Freeport-McMoRan Inc. (FCX) Stock Rating Lowered by Vetr Inc.
Freeport-McMoRan Inc. (NYSE:FCX) was downgraded by investment analysts at Vetr from a “buy” rating to a “sell” rating in a report released on Monday. They currently have a $14.82 target price on the natural resource company’s stock. Vetr‘s target price suggests a potential downside of 1.00% from the stock’s current price.
A number of other equities research analysts also recently issued reports on FCX. Barclays PLC upped their price objective on Freeport-McMoRan from $10.00 to $11.00 and gave the company an “equal weight” rating in a research report on Monday, August 8th. Morgan Stanley restated a “hold” rating and set a $9.00 price objective on shares of Freeport-McMoRan in a research report on Tuesday, August 16th. Deutsche Bank AG decreased their price objective on Freeport-McMoRan from $12.50 to $12.00 and set a “hold” rating on the stock in a research report on Tuesday, September 13th. Cowen and Company set a $15.00 price objective on Freeport-McMoRan and gave the company a “buy” rating in a research report on Tuesday, September 13th. Finally, BMO Capital Markets set a $12.00 price target on Freeport-McMoRan and gave the stock a “hold” rating in a report on Tuesday, September 13th. Six equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the company. Freeport-McMoRan currently has a consensus rating of “Hold” and an average target price of $11.05.
Shares of Freeport-McMoRan (NYSE:FCX) opened at 14.97 on Monday. The firm’s market cap is $20.38 billion. Freeport-McMoRan has a 12-month low of $3.52 and a 12-month high of $16.42. The stock has a 50 day moving average price of $11.93 and a 200 day moving average price of $11.45.
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 analysts’ consensus estimates of $0.19 by $0.06. Freeport-McMoRan had a negative net margin of 58.67% and a negative return on equity of 0.72%. The company had revenue of $3.88 billion for the quarter, compared to analysts’ expectations of $3.95 billion. During the same quarter last year, the company earned ($0.15) earnings per share. The company’s revenue for the quarter was up 14.6% on a year-over-year basis. On average, equities analysts expect that Freeport-McMoRan will post $0.25 earnings per share for the current year.
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In other news, Director Courtney Mather bought 150,000 shares of Freeport-McMoRan stock in a transaction that occurred on Thursday, October 27th. The stock was bought at an average price of $10.72 per share, for a total transaction of $1,608,000.00. Following the purchase, 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 Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.40% of the company’s stock.
Institutional investors have recently modified their holdings of the company. TRUE Private Wealth Advisors purchased a new position in shares of Freeport-McMoRan during the third quarter worth about $106,000. Strid Group LLC purchased a new position in shares of Freeport-McMoRan during the third quarter worth about $112,000. Stonebridge Capital Advisors LLC purchased a new position in shares of Freeport-McMoRan during the second quarter worth about $114,000. RiverPoint Capital Management LLC purchased a new position in shares of Freeport-McMoRan during the third quarter worth about $114,000. Finally, LPL Financial LLC purchased a new position in shares of Freeport-McMoRan during the third quarter worth about $114,000. Institutional investors own 69.95% 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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