Bank of America Corp. Begins Coverage on Freeport-McMoRan Inc. (FCX)
Analysts at Bank of America Corp. began coverage on shares of Freeport-McMoRan Inc. (NYSE:FCX) in a note issued to investors on Monday. The firm set an “underperform” rating and a $8.00 price target on the natural resource company’s stock. Bank of America Corp.’s price target would indicate a potential downside of 17.18% from the company’s previous close.
A number of other brokerages have also recently issued reports on FCX. HSBC restated a “buy” rating on shares of Freeport-McMoRan in a research report on Thursday, July 7th. FBR & Co reiterated a “market perform” rating on shares of Freeport-McMoRan in a report on Wednesday, September 14th. Barclays PLC lifted their price target on shares of Freeport-McMoRan from $10.00 to $11.00 and gave the stock an “equal weight” rating in a report on Monday, August 8th. Vetr downgraded shares of Freeport-McMoRan from a “strong-buy” rating to a “buy” rating and set a $14.27 price target for the company. in a report on Tuesday, July 12th. Finally, BMO Capital Markets set a $12.00 price target on shares of Freeport-McMoRan and gave the stock a “hold” rating in a report on Tuesday, September 13th. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $10.46.
Freeport-McMoRan (NYSE:FCX) traded down 0.466% during midday trading on Monday, reaching $9.615. 4,942,685 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $10.38 and its 200 day moving average is $11.19. Freeport-McMoRan has a 52 week low of $3.52 and a 52 week high of $14.06. The firm’s market capitalization is $12.77 billion.
Freeport-McMoRan (NYSE:FCX) last announced 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. The business had revenue of $3.33 billion for the quarter, compared to analyst estimates of $3.70 billion. Freeport-McMoRan had a negative return on equity of 3.68% and a negative net margin of 87.70%. The business’s revenue was down 15.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.14 EPS. On average, analysts expect that Freeport-McMoRan will post $0.45 EPS for the current fiscal year.
A number of hedge funds have recently bought and sold shares of FCX. Stonebridge Capital Advisors LLC bought a new stake in Freeport-McMoRan during the second quarter valued at about $114,000. Fox Run Management L.L.C. bought a new stake in Freeport-McMoRan during the second quarter valued at about $115,000. M Holdings Securities Inc. bought a new stake in Freeport-McMoRan during the second quarter valued at about $119,000. Silvercrest Asset Management Group LLC bought a new stake in Freeport-McMoRan during the first quarter valued at about $120,000. Finally, Swarthmore Group Inc. bought a new stake in Freeport-McMoRan during the second quarter valued at about $125,000. 67.74% of the stock is currently owned by hedge funds and other institutional investors.
Freeport-McMoRan Company Profile
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.
Receive News & Ratings for Freeport-McMoRan Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoRan Inc. and related companies with MarketBeat.com's FREE daily email newsletter.