Freeport-McMoran, Inc. (FCX) Debt Trading 1.2% Lower

An issue of Freeport-McMoran, Inc. (NYSE:FCX) debt fell 1.2% against its face value during trading on Tuesday. The debt issue has a 4% coupon and will mature on November 14, 2021. The debt is now trading at $100.90 and was trading at $100.50 last week. Price changes in a company’s debt in credit markets often predict parallel changes in its share price.

Several brokerages recently issued reports on FCX. Royal Bank Of Canada set a $14.00 price objective on Freeport-McMoran and gave the stock a “hold” rating in a report on Wednesday, October 11th. Raymond James Financial, Inc. began coverage on Freeport-McMoran in a report on Tuesday, August 15th. They set a “market perform” rating and a $15.00 price objective for the company. FBR & Co reiterated a “market perform” rating and set a $13.00 price objective (up from $12.00) on shares of Freeport-McMoran in a report on Thursday, July 27th. Deutsche Bank AG lowered Freeport-McMoran from a “hold” rating to a “sell” rating and set a $13.00 price objective for the company. in a report on Tuesday. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $18.00 price objective on shares of Freeport-McMoran in a report on Thursday, July 27th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Freeport-McMoran has a consensus rating of “Hold” and an average target price of $15.36.

Shares of Freeport-McMoran, Inc. (FCX) traded down 2.23% during midday trading on Tuesday, hitting $14.93. The stock had a trading volume of 22,915,214 shares. Freeport-McMoran, Inc. has a 1-year low of $9.50 and a 1-year high of $17.06. The company’s 50 day moving average price is $14.44 and its 200-day moving average price is $13.20. The firm has a market capitalization of $21.61 billion, a PE ratio of 21.06 and a beta of 2.54.

Freeport-McMoran (NYSE:FCX) last issued its earnings results on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.21 by ($0.04). The firm had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.67 billion. Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.02) earnings per share. Equities analysts predict that Freeport-McMoran, Inc. will post $1.00 earnings per share for the current year.

In other news, COO Harry M. Iv Conger bought 36,180 shares of the company’s stock in a transaction dated Thursday, September 7th. The shares were bought at an average cost of $15.23 per share, with a total value of $551,021.40. Following the acquisition, the chief operating officer now owns 73,943 shares in the company, valued at $1,126,151.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.29% of the stock is currently owned by corporate insiders.

Hedge funds have recently modified their holdings of the company. Hosking Partners LLP raised its holdings in shares of Freeport-McMoran by 68.7% in the 2nd quarter. Hosking Partners LLP now owns 809,467 shares of the natural resource company’s stock valued at $9,722,000 after purchasing an additional 329,770 shares during the period. AXA bought a new stake in shares of Freeport-McMoran in the 2nd quarter valued at about $15,414,000. Caxton Associates LP acquired a new position in Freeport-McMoran in the 2nd quarter valued at about $7,206,000. Vanguard Group Inc. grew its stake in Freeport-McMoran by 10.7% in the 1st quarter. Vanguard Group Inc. now owns 132,991,679 shares of the natural resource company’s stock valued at $1,776,769,000 after buying an additional 12,897,514 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in Freeport-McMoran by 6.8% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 166,437 shares of the natural

Several brokerages recently issued reports on FCX. Royal Bank Of Canada set a $14.00 price objective on Freeport-McMoran and gave the stock a “hold” rating in a report on Wednesday, October 11th. Raymond James Financial, Inc. began coverage on Freeport-McMoran in a report on Tuesday, August 15th. They set a “market perform” rating and a $15.00 price objective for the company. FBR & Co reiterated a “market perform” rating and set a $13.00 price objective (up from $12.00) on shares of Freeport-McMoran in a report on Thursday, July 27th. Deutsche Bank AG lowered Freeport-McMoran from a “hold” rating to a “sell” rating and set a $13.00 price objective for the company. in a report on Tuesday. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $18.00 price objective on shares of Freeport-McMoran in a report on Thursday, July 27th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Freeport-McMoran has a consensus rating of “Hold” and an average target price of $15.36.

Shares of Freeport-McMoran, Inc. (FCX) traded down 2.23% during midday trading on Tuesday, hitting $14.93. The stock had a trading volume of 22,915,214 shares. Freeport-McMoran, Inc. has a 1-year low of $9.50 and a 1-year high of $17.06. The company’s 50 day moving average price is $14.44 and its 200-day moving average price is $13.20. The firm has a market capitalization of $21.61 billion, a PE ratio of 21.06 and a beta of 2.54.

Freeport-McMoran (NYSE:FCX) last issued its earnings results on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.21 by ($0.04). The firm had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.67 billion. Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.02) earnings per share. Equities analysts predict that Freeport-McMoran, Inc. will post $1.00 earnings per share for the current year.

In other news, COO Harry M. Iv Conger bought 36,180 shares of the company’s stock in a transaction dated Thursday, September 7th. The shares were bought at an average cost of $15.23 per share, with a total value of $551,021.40. Following the acquisition, the chief operating officer now owns 73,943 shares in the company, valued at $1,126,151.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.29% of the stock is currently owned by corporate insiders.

Hedge funds have recently modified their holdings of the company. Hosking Partners LLP raised its holdings in shares of Freeport-McMoran by 68.7% in the 2nd quarter. Hosking Partners LLP now owns 809,467 shares of the natural resource company’s stock valued at $9,722,000 after purchasing an additional 329,770 shares during the period. AXA bought a new stake in shares of Freeport-McMoran in the 2nd quarter valued at about $15,414,000. Caxton Associates LP acquired a new position in Freeport-McMoran in the 2nd quarter valued at about $7,206,000. Vanguard Group Inc. grew its stake in Freeport-McMoran by 10.7% in the 1st quarter. Vanguard Group Inc. now owns 132,991,679 shares of the natural resource company’s stock valued at $1,776,769,000 after buying an additional 12,897,514 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in Freeport-McMoran by 6.8% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 166,437 shares of the natural resource company’s stock valued at $1,999,000 after buying an additional 10,574 shares during the last quarter. 67.97% 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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