Freeport-McMoRan (NYSE:FCX) was upgraded by investment analysts at ValuEngine from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday, ValuEngine reports.
FCX has been the subject of several other reports. JPMorgan Chase & Co. cut their target price on shares of Freeport-McMoRan from $15.00 to $13.00 and set a “neutral” rating for the company in a research note on Tuesday, July 9th. Zacks Investment Research downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, April 11th. Deutsche Bank upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and raised their target price for the company from $12.50 to $13.50 in a research note on Wednesday, July 10th. BMO Capital Markets set a $14.00 target price on shares of Freeport-McMoRan and gave the company a “hold” rating in a research note on Friday, April 26th. Finally, Barclays upgraded shares of Freeport-McMoRan from an “underweight” rating to an “equal weight” rating and set a $12.00 price objective for the company in a research report on Tuesday, July 16th. Ten equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $13.88.
Shares of Freeport-McMoRan stock traded down $0.40 during trading on Thursday, reaching $10.30. The company’s stock had a trading volume of 25,812,133 shares, compared to its average volume of 16,494,674. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.32 and a current ratio of 2.66. The stock has a fifty day moving average price of $11.25. The company has a market cap of $16.04 billion, a price-to-earnings ratio of 6.78 and a beta of 2.34. Freeport-McMoRan has a one year low of $9.47 and a one year high of $15.85.
Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Wednesday, July 24th. The natural resource company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. The business had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.54 billion. Freeport-McMoRan had a return on equity of 4.08% and a net margin of 4.11%. The firm’s revenue for the quarter was down 31.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.59 earnings per share. On average, equities research analysts anticipate that Freeport-McMoRan will post 0.19 EPS for the current fiscal year.
In other news, CFO Kathleen L. Quirk acquired 50,000 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The shares were acquired at an average cost of $10.49 per share, with a total value of $524,500.00. Following the completion of the purchase, the chief financial officer now directly owns 920,769 shares of the company’s stock, valued at approximately $9,658,866.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Harry M. Iv Conger sold 155,000 shares of Freeport-McMoRan stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $10.51, for a total transaction of $1,629,050.00. Following the completion of the transaction, the chief operating officer now directly owns 416,382 shares in the company, valued at $4,376,174.82. The disclosure for this sale can be found here. Company insiders own 0.98% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. Mraz Amerine & Associates Inc. grew its stake in shares of Freeport-McMoRan by 105.2% during the second quarter. Mraz Amerine & Associates Inc. now owns 29,258 shares of the natural resource company’s stock worth $340,000 after buying an additional 15,002 shares during the last quarter. Parkside Investments LLC lifted its holdings in shares of Freeport-McMoRan by 12.5% during the second quarter. Parkside Investments LLC now owns 354,640 shares of the natural resource company’s stock worth $4,117,000 after purchasing an additional 39,350 shares during the period. Comerica Bank lifted its holdings in shares of Freeport-McMoRan by 3.9% during the second quarter. Comerica Bank now owns 292,975 shares of the natural resource company’s stock worth $3,241,000 after purchasing an additional 10,966 shares during the period. Occidental Asset Management LLC lifted its holdings in shares of Freeport-McMoRan by 20.5% during the second quarter. Occidental Asset Management LLC now owns 46,573 shares of the natural resource company’s stock worth $541,000 after purchasing an additional 7,936 shares during the period. Finally, Candriam Luxembourg S.C.A. acquired a new position in shares of Freeport-McMoRan during the second quarter worth $385,000. 72.64% of the stock is currently owned by institutional investors and hedge funds.
Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.
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