Investors Buy Freeport-McMoRan (FCX) on Weakness

Investors bought shares of Freeport-McMoRan Inc (NYSE:FCX) on weakness during trading hours on Friday. $64.37 million flowed into the stock on the tick-up and $34.35 million flowed out of the stock on the tick-down, for a money net flow of $30.02 million into the stock. Of all companies tracked, Freeport-McMoRan had the 27th highest net in-flow for the day. Freeport-McMoRan traded down ($0.13) for the day and closed at $19.75

FCX has been the topic of several research analyst reports. Morgan Stanley upgraded shares of Freeport-McMoRan from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $10.00 to $14.00 in a research note on Monday, December 11th. 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. Zacks Investment Research lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Monday, November 13th. FBR & Co set a $12.00 price target on shares of Freeport-McMoRan and gave the stock a “hold” rating in a research note on Friday, October 20th. Finally, B. Riley reiterated a “neutral” rating on shares of Freeport-McMoRan in a research note on Wednesday, November 1st. Two equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $15.80.

The company has a quick ratio of 1.32, a current ratio of 2.02 and a debt-to-equity ratio of 1.23. The firm has a market cap of $28,589.90, a PE ratio of 26.69 and a beta of 2.53.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Wednesday, October 25th. The natural resource company reported $0.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.03. Freeport-McMoRan had a net margin of 6.20% and a return on equity of 13.35%. The company had revenue of $4.31 billion for the quarter, compared to the consensus estimate of $4.06 billion. During the same period last year, the firm posted $0.13 EPS. Freeport-McMoRan’s revenue for the quarter was up 11.2% on a year-over-year basis. analysts expect that Freeport-McMoRan Inc will post 1.09 EPS for the current fiscal year.

A number of institutional investors have recently modified their holdings of FCX. Federated Investors Inc. PA grew its position in Freeport-McMoRan by 19.4% during the 2nd quarter. Federated Investors Inc. PA now owns 57,310 shares of the natural resource company’s stock worth $688,000 after purchasing an additional 9,299 shares during the last quarter. Schroder Investment Management Group grew its position in Freeport-McMoRan by 2,015.5% during the 2nd quarter. Schroder Investment Management Group now owns 11,487 shares of the natural resource company’s stock worth $139,000 after purchasing an additional 10,944 shares during the last quarter. Private Advisor Group LLC grew its position in Freeport-McMoRan by 28.3% during the 2nd quarter. Private Advisor Group LLC now owns 39,602 shares of the natural resource company’s stock worth $496,000 after purchasing an additional 8,726 shares during the last quarter. Eaton Vance Management grew its position in Freeport-McMoRan by 24.5% during the 2nd quarter. Eaton Vance Management now owns 200,120 shares of the natural resource company’s stock worth $2,403,000 after purchasing an additional 39,323 shares during the last quarter. Finally, Alliancebernstein L.P. grew its position in Freeport-McMoRan by 3.4% during the 2nd quarter. Alliancebernstein L.P. now owns 2,463,468 shares of the natural resource company’s stock worth $29,586,000 after purchasing an additional 80,466 shares during the last quarter. 68.07% of the stock is currently owned by institutional investors.

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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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