Freeport-McMoRan (FCX) Stock Rating Reaffirmed by Scotiabank

Scotiabank reaffirmed their hold rating on shares of Freeport-McMoRan (NYSE:FCX) in a research note published on Monday. They currently have a $19.00 price target on the natural resource company’s stock.

Other analysts also recently issued reports about the stock. B. Riley reaffirmed a neutral rating on shares of Freeport-McMoRan in a report on Wednesday, November 1st. Deutsche Bank downgraded shares of 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, October 17th. ValuEngine raised shares of Freeport-McMoRan from a hold rating to a buy rating in a report on Thursday, October 26th. FBR & Co reaffirmed a hold rating and set a $12.00 price objective on shares of Freeport-McMoRan in a report on Thursday, October 26th. Finally, Royal Bank of Canada reaffirmed a hold rating and set a $17.00 price objective on shares of Freeport-McMoRan in a report on Tuesday, December 5th. Two equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of Hold and a consensus price target of $15.80.

Freeport-McMoRan (NYSE:FCX) traded down $0.13 during midday trading on Monday, hitting $19.75. 14,187,599 shares of the stock were exchanged, compared to its average volume of 20,040,000. Freeport-McMoRan has a 52 week low of $11.05 and a 52 week high of $20.07. The company has a debt-to-equity ratio of 1.23, a current ratio of 2.02 and a quick ratio of 1.32. The company has a market cap of $28,580.00, a P/E ratio of 27.43 and a beta of 2.51.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Wednesday, October 25th. The natural resource company reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.03. Freeport-McMoRan had a net margin of 6.20% and a return on equity of 13.35%. The company had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.06 billion. During the same period in the previous year, the firm posted $0.13 EPS. The firm’s revenue was up 11.2% compared to the same quarter last year. sell-side analysts predict that Freeport-McMoRan will post 1.09 earnings per share for the current fiscal year.

A number of institutional investors have recently bought and sold shares of FCX. Vanguard Group Inc. raised its stake in shares of Freeport-McMoRan by 4.9% during the second quarter. Vanguard Group Inc. now owns 139,502,519 shares of the natural resource company’s stock valued at $1,675,425,000 after acquiring an additional 6,510,840 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Freeport-McMoRan by 18.1% during the third quarter. Bank of New York Mellon Corp now owns 24,292,902 shares of the natural resource company’s stock valued at $341,073,000 after acquiring an additional 3,724,271 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Freeport-McMoRan by 5.1% during the third quarter. Dimensional Fund Advisors LP now owns 12,110,654 shares of the natural resource company’s stock valued at $170,081,000 after acquiring an additional 589,638 shares during the last quarter. TIAA CREF Investment Management LLC raised its stake in shares of Freeport-McMoRan by 18.8% during the second quarter. TIAA CREF Investment Management LLC now owns 8,810,911 shares of the natural resource company’s stock valued at $105,819,000 after acquiring an additional 1,391,459 shares during the last quarter. Finally, BT Investment Management Ltd raised its stake in shares of Freeport-McMoRan by 6.4% during the third quarter. BT Investment Management Ltd now owns 8,402,905 shares of the natural resource company’s stock valued at $118,048,000 after acquiring an additional 507,722 shares during the last quarter. 68.07% of the stock is owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for Freeport-McMoRan (NYSE:FCX)

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