Freeport-McMoran Copper & Gold Inc. (NYSE:FCX) shares dropped 2.7% during mid-day trading on Tuesday . The stock traded as low as $10.65 and last traded at $10.68, with a volume of 14,023,361 shares traded. The stock had previously closed at $10.98.

FCX has been the subject of several research reports. Jefferies Group restated a “buy” rating and set a $15.00 price objective on shares of Freeport-McMoran Copper & Gold in a research report on Thursday, July 14th. FBR & Co restated a “market perform” rating and set a $9.00 price objective on shares of Freeport-McMoran Copper & Gold in a research report on Tuesday, May 10th. Goldman Sachs Group Inc. initiated coverage on Freeport-McMoran Copper & Gold in a research report on Thursday, May 19th. They set a “neutral” rating and a $12.00 price objective for the company. Cowen and Company lifted their price objective on Freeport-McMoran Copper & Gold from $10.00 to $15.00 and gave the stock an “outperform” rating in a research report on Monday, May 16th. Finally, Vetr upgraded Freeport-McMoran Copper & Gold from a “buy” rating to a “strong-buy” rating and set a $14.27 price objective for the company in a research report on Tuesday, July 19th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $11.19.

The company’s market cap is $13.65 billion. The stock’s 50 day moving average price is $12.16 and its 200 day moving average price is $10.89.

Freeport-McMoran Copper & Gold (NYSE:FCX) last released its earnings results on Tuesday, July 26th. The natural resource company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by $0.01. During the same period last year, the firm posted $0.14 EPS. The business had revenue of $3.33 billion for the quarter, compared to the consensus estimate of $3.70 billion. The firm’s quarterly revenue was down 15.3% on a year-over-year basis. Equities research analysts forecast that Freeport-McMoran Copper & Gold Inc. will post $0.48 earnings per share for the current year.

A number of large investors recently added to or reduced their stakes in the company. Utah Retirement Systems increased its stake in Freeport-McMoran Copper & Gold by 2.0% in the fourth quarter. Utah Retirement Systems now owns 203,726 shares of the natural resource company’s stock worth $1,379,000 after buying an additional 4,000 shares during the last quarter. Principal Financial Group Inc. increased its stake in Freeport-McMoran Copper & Gold by 4.5% in the fourth quarter. Principal Financial Group Inc. now owns 1,643,884 shares of the natural resource company’s stock worth $11,129,000 after buying an additional 70,040 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its stake in Freeport-McMoran Copper & Gold by 15.9% in the fourth quarter. Ameriprise Financial Inc. now owns 7,066,435 shares of the natural resource company’s stock worth $47,837,000 after buying an additional 970,407 shares during the last quarter.

Freeport-McMoRan Inc (FCX) is a natural resource company with a portfolio of mineral assets, and oil and natural gas resources. The Company’s segments include the Morenci, Cerro Verde, Grasberg and Tenke Fungurume copper mines, the Rod & Refining operations and the U.S. Oil & Gas Operations. It has organized its operations into five primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining and Molybdenum mines.

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