Freeport-McMoran, Inc. (FCX) Earns Market Perform Rating from Analysts at Raymond James Financial, Inc.
Raymond James Financial, Inc. initiated coverage on shares of Freeport-McMoran, Inc. (NYSE:FCX) in a research note issued on Tuesday. The brokerage set a “market perform” rating and a $15.00 price target on the natural resource company’s stock. Raymond James Financial, Inc.’s price objective would suggest a potential upside of 6.01% from the company’s previous close.
A number of other analysts have also issued reports on the stock. Jefferies Group LLC reduced their price target on shares of Freeport-McMoran from $16.00 to $14.50 and set a “buy” rating for the company in a research report on Thursday, June 8th. Vetr lowered shares of Freeport-McMoran from a “strong-buy” rating to a “buy” rating and set a $14.50 price objective on the stock. in a research report on Tuesday, April 25th. ValuEngine raised shares of Freeport-McMoran from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Deutsche Bank AG reaffirmed a “hold” rating and set a $13.00 price objective (down previously from $14.00) on shares of Freeport-McMoran in a research report on Sunday, June 25th. Finally, BMO Capital Markets reaffirmed a “hold” rating and set a $15.00 price objective on shares of Freeport-McMoran in a research report on Thursday, June 29th. Three analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $14.32.
Shares of Freeport-McMoran (NYSE:FCX) opened at 14.15 on Tuesday. The company’s 50-day moving average is $13.30 and its 200-day moving average is $13.05. Freeport-McMoran has a 12-month low of $9.24 and a 12-month high of $17.06. The stock has a market cap of $20.48 billion, a P/E ratio of 19.96 and a beta of 2.59.
Freeport-McMoran (NYSE:FCX) last posted its quarterly earnings data on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.21 by $0.04. Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. The business had revenue of $3.71 billion for the quarter, compared to the consensus estimate of $3.67 billion. During the same quarter last year, the business posted ($0.02) EPS. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. On average, analysts expect that Freeport-McMoran will post $0.89 earnings per share for the current fiscal year.
A number of institutional investors have recently bought and sold shares of the stock. Sun Life Financial INC increased its position in shares of Freeport-McMoran by 96,340.0% in the second quarter. Sun Life Financial INC now owns 9,644 shares of the natural resource company’s stock worth $116,000 after buying an additional 9,634 shares during the period. First Manhattan Co. increased its position in shares of Freeport-McMoran by 0.3% in the second quarter. First Manhattan Co. now owns 10,067 shares of the natural resource company’s stock worth $120,000 after buying an additional 33 shares during the period. Outfitter Advisors LTD. bought a new position in shares of Freeport-McMoran during the second quarter worth about $121,000. Acrospire Investment Management LLC bought a new position in shares of Freeport-McMoran during the first quarter worth about $122,000. Finally, Fisher Asset Management LLC bought a new position in shares of Freeport-McMoran during the second quarter worth about $122,000. Hedge funds and other institutional investors own 69.94% of the company’s stock.
Freeport-McMoran Company Profile
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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