Freeport-McMoran, Inc. (FCX) Debt Trading 1.1% Lower
An issue of Freeport-McMoran, Inc. (NYSE:FCX) debt fell 1.1% as a percentage of its face value during trading on Friday. The high-yield issue of debt has a 5.45% coupon and will mature on March 15, 2043. The debt is now trading at $93.44 and was trading at $92.50 last week. Price moves in a company’s debt in credit markets often predict parallel moves in its share price.
Several analysts have recently issued reports on FCX shares. Jefferies Group LLC set a $15.00 target price on shares of Freeport-McMoran and gave the company a “buy” rating in a research report on Monday, July 10th. ValuEngine upgraded shares of Freeport-McMoran from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Vertical Research reiterated a “buy” rating and issued a $20.00 target price on shares of Freeport-McMoran in a research report on Tuesday, August 29th. BidaskClub upgraded shares of Freeport-McMoran from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Finally, Deutsche Bank AG reiterated a “hold” rating and issued a $13.00 target price (down previously from $14.00) on shares of Freeport-McMoran in a research report on Sunday, June 25th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Freeport-McMoran presently has a consensus rating of “Hold” and an average target price of $15.51.
Shares of Freeport-McMoran, Inc. (FCX) opened at 14.04 on Friday. The firm’s 50 day moving average is $14.57 and its 200-day moving average is $12.98. Freeport-McMoran, Inc. has a 12 month low of $9.24 and a 12 month high of $17.06. The firm has a market capitalization of $20.32 billion, a PE ratio of 19.80 and a beta of 2.57.
Freeport-McMoran (NYSE:FCX) last announced 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). The company had revenue of $3.71 billion for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.02) earnings per share. On average, analysts expect that Freeport-McMoran, Inc. will post $0.95 EPS for the current fiscal year.
In related news, COO Harry M. Iv Conger acquired 36,180 shares of the business’s stock in a transaction dated Thursday, September 7th. The shares were acquired at an average cost of $15.23 per share, for a total transaction of $551,021.40. Following the acquisition, the chief operating officer now directly owns 73,943 shares in the company, valued at approximately $1,126,151.89. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.40% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Intl Fcstone Inc. purchased a new position in shares of Freeport-McMoran during the 2nd quarter worth about $445,000. Lord Abbett & CO. LLC lifted its holdings in shares of Freeport-McMoran by 8.7% during the 2nd quarter. Lord Abbett & CO. LLC now owns 2,055,772 shares of the natural resource company’s stock worth $24,690,000 after acquiring an additional 164,100 shares during the period. Sentry Investment Management LLC lifted its holdings in shares of Freeport-McMoran by 22.9% during the 2nd quarter. Sentry Investment Management LLC now owns 105,176 shares of the natural resource company’s stock worth $1,263,000 after acquiring an additional 19,584 shares during the period. Toronto Dominion Bank raised its holdings in Freeport-McMoran by 25.3% in the second quarter. Toronto Dominion Bank now owns 460,229 shares of the natural resource company’s stock valued at $5,527,000 after buying an additional 92,843 shares during the period. Finally, Cetera Investment Advisers purchased a new position in Freeport-McMoran in the second quarter valued at approximately $1,315,000. Institutional investors and hedge funds own 67.94% of the company’s stock.
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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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