Freeport-McMoran, Inc. (FCX) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Freeport-McMoran, Inc. (NYSE:FCX) from a hold rating to a buy rating in a report released on Tuesday. The brokerage currently has $16.00 price objective on the natural resource company’s stock.
According to Zacks, “Freeport reported a year-over-year increase in earnings and revenues for third-quarter 2017. Earnings and sales also beat the respective Zacks Consensus Estimate. Freeport is taking actions to cut mining costs which should lend support to its margins in 2017. The company should also gain from efforts to de-leverage its balance sheet. It is also conducting exploration activities near its existing mines with a focus to expand reserves that will support additional future production capacity.”
FCX has been the topic of several other reports. Vertical Research reissued a buy rating and set a $20.00 price target on shares of Freeport-McMoran in a report on Tuesday, August 29th. Jefferies Group LLC set a $18.00 price target on Freeport-McMoran and gave the company a buy rating in a report on Monday, August 28th. BidaskClub raised Freeport-McMoran from a sell rating to a hold rating in a report on Thursday, August 24th. Deutsche Bank AG cut Freeport-McMoran from a hold rating to a sell rating and set a $13.00 price target on the stock. in a report on Tuesday, October 17th. Finally, Stifel Nicolaus set a $15.00 price target on Freeport-McMoran and gave the company a hold rating in a report on Tuesday, August 29th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $15.54.
Freeport-McMoran (FCX) traded up $0.24 during mid-day trading on Tuesday, reaching $13.86. The company had a trading volume of 15,334,167 shares, compared to its average volume of 21,435,713. The company has a market cap of $19,710.00, a PE ratio of 15.16 and a beta of 2.55. Freeport-McMoran has a fifty-two week low of $11.05 and a fifty-two week high of $17.06. The company has a debt-to-equity ratio of 1.23, a current ratio of 2.02 and a quick ratio of 1.32.
Freeport-McMoran (NYSE:FCX) last released its quarterly earnings data on Wednesday, October 25th. The natural resource company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.03. The business had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.06 billion. Freeport-McMoran had a return on equity of 13.35% and a net margin of 6.20%. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.13 EPS. analysts predict that Freeport-McMoran will post 1.07 EPS for the current year.
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In other news, COO Harry M. Iv Conger acquired 36,180 shares of the business’s stock in a transaction dated Thursday, September 7th. The stock was purchased at an average price of $15.23 per share, for a total transaction of $551,021.40. Following the completion of the transaction, 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 filing with the SEC, which is available through this link. Company insiders own 1.29% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Fisher Asset Management LLC bought a new position in shares of Freeport-McMoran in the 2nd quarter valued at about $122,000. State of Alaska Department of Revenue lifted its holdings in shares of Freeport-McMoran by 81.7% in the 2nd quarter. State of Alaska Department of Revenue now owns 30,226 shares of the natural resource company’s stock valued at $363,000 after acquiring an additional 13,590 shares during the last quarter. Mn Services Vermogensbeheer B.V. lifted its holdings in shares of Freeport-McMoran by 548.3% in the 2nd quarter. Mn Services Vermogensbeheer B.V. now owns 223,671 shares of the natural resource company’s stock valued at $2,686,000 after acquiring an additional 189,172 shares during the last quarter. Eqis Capital Management Inc. lifted its holdings in shares of Freeport-McMoran by 5.9% in the 2nd quarter. Eqis Capital Management Inc. now owns 13,144 shares of the natural resource company’s stock valued at $158,000 after acquiring an additional 731 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its holdings in shares of Freeport-McMoran by 102.4% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 281,224 shares of the natural resource company’s stock valued at $3,378,000 after acquiring an additional 142,300 shares during the last quarter. Hedge funds and other institutional investors own 69.09% 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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