ValuEngine upgraded shares of Freeport-McMoran, Inc. (NYSE:FCX) from a hold rating to a buy rating in a research note issued to investors on Thursday.

Several other research firms have also issued reports on FCX. Jefferies Group LLC set a $18.00 price target on shares of Freeport-McMoran and gave the stock a buy rating in a research report on Monday, August 28th. Vertical Research reissued a buy rating and issued a $20.00 price target on shares of Freeport-McMoran in a research report on Tuesday, August 29th. BidaskClub raised shares of Freeport-McMoran from a sell rating to a hold rating in a research report on Thursday, August 24th. Stifel Nicolaus set a $15.00 price target on shares of Freeport-McMoran and gave the stock a hold rating in a research report on Tuesday, August 29th. Finally, BMO Capital Markets set a $17.00 price target on shares of Freeport-McMoran and gave the stock a hold rating in a research report on Wednesday, July 26th. Three equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of Hold and an average price target of $14.65.

Freeport-McMoran (NYSE FCX) opened at 15.07 on Thursday. Freeport-McMoran has a 52 week low of $9.24 and a 52 week high of $17.06. The firm has a market capitalization of $21.81 billion, a P/E ratio of 21.26 and a beta of 2.57. The firm has a 50-day moving average price of $14.34 and a 200-day moving average price of $12.97.

Freeport-McMoran (NYSE:FCX) last posted its quarterly earnings results 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. Freeport-McMoran had a return on equity of 10.45% and a net margin of 5.97%. The business had revenue of $3.71 billion during the quarter, compared to analyst estimates of $3.67 billion. During the same period last year, the company earned ($0.02) EPS. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. Equities analysts forecast that Freeport-McMoran will post $0.91 EPS for the current year.

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Institutional investors and hedge funds have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue bought a new position in Freeport-McMoran in the first quarter valued at approximately $222,000. Bank of New York Mellon Corp boosted its stake in Freeport-McMoran by 46.2% in the first quarter. Bank of New York Mellon Corp now owns 14,757,919 shares of the natural resource company’s stock valued at $197,166,000 after acquiring an additional 4,662,665 shares during the last quarter. Parkwood LLC boosted its stake in Freeport-McMoran by 380.3% in the first quarter. Parkwood LLC now owns 80,541 shares of the natural resource company’s stock valued at $1,076,000 after acquiring an additional 63,773 shares during the last quarter. 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 valued at $1,776,769,000 after acquiring an additional 12,897,514 shares during the last quarter. Finally, Hodges Capital Management Inc. boosted its stake in Freeport-McMoran by 56.8% in the first quarter. Hodges Capital Management Inc. now owns 1,248,890 shares of the natural resource company’s stock valued at $16,685,000 after acquiring an additional 452,565 shares during the last quarter. 67.94% of the stock is currently owned by institutional investors and hedge funds.

About Freeport-McMoran

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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Analyst Recommendations for Freeport-McMoran (NYSE:FCX)

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