a buy rating and issued a $12.50 price target on shares of Freeport-McMoRan in a report on Tuesday, October 18th. Bank of America Corp. started coverage on shares of Freeport-McMoRan in a report on Monday, October 17th. They issued an underperform rating and a $8.00 price target for the company. Barclays PLC upped their price target on shares of 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 shares of Freeport-McMoRan and gave the company a hold rating in a report on Tuesday, September 13th. Six investment analysts have rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $10.97.
Freeport-McMoRan (NYSE:FCX) opened at 14.51 on Monday. Freeport-McMoRan has a 1-year low of $3.52 and a 1-year high of $14.54. The company has a 50-day moving average of $11.30 and a 200-day moving average of $11.32. The firm’s market capitalization is $19.76 billion.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, October 25th. The natural resource company reported $0.13 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.19 by $0.06. The firm had revenue of $3.88 billion for the quarter, compared to analyst estimates of $3.95 billion. Freeport-McMoRan had a negative net margin of 58.67% and a negative return on equity of 0.72%. The firm’s revenue for the quarter was up 14.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.15) EPS. On average, equities analysts predict that Freeport-McMoRan 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 shares were acquired at an average cost of $10.72 per share, for a total transaction of $1,608,000.00. Following the completion of the purchase, the director now owns 65,523 shares of the company’s stock, valued at approximately $702,406.56. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.40% of the stock is currently owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in FCX. Independent Investors Inc. increased its position in Freeport-McMoRan by 0.5% in the third quarter. Independent Investors Inc. now owns 14,774 shares of the natural resource company’s stock valued at $160,000 after buying an additional 74 shares during the period. Holderness Investments Co. increased its position in Freeport-McMoRan by 0.7% in the second quarter. Holderness Investments Co. now owns 16,782 shares of the natural resource company’s stock valued at $187,000 after buying an additional 121 shares during the period. Kornitzer Capital Management Inc. KS increased its stake in shares of Freeport-McMoRan by 0.3% in the third quarter. Kornitzer Capital Management Inc. KS now owns 70,530 shares of the natural resource company’s stock worth $766,000 after buying an additional 200 shares during the last quarter. Bremer Trust National Association increased its stake in shares of Freeport-McMoRan by 1.0% in the third quarter. Bremer Trust National Association now owns 22,678 shares of the natural resource company’s stock worth $246,000 after buying an additional 225 shares during the last quarter. Finally, Integrated Investment Consultants LLC increased its stake in shares of Freeport-McMoRan by 1.9% in the third quarter. Integrated Investment Consultants LLC now owns 15,807 shares of the natural resource company’s stock worth $152,000 after buying an additional 294 shares during the last quarter. Institutional investors and hedge funds own 68.54% of the company’s stock.
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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