Freeport-McMoran, Inc. (FCX) Bond Prices Rise 1%
An issue of Freeport-McMoran, Inc. (NYSE:FCX) debt rose 1% against its face value during trading on Monday. The high-yield debt issue has a 4.55% coupon and is set to mature on November 14, 2024. The debt is now trading at $100.38 and was trading at $100.50 one week ago. Price moves in a company’s debt in credit markets often anticipate parallel moves in its share price.
A number of analysts have issued reports on the company. Zacks Investment Research downgraded Freeport-McMoran from a “hold” rating to a “sell” rating in a research note on Wednesday, July 5th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Freeport-McMoran in a research note on Thursday, July 27th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $13.00 price objective (down previously from $14.00) on shares of Freeport-McMoran in a research note on Sunday, June 25th. Macquarie assumed coverage on Freeport-McMoran in a research note on Thursday, September 7th. They issued a “neutral” rating and a $16.00 price objective on the stock. Finally, BidaskClub raised Freeport-McMoran from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 27th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Freeport-McMoran presently has an average rating of “Hold” and an average target price of $15.51.
Shares of Freeport-McMoran, Inc. (FCX) traded up 1.80% during trading on Monday, reaching $14.13. The company’s stock had a trading volume of 14,095,925 shares. The company has a market capitalization of $20.45 billion, a PE ratio of 19.93 and a beta of 2.57. Freeport-McMoran, Inc. has a 1-year low of $9.24 and a 1-year high of $17.06. The stock has a 50 day moving average of $14.58 and a 200-day moving average of $12.97.
Freeport-McMoran (NYSE:FCX) last posted its earnings results on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share (EPS) for the quarter, missing the 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%. Freeport-McMoran’s revenue was up 11.3% compared to the same quarter last year. During the same period last year, the business earned ($0.02) EPS. On average, analysts expect that Freeport-McMoran, Inc. will post $0.95 earnings per share for the current year.
In other Freeport-McMoran news, COO Harry M. Iv Conger bought 36,180 shares of the business’s stock in a transaction on Thursday, September 7th. The stock was bought at an average price of $15.23 per share, with a total value of $551,021.40. Following the completion of the purchase, the chief operating officer now directly owns 73,943 shares in the company, valued at $1,126,151.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.40% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of FCX. Sun Life Financial INC increased its stake in Freeport-McMoran by 96,340.0% during the second quarter. Sun Life Financial INC now owns 9,644 shares of the natural resource company’s stock worth $116,000 after acquiring an additional 9,634 shares during the last quarter. First Manhattan Co. increased its stake in Freeport-McMoran by 0.3% during the second quarter. First Manhattan Co. now owns 10,067 shares of the natural resource company’s stock worth $120,000 after acquiring an additional 33 shares during the last quarter. Outfitter Advisors LTD. acquired a new stake in Freeport-McMoran during the second quarter worth $121,000. Fisher Asset Management LLC acquired a new stake in Freeport-McMoran during the second quarter worth $122,000. Finally, Partnervest Advisory Services LLC acquired a new stake in Freeport-McMoran during the second quarter worth $123,000. 67.94% of the stock is owned by institutional investors.
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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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