Freeport-McMoRan Inc. (FCX) Bonds Drop 1.8% During Trading
An issue of Freeport-McMoRan Inc. (NYSE:FCX) bonds fell 1.8% as a percentage of their face value during trading on Thursday. The debt issue has a 4.55% coupon and is set to mature on November 14, 2024. The bonds in the issue are now trading at $89.75 and were trading at $90.75 last week. Price moves in a company’s bonds in credit markets sometimes predict parallel moves in its stock price.
FCX has been the subject of a number of research reports. Jefferies Group reaffirmed a “buy” rating and set a $15.00 target price on shares of Freeport-McMoRan in a report on Thursday, July 14th. Vetr cut shares of Freeport-McMoRan from a “strong-buy” rating to a “buy” rating and set a $14.27 price objective for the company. in a research note on Tuesday, July 12th. HSBC reissued a “buy” rating on shares of Freeport-McMoRan in a research note on Thursday, July 7th. Cowen and Company set a $15.00 price objective on shares of Freeport-McMoRan and gave the stock a “buy” rating in a research note on Tuesday, September 13th. Finally, Deutsche Bank AG raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and increased their price objective for the stock from $12.00 to $12.50 in a research note on Monday, October 3rd. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $10.43.
Freeport-McMoRan Inc. (NYSE:FCX) traded up 0.21% on Friday, reaching $9.66. 26,033,346 shares of the company traded hands. Freeport-McMoRan Inc. has a 1-year low of $3.52 and a 1-year high of $14.06. The stock has a 50 day moving average of $10.38 and a 200-day moving average of $11.19. The stock’s market capitalization is $12.83 billion.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, July 26th. The natural resource company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by $0.01. The company earned $3.33 billion during the quarter, compared to analysts’ expectations of $3.70 billion. Freeport-McMoRan had a negative return on equity of 3.68% and a negative net margin of 87.70%. Freeport-McMoRan’s revenue was down 15.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.14 EPS. On average, equities analysts anticipate that Freeport-McMoRan Inc. will post $0.45 EPS for the current year.
A number of large investors have recently modified their holdings of FCX. CIBC World Markets Inc. raised its stake in Freeport-McMoRan by 4.7% in the first quarter. CIBC World Markets Inc. now owns 17,969 shares of the natural resource company’s stock worth $186,000 after buying an additional 812 shares during the last quarter. TIAA CREF Investment Management LLC raised its stake in Freeport-McMoRan by 6.9% in the first quarter. TIAA CREF Investment Management LLC now owns 3,680,130 shares of the natural resource company’s stock worth $38,053,000 after buying an additional 236,648 shares during the last quarter. Teachers Advisors Inc. raised its stake in Freeport-McMoRan by 17.2% in the first quarter. Teachers Advisors Inc. now owns 2,295,456 shares of the natural resource company’s stock worth $23,735,000 after buying an additional 336,740 shares during the last quarter. BlackRock Fund Advisors raised its stake in Freeport-McMoRan by 7.5% in the first quarter. BlackRock Fund Advisors now owns 20,658,964 shares of the natural resource company’s stock worth $213,614,000 after buying an additional 1,444,585 shares during the last quarter. Finally, BlackRock Japan Co. Ltd raised its stake in Freeport-McMoRan by 9.1% in the first quarter. BlackRock Japan Co. Ltd now owns 1,430,439 shares of the natural resource company’s stock worth $14,791,000 after buying an additional 119,277 shares during the last quarter. 67.78% of the stock is owned by institutional investors.
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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