Freeport-McMoran, Inc. (FCX) PT Set at $17.00 by BMO Capital Markets
Freeport-McMoran, Inc. (NYSE:FCX) has been given a $17.00 target price by equities research analysts at BMO Capital Markets in a research report issued on Wednesday, July 26th. The brokerage presently has a “hold” rating on the natural resource company’s stock. BMO Capital Markets’ target price would indicate a potential upside of 15.65% from the company’s current price.
Several other research analysts have also recently issued reports on the company. BidaskClub raised Freeport-McMoran from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Berenberg Bank set a $10.00 price objective on Freeport-McMoran and gave the stock a “sell” rating in a research report on Saturday, July 22nd. ValuEngine cut Freeport-McMoran from a “buy” rating to a “hold” rating in a research report on Thursday, July 13th. Clarkson Capital reaffirmed a “neutral” rating on shares of Freeport-McMoran in a research report on Monday, July 10th. Finally, Zacks Investment Research cut Freeport-McMoran from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $14.27.
Shares of Freeport-McMoran (NYSE FCX) opened at 14.70 on Wednesday. The company has a market cap of $21.27 billion, a P/E ratio of 20.73 and a beta of 2.59. Freeport-McMoran has a 12 month low of $9.24 and a 12 month high of $17.06. The company’s 50-day moving average price is $12.60 and its 200-day moving average price is $13.12.
Freeport-McMoran (NYSE:FCX) last released its quarterly earnings data on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.21 by $0.04. The business had revenue of $3.71 billion for the quarter, compared to analyst estimates of $3.67 billion. Freeport-McMoran had a return on equity of 10.45% and a net margin of 5.97%. The company’s revenue was up 11.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.02) earnings per share. Equities analysts forecast that Freeport-McMoran will post $0.87 EPS for the current fiscal year.
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Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Freeport-McMoran by 10.7% in the first quarter. Vanguard Group Inc. now owns 132,991,679 shares of the natural resource company’s stock worth $1,776,769,000 after buying an additional 12,897,514 shares in the last quarter. State Street Corp boosted its stake in Freeport-McMoran by 4.6% in the first quarter. State Street Corp now owns 64,979,781 shares of the natural resource company’s stock worth $868,135,000 after buying an additional 2,835,834 shares in the last quarter. FMR LLC boosted its stake in Freeport-McMoran by 104.4% in the first quarter. FMR LLC now owns 42,399,057 shares of the natural resource company’s stock worth $566,451,000 after buying an additional 21,652,647 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Freeport-McMoran by 39.4% in the second quarter. Bank of New York Mellon Corp now owns 20,568,631 shares of the natural resource company’s stock worth $247,029,000 after buying an additional 5,810,712 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Freeport-McMoran by 14.7% in the first quarter. Geode Capital Management LLC now owns 12,966,422 shares of the natural resource company’s stock worth $172,986,000 after buying an additional 1,664,093 shares in the last quarter. 69.45% of the stock is owned by institutional investors and hedge funds.
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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