FY2017 EPS Estimates for Freeport-McMoran, Inc. (FCX) Boosted by Jefferies Group

Freeport-McMoran, Inc. (NYSE:FCX) – Stock analysts at Jefferies Group raised their FY2017 earnings estimates for shares of Freeport-McMoran in a research report issued to clients and investors on Thursday. Jefferies Group analyst C. Lafemina now forecasts that the natural resource company will post earnings of $1.05 per share for the year, up from their prior estimate of $1.03. Jefferies Group has a “Buy” rating and a $19.00 price objective 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.

FCX has been the subject of several other research reports. Zacks Investment Research downgraded shares of Freeport-McMoran from a “hold” rating to a “sell” rating in a research report 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 shares of Freeport-McMoran in a research note on Thursday, September 7th. They issued a “neutral” rating and a $16.00 price objective on the stock. BidaskClub raised shares of 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 research analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $15.36.

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Shares of Freeport-McMoran (NYSE:FCX) opened at 14.75 on Friday. The stock has a 50 day moving average of $14.44 and a 200-day moving average of $13.19. The firm has a market cap of $21.35 billion, a price-to-earnings ratio of 20.80 and a beta of 2.54. Freeport-McMoran has a 1-year low of $9.50 and a 1-year high of $17.06.

Freeport-McMoran (NYSE:FCX) last released its quarterly earnings data on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.21 by ($0.04). The business had revenue of $3.71 billion during the quarter, compared to analyst estimates of $3.67 billion. Freeport-McMoran had a return on equity of 10.45% and a net margin of 5.97%. The firm’s revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.02) EPS.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Freeport-McMoran by 4.9% during the 2nd quarter. Vanguard Group Inc. now owns 139,502,519 shares of the natural resource company’s stock worth $1,675,425,000 after purchasing an additional 6,510,840 shares in the last quarter. State Street Corp increased its position in Freeport-McMoran by 4.6% during the 1st quarter. State Street Corp now owns 64,979,781 shares of the natural resource company’s stock worth $868,135,000 after purchasing an additional 2,835,834 shares in the last quarter. FMR LLC increased its position in Freeport-McMoran by 104.4% during the 1st quarter. FMR LLC now owns 42,399,057 shares of the natural resource company’s stock worth $566,451,000 after purchasing an additional 21,652,647 shares in the last quarter. Bank of New York Mellon Corp increased its position in Freeport-McMoran by 39.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 20,568,631 shares of the natural resource company’s stock worth $247,029,000 after purchasing an additional 5,810,712 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in Freeport-McMoran by 14.7% during the 1st quarter. Geode Capital Management LLC now owns 12,966,422 shares of the natural resource company’s stock worth $172,986,000 after purchasing an additional 1,664,093 shares in the last quarter. 67.95% of the stock is owned by hedge funds and other institutional investors.

In related news, COO Harry M. Iv Conger acquired 36,180 shares of the business’s stock in a transaction dated Thursday, September 7th. The shares were acquired at an average cost of $15.23 per share, for a total transaction of $551,021.40. Following the acquisition, the chief operating officer now directly owns 73,943 shares in the company, valued at approximately $1,126,151.89. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.29% of the company’s stock.

About Freeport-McMoran

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 pr

Freeport-McMoran, Inc. (NYSE:FCX) – Stock analysts at Jefferies Group raised their FY2017 earnings estimates for shares of Freeport-McMoran in a research report issued to clients and investors on Thursday. Jefferies Group analyst C. Lafemina now forecasts that the natural resource company will post earnings of $1.05 per share for the year, up from their prior estimate of $1.03. Jefferies Group has a “Buy” rating and a $19.00 price objective 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.

FCX has been the subject of several other research reports. Zacks Investment Research downgraded shares of Freeport-McMoran from a “hold” rating to a “sell” rating in a research report 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 shares of Freeport-McMoran in a research note on Thursday, September 7th. They issued a “neutral” rating and a $16.00 price objective on the stock. BidaskClub raised shares of 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 research analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $15.36.

TRADEMARK VIOLATION WARNING: This piece of content was first reported by The Ledger Gazette and is the property of of The Ledger Gazette. If you are accessing this piece of content on another publication, it was illegally copied and republished in violation of United States and international copyright legislation. The legal version of this piece of content can be read at https://ledgergazette.com/2017/10/15/fy2017-eps-estimates-for-freeport-mcmoran-inc-fcx-boosted-by-jefferies-group.html.

Shares of Freeport-McMoran (NYSE:FCX) opened at 14.75 on Friday. The stock has a 50 day moving average of $14.44 and a 200-day moving average of $13.19. The firm has a market cap of $21.35 billion, a price-to-earnings ratio of 20.80 and a beta of 2.54. Freeport-McMoran has a 1-year low of $9.50 and a 1-year high of $17.06.

Freeport-McMoran (NYSE:FCX) last released its quarterly earnings data on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.21 by ($0.04). The business had revenue of $3.71 billion during the quarter, compared to analyst estimates of $3.67 billion. Freeport-McMoran had a return on equity of 10.45% and a net margin of 5.97%. The firm’s revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.02) EPS.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Freeport-McMoran by 4.9% during the 2nd quarter. Vanguard Group Inc. now owns 139,502,519 shares of the natural resource company’s stock worth $1,675,425,000 after purchasing an additional 6,510,840 shares in the last quarter. State Street Corp increased its position in Freeport-McMoran by 4.6% during the 1st quarter. State Street Corp now owns 64,979,781 shares of the natural resource company’s stock worth $868,135,000 after purchasing an additional 2,835,834 shares in the last quarter. FMR LLC increased its position in Freeport-McMoran by 104.4% during the 1st quarter. FMR LLC now owns 42,399,057 shares of the natural resource company’s stock worth $566,451,000 after purchasing an additional 21,652,647 shares in the last quarter. Bank of New York Mellon Corp increased its position in Freeport-McMoran by 39.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 20,568,631 shares of the natural resource company’s stock worth $247,029,000 after purchasing an additional 5,810,712 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in Freeport-McMoran by 14.7% during the 1st quarter. Geode Capital Management LLC now owns 12,966,422 shares of the natural resource company’s stock worth $172,986,000 after purchasing an additional 1,664,093 shares in the last quarter. 67.95% of the stock is owned by hedge funds and other institutional investors.

In related news, COO Harry M. Iv Conger acquired 36,180 shares of the business’s stock in a transaction dated Thursday, September 7th. The shares were acquired at an average cost of $15.23 per share, for a total transaction of $551,021.40. Following the acquisition, the chief operating officer now directly owns 73,943 shares in the company, valued at approximately $1,126,151.89. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.29% of the company’s stock.

About Freeport-McMoran

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.

Earnings History and Estimates for Freeport-McMoran (NYSE:FCX)

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