Freeport-McMoRan Inc. (FCX) Shares Gap Up Following Analyst Upgrade
Freeport-McMoRan Inc. (NYSE:FCX)’s share price gapped up prior to trading on Tuesday after Cowen and Company raised their price target on the stock from $15.00 to $20.00. The stock had previously closed at $14.81, but opened at $14.51. Cowen and Company currently has an outperform rating on the stock. Freeport-McMoRan shares last traded at $14.96, with a volume of 31,794,502 shares traded.
FCX has been the topic of several other reports. Vetr downgraded Freeport-McMoRan from a “strong-buy” rating to a “buy” rating and set a $11.90 target price on the stock. in a report on Thursday, September 22nd. Deutsche Bank AG upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and raised their target price for the company from $12.00 to $12.50 in a report on Monday, October 3rd. Morgan Stanley set a $9.00 target price on Freeport-McMoRan and gave the company a “hold” rating in a report on Tuesday, September 13th. Berenberg Bank reiterated a “hold” rating and set a $11.00 target price on shares of Freeport-McMoRan in a report on Thursday, July 28th. Finally, Jefferies Group set a $15.00 target price on Freeport-McMoRan and gave the company a “buy” rating in a report on Sunday, October 16th. Six equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the company’s stock. Freeport-McMoRan presently has a consensus rating of “Hold” and an average target price of $10.97.
In other Freeport-McMoRan news, Director Courtney Mather bought 150,000 shares of the business’s 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 directly owns 65,523 shares of the company’s stock, valued at $702,406.56. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.40% of the company’s stock.
A number of hedge funds have recently made changes to their positions in FCX. TRUE Private Wealth Advisors acquired a new stake in shares of Freeport-McMoRan during the third quarter valued at $106,000. Strid Group LLC acquired a new stake in shares of Freeport-McMoRan during the third quarter valued at $112,000. Stonebridge Capital Advisors LLC acquired a new stake in shares of Freeport-McMoRan during the second quarter valued at $114,000. RiverPoint Capital Management LLC acquired a new stake in shares of Freeport-McMoRan during the third quarter valued at $114,000. Finally, LPL Financial LLC acquired a new stake in shares of Freeport-McMoRan during the third quarter valued at $114,000. 68.54% of the stock is currently owned by hedge funds and other institutional investors.
The firm’s 50 day moving average is $11.58 and its 200 day moving average is $11.38. The firm’s market cap is $22.07 billion.
Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, October 25th. The natural resource company reported $0.13 EPS for the quarter, missing the 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 net margin of 58.67% and a negative return on equity of 0.72%. The company’s revenue was up 14.6% on a year-over-year basis. During the same period last year, the company earned ($0.15) EPS. On average, analysts expect that Freeport-McMoRan Inc. will post $0.25 earnings per share for the current fiscal 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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