Freeport-McMoran, Inc. (NYSE:FCX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Monday.
According to Zacks, “Freeport reported a year-over-year increase in earnings and revenues for third-quarter 2017. Earnings and sales also beat the respective Zacks Consensus Estimate. Freeport is taking actions to cut mining costs which should lend support to its margins in 2017. The company should also gain from efforts to de-leverage its balance sheet. It is also conducting exploration activities near its existing mines with a focus to expand reserves that will support additional future production capacity. However, Freeport’s copper business is affected by supply-related issues and slowdown in China (a major market). The company is also exposed to a volatile copper pricing environment. Moreover, the company still faces uncertainties surrounding the Grasberg mine. Freeport has also underperformed the industry it belongs to over the last three months.”
Other equities research analysts also recently issued reports about the company. B. Riley reiterated a “neutral” rating on shares of Freeport-McMoran in a report on Wednesday, November 1st. BMO Capital Markets set a $17.00 target price on Freeport-McMoran and gave the stock a “hold” rating in a report on Wednesday, July 26th. BidaskClub upgraded Freeport-McMoran from a “sell” rating to a “hold” rating in a report on Monday, July 24th. FBR & Co reiterated a “market perform” rating and issued a $13.00 target price (up from $12.00) on shares of Freeport-McMoran in a report on Thursday, July 27th. Finally, Deutsche Bank AG downgraded Freeport-McMoran from a “hold” rating to a “sell” rating and set a $13.00 target price for the company. in a report on Tuesday, October 17th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $15.54.
Shares of Freeport-McMoran (NYSE:FCX) opened at $13.80 on Monday. The firm has a market capitalization of $20,888.72, a P/E ratio of 15.86 and a beta of 2.57. The company has a quick ratio of 1.32, a current ratio of 2.02 and a debt-to-equity ratio of 1.23. Freeport-McMoran has a 1-year low of $11.05 and a 1-year high of $17.06.
Freeport-McMoran (NYSE:FCX) last issued its earnings results on Wednesday, October 25th. The natural resource company reported $0.34 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.03. The business had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.06 billion. Freeport-McMoran had a return on equity of 13.35% and a net margin of 6.20%. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.13 earnings per share. equities analysts anticipate that Freeport-McMoran will post 1.07 EPS for the current year.
In related news, COO Harry M. Iv Conger bought 36,180 shares of the business’s stock in a transaction that occurred on Thursday, September 7th. The shares were bought at an average price of $15.23 per share, with a total value of $551,021.40. Following the completion of the transaction, the chief operating officer now directly 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 is accessible through this hyperlink. 1.29% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of the business. Cubist Systematic Strategies LLC purchased a new position in Freeport-McMoran in the third quarter worth $429,000. Violich Capital Management Inc. boosted its position in Freeport-McMoran by 9.8% in the third quarter. Violich Capital Management Inc. now owns 45,000 shares of the natural resource company’s stock worth $632,000 after purchasing an additional 4,000 shares during the last quarter. Madison Investment Holdings Inc. purchased a new position in Freeport-McMoran in the third quarter worth $7,776,000. Cornerstone Capital Management Holdings LLC. boosted its position in Freeport-McMoran by 522.6% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 2,554,280 shares of the natural resource company’s stock worth $35,861,000 after purchasing an additional 2,144,008 shares during the last quarter. Finally, Chevy Chase Trust Holdings Inc. boosted its position in Freeport-McMoran by 2.0% in the third quarter. Chevy Chase Trust Holdings Inc. now owns 1,919,966 shares of the natural resource company’s stock worth $26,956,000 after purchasing an additional 37,157 shares during the last quarter. 69.09% of the stock is currently owned by institutional investors and hedge funds.
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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