Freeport-McMoRan (FCX) Upgraded to “Buy” at ValuEngine
Freeport-McMoRan (NYSE:FCX) was upgraded by investment analysts at ValuEngine from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday.
Several other research analysts also recently commented on FCX. FBR & Co reissued a “hold” rating and set a $12.00 price target on shares of Freeport-McMoRan in a research note on Thursday, October 26th. UBS Group lifted their price target on shares of Freeport-McMoRan from $13.50 to $14.00 and gave the stock a “neutral” rating in a research note on Monday, October 30th. B. Riley reissued a “neutral” rating on shares of Freeport-McMoRan in a research note on Wednesday, November 1st. Zacks Investment Research downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Monday, November 13th. Finally, Royal Bank of Canada restated a “hold” rating and issued a $17.00 target price on shares of Freeport-McMoRan in a report on Tuesday, December 5th. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $16.24.
Freeport-McMoRan (NYSE FCX) traded down $0.30 during mid-day trading on Tuesday, hitting $18.43. 12,767,024 shares of the company’s stock traded hands, compared to its average volume of 23,500,000. The stock has a market capitalization of $26,720.00, a P/E ratio of 15.36 and a beta of 2.48. Freeport-McMoRan has a 52-week low of $11.05 and a 52-week high of $20.25. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.14 and a quick ratio of 1.37.
In related news, VP C Donald Whitmire, Jr. sold 21,500 shares of Freeport-McMoRan stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $19.49, for a total value of $419,035.00. Following the sale, the vice president now owns 70,239 shares in the company, valued at $1,368,958.11. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.29% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in FCX. Intl Fcstone Inc. bought a new stake in Freeport-McMoRan in the second quarter valued at $445,000. Mutual of America Capital Management LLC lifted its position in Freeport-McMoRan by 2.8% during the third quarter. Mutual of America Capital Management LLC now owns 228,074 shares of the natural resource company’s stock valued at $3,202,000 after buying an additional 6,183 shares during the period. Robeco Institutional Asset Management B.V. lifted its position in Freeport-McMoRan by 103.7% during the third quarter. Robeco Institutional Asset Management B.V. now owns 68,620 shares of the natural resource company’s stock valued at $965,000 after buying an additional 34,936 shares during the period. Meeder Asset Management Inc. purchased a new position in Freeport-McMoRan during the third quarter valued at $609,000. Finally, Oakbrook Investments LLC lifted its position in Freeport-McMoRan by 23.9% during the third quarter. Oakbrook Investments LLC now owns 107,600 shares of the natural resource company’s stock valued at $1,511,000 after buying an additional 20,750 shares during the period. Institutional investors and hedge funds own 68.40% of the company’s stock.
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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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