Freeport-McMoRan (NYSE:FCX) had its price objective lowered by investment analysts at Citigroup from $18.00 to $14.00 in a report released on Wednesday. The firm presently has a “neutral” rating on the natural resource company’s stock. Citigroup’s price objective points to a potential upside of 15.32% from the company’s previous close.
Several other brokerages have also weighed in on FCX. Berenberg Bank restated a “sell” rating and set a $15.00 target price on shares of Freeport-McMoRan in a research report on Monday, July 2nd. ValuEngine lowered shares of Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a research report on Tuesday, October 2nd. Deutsche Bank upgraded shares of Freeport-McMoRan from a “sell” rating to a “hold” rating in a research report on Thursday, July 26th. Barclays initiated coverage on shares of Freeport-McMoRan in a research report on Wednesday, October 10th. They set an “underweight” rating and a $12.00 target price on the stock. Finally, Bank of America upgraded shares of Freeport-McMoRan from an “underperform” rating to a “neutral” rating and set a $17.00 target price on the stock in a research report on Thursday, August 2nd. Three equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $17.33.
NYSE FCX opened at $12.14 on Wednesday. The stock has a market cap of $17.97 billion, a P/E ratio of 6.56 and a beta of 2.48. Freeport-McMoRan has a 52-week low of $12.06 and a 52-week high of $20.25. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.72 and a quick ratio of 1.62.
Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Wednesday, July 25th. The natural resource company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.04. The firm had revenue of $5.17 billion during the quarter, compared to analysts’ expectations of $4.97 billion. Freeport-McMoRan had a net margin of 14.87% and a return on equity of 24.01%. The firm’s revenue for the quarter was up 39.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.17 earnings per share. As a group, sell-side analysts predict that Freeport-McMoRan will post 1.71 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently made changes to their positions in FCX. Seven Eight Capital LP purchased a new position in Freeport-McMoRan during the third quarter worth approximately $257,000. Iron Financial LLC purchased a new position in Freeport-McMoRan during the third quarter worth approximately $176,000. Oakbrook Investments LLC raised its stake in Freeport-McMoRan by 44.1% during the third quarter. Oakbrook Investments LLC now owns 161,430 shares of the natural resource company’s stock worth $2,247,000 after purchasing an additional 49,400 shares during the period. Louisiana State Employees Retirement System raised its stake in Freeport-McMoRan by 6.9% during the third quarter. Louisiana State Employees Retirement System now owns 84,800 shares of the natural resource company’s stock worth $1,180,000 after purchasing an additional 5,500 shares during the period. Finally, First Hawaiian Bank purchased a new position in Freeport-McMoRan during the third quarter worth approximately $503,000. Hedge funds and other institutional investors own 71.77% of the company’s stock.
Freeport-McMoRan Company Profile
Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.
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