Freeport-McMoran, Inc. (NYSE:FCX) – Analysts at Jefferies Group upped their FY2017 earnings per share estimates for Freeport-McMoran in a report released on Thursday. Jefferies Group analyst C. Lafemina now expects that the natural resource company will earn $1.05 per share for the year, up from their prior forecast of $1.03. Jefferies Group has a “Buy” rating and a $19.00 price target on the stock. Jefferies Group also issued estimates for Freeport-McMoran’s FY2018 earnings at $2.27 EPS, FY2019 earnings at $2.02 EPS and FY2020 earnings at $2.78 EPS.
Freeport-McMoran (NYSE:FCX) last posted its quarterly earnings results on Tuesday, July 25th. The natural resource company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.21 by ($0.04). Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. The business had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.67 billion. During the same quarter in the prior year, the firm posted ($0.02) EPS. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year.
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FCX has been the subject of several other reports. Zacks Investment Research downgraded Freeport-McMoran from a “hold” rating to a “sell” rating in a research note on Wednesday, July 5th. Deutsche Bank AG reissued a “hold” rating and issued a $13.00 price objective (down from $14.00) on shares of Freeport-McMoran in a research note on Sunday, June 25th. Macquarie initiated coverage on Freeport-McMoran in a research note on Thursday, September 7th. They issued a “neutral” rating and a $16.00 price objective for the company. BidaskClub raised Freeport-McMoran from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 27th. Finally, FBR & Co reissued a “neutral” rating and issued a $12.00 price objective (down from $13.00) on shares of Freeport-McMoran in a research note on Thursday, September 14th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Freeport-McMoran has an average rating of “Hold” and a consensus target price of $15.36.
Shares of Freeport-McMoran (NYSE:FCX) opened at 14.75 on Friday. The firm’s 50-day moving average is $14.47 and its 200 day moving average is $13.19. The stock has a market cap of $21.35 billion, a P/E ratio of 20.80 and a beta of 2.54. Freeport-McMoran has a 52-week low of $9.50 and a 52-week high of $17.06.
In other news, COO Harry M. Iv Conger acquired 36,180 shares of Freeport-McMoran stock in a transaction on Thursday, September 7th. The stock was bought at an average price of $15.23 per share, for a total transaction of $551,021.40. Following the transaction, the chief operating officer now owns 73,943 shares of the company’s stock, valued at $1,126,151.89. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 1.29% of the company’s stock.
Several institutional investors have recently bought and sold shares of FCX. Sun Life Financial INC lifted its position in shares of Freeport-McMoran by 96,340.0% during the 2nd quarter. Sun Life Financial INC now owns 9,644 shares of the natural resource company’s stock worth $116,000 after buying an additional 9,634 shares during the period. First Manhattan Co. lifted its position in shares of Freeport-McMoran by 0.3% during the 2nd quarter. First Manhattan Co. now owns 10,067 shares of the natural resource company’s stock worth $120,000 after buying an additional 33 shares during the period. Outfitter Advisors LTD. bought a new position in shares of Freeport-McMoran during the 2nd quarter worth approximately $121,000. Fisher Asset Management LLC bought a new position in shares of Freeport-McMoran during the 2nd quarter worth approximately $122,000. Finally, Partnervest Advisory Services LLC bought a new position in shares of Freeport-McMoran during the 2nd quarter worth approximately $123,000. Institutional investors and hedge funds own 67.95% 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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