Freeport-McMoRan Inc. (FCX) Bonds Trading 1.9% Higher
An issue of Freeport-McMoRan Inc. (NYSE:FCX) debt rose 1.9% as a percentage of its face value during trading on Tuesday. The high-yield issue of debt has a 5.45% coupon and will mature on March 15, 2043. The bonds in the issue are now trading at $84.69 and were trading at $83.00 last week. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its stock price.
A number of research analysts have commented on FCX shares. FBR & Co restated a “market perform” rating on shares of Freeport-McMoRan in a research note on Wednesday, September 14th. Vetr lowered shares of Freeport-McMoRan from a “hold” rating to a “sell” rating and set a $9.17 price objective on the stock. in a research note on Monday, October 17th. Barclays PLC boosted their price target on shares of Freeport-McMoRan from $10.00 to $11.00 and gave the stock an “equal weight” rating in a research note on Monday, August 8th. Zacks Investment Research lowered shares of Freeport-McMoRan from a “hold” rating to a “sell” rating in a research note on Tuesday, October 18th. Finally, Cowen and Company boosted their price target on shares of Freeport-McMoRan from $15.00 to $20.00 and gave the stock an “outperform” rating in a research note on Monday. Six research 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. Freeport-McMoRan presently has an average rating of “Hold” and a consensus target price of $10.97.
Freeport-McMoRan Inc. (NYSE:FCX) opened at 16.21 on Thursday. Freeport-McMoRan Inc. has a 52 week low of $3.52 and a 52 week high of $16.42. The company’s 50 day moving average is $11.58 and its 200 day moving average is $11.38. The stock’s market cap is $22.07 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 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 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%. The company’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 business earned ($0.15) earnings per share. Equities analysts predict that Freeport-McMoRan Inc. will post $0.25 earnings per share for the current year.
In related news, Director Courtney Mather bought 150,000 shares of the stock in a transaction on Thursday, October 27th. The shares were purchased 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.40% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its position in Freeport-McMoRan by 239.8% in the first quarter. Wellington Management Group LLP now owns 798,535 shares of the natural resource company’s stock valued at $8,257,000 after buying an additional 563,527 shares during the last quarter. AMP Capital Investors Ltd boosted its position in Freeport-McMoRan by 9.3% in the first quarter. AMP Capital Investors Ltd now owns 302,975 shares of the natural resource company’s stock valued at $3,117,000 after buying an additional 25,700 shares during the last quarter. Silvercrest Asset Management Group LLC bought a new position in Freeport-McMoRan during the first quarter valued at approximately $120,000. A.R.T. Advisors LLC bought a new position in Freeport-McMoRan during the first quarter valued at approximately $1,898,000. Finally, Metropolitan Life Insurance Co. NY boosted its position in Freeport-McMoRan by 5.6% in the first quarter. Metropolitan Life Insurance Co. NY now owns 655,977 shares of the natural resource company’s stock valued at $6,783,000 after buying an additional 34,900 shares during the last quarter. 68.54% of the stock is currently owned by hedge funds and other institutional investors.
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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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