Freeport-McMoRan Inc (FCX) Bonds Drop 2% During Trading
An issue of Freeport-McMoRan Inc (NYSE:FCX) debt fell 2% as a percentage of its face value during trading on Friday. The debt issue has a 4.55% coupon and will mature on November 14, 2024. The bonds in the issue are now trading at $93.00 and were trading at $93.38 last week. Price moves in a company’s debt in credit markets often predict parallel moves in its share price.
A number of analysts recently weighed in on FCX shares. Vetr upgraded Freeport-McMoRan from a “buy” rating to a “strong-buy” rating and set a $19.31 price target on the stock in a research note on Wednesday, February 1st. TheStreet upgraded Freeport-McMoRan from a “d” rating to a “c-” rating in a research note on Friday, January 27th. Zacks Investment Research downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Monday, January 23rd. Jefferies Group LLC restated a “buy” rating and issued a $19.00 price target on shares of Freeport-McMoRan in a research note on Thursday, January 26th. Finally, Deutsche Bank AG cut Freeport-McMoRan from a “hold” rating to a “sell” rating and reduced their price objective for the stock from $14.00 to $12.50 in a report on Tuesday, February 21st. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $13.73.
Freeport-McMoRan Inc (NYSE:FCX) traded down 2.24% during trading on Friday, hitting $12.23. The stock had a trading volume of 27,654,127 shares. Freeport-McMoRan Inc has a 1-year low of $9.24 and a 1-year high of $17.06. The stock’s market cap is $17.68 billion. The firm’s 50-day moving average price is $12.87 and its 200-day moving average price is $13.53.
Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Wednesday, January 25th. The natural resource company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by $0.08. Freeport-McMoRan had a negative net margin of 28.09% and a positive return on equity of 3.52%. The firm earned $4.38 billion during the quarter, compared to the consensus estimate of $4.34 billion. During the same quarter last year, the firm posted ($0.02) EPS. The business’s revenue was up 24.5% on a year-over-year basis. On average, equities research analysts predict that Freeport-McMoRan Inc will post $1.02 earnings per share for the current fiscal year.
In other news, COO Harry M. Iv Conger sold 77,500 shares of Freeport-McMoRan stock in a transaction that occurred on Thursday, February 16th. The shares were sold at an average price of $15.24, for a total value of $1,181,100.00. Following the completion of the transaction, the chief operating officer now owns 37,763 shares in the company, valued at $575,508.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jon C/ Madonna sold 14,000 shares of Freeport-McMoRan stock in a transaction that occurred on Wednesday, February 1st. The shares were sold at an average price of $16.61, for a total transaction of $232,540.00. Following the completion of the transaction, the director now owns 61,080 shares of the company’s stock, valued at approximately $1,014,538.80. The disclosure for this sale can be found here. Insiders sold 151,645 shares of company stock valued at $2,340,571 in the last quarter. 1.40% of the stock is currently owned by corporate insiders.
Hedge funds have recently modified their holdings of the stock. Northern Trust Corp raised its stake in shares of Freeport-McMoRan by 2.3% in the third quarter. Northern Trust Corp now owns 17,734,495 shares of the natural resource company’s stock worth $192,596,000 after buying an additional 403,038 shares in the last quarter. Old West Investment Management LLC raised its stake in shares of Freeport-McMoRan by 3.4% in the fourth quarter. Old West Investment Management LLC now owns 478,616 shares of the natural resource company’s stock worth $6,312,000 after buying an additional 15,876 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Freeport-McMoRan by 57.9% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 5,180,754 shares of the natural resource company’s stock worth $56,263,000 after buying an additional 1,899,083 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in shares of Freeport-McMoRan during the fourth quarter worth $2,632,000. Finally, Peconic Partners LLC raised its stake in shares of Freeport-McMoRan by 33.3% in the third quarter. Peconic Partners LLC now owns 600,000 shares of the natural resource company’s stock worth $6,516,000 after buying an additional 150,000 shares in the last quarter. 66.80% of the stock is owned by institutional investors and hedge funds.
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Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.
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