Freeport-McMoRan Inc. (FCX) Bond Prices Rise 3.1%
An issue of Freeport-McMoRan Inc. (NYSE:FCX) bonds rose 3.1% against their face value during trading on Wednesday. The debt issue has a 4.55% coupon and is set to mature on November 14, 2024. The bonds in the issue are now trading at $96.13 and were trading at $93.00 last week. Price moves in a company’s bonds in credit markets sometimes predict parallel moves in its share price.
A number of brokerages have recently issued reports on FCX. 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. Morgan Stanley reaffirmed a “hold” rating and set a $9.00 target price on shares of Freeport-McMoRan in a research report on Tuesday, August 16th. Macquarie lowered their price objective on Freeport-McMoRan from $13.00 to $10.00 and set a “neutral” rating for the company in a report on Wednesday, September 14th. Vetr raised Freeport-McMoRan from a “strong sell” rating to a “sell” rating and set a $13.50 price objective for the company in a report on Tuesday, November 15th. Finally, Cowen and Company boosted their price objective on Freeport-McMoRan from $15.00 to $20.00 and gave the company an “outperform” rating in a report on Monday. Six analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company. Freeport-McMoRan has a consensus rating of “Hold” and a consensus price target of $10.97.
Shares of Freeport-McMoRan Inc. (NYSE:FCX) traded up 7.21% during midday trading on Wednesday, reaching $16.21. The company had a trading volume of 68,767,950 shares. The company’s market capitalization is $22.07 billion. The firm’s 50 day moving average price is $11.58 and its 200-day moving average price is $11.38. Freeport-McMoRan Inc. has a 12 month low of $3.52 and a 12 month high of $16.42.
Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, October 25th. The natural resource company reported $0.13 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by $0.06. Freeport-McMoRan had a negative return on equity of 0.72% and a negative net margin of 58.67%. The business earned $3.88 billion during the quarter, compared to analyst estimates of $3.95 billion. During the same period last year, the company earned ($0.15) EPS. The business’s revenue for the quarter was up 14.6% on a year-over-year basis. Analysts anticipate that Freeport-McMoRan Inc. will post $0.25 earnings per share for the current fiscal year.
In other Freeport-McMoRan news, Director Courtney Mather purchased 150,000 shares of the company’s stock in a transaction that occurred on Thursday, October 27th. The stock was purchased at an average price of $10.72 per share, with a total value of $1,608,000.00. Following the completion of the transaction, the director now directly owns 65,523 shares of the company’s stock, valued at approximately $702,406.56. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.40% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Commerzbank Aktiengesellschaft FI raised its position 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 period. DekaBank Deutsche Girozentrale raised its position 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 period. KBC Group NV raised its position 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 period. First Dallas Securities Inc. raised its position 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 period. Finally, Boston Partners raised its position 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 period. 68.54% 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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