Brokerages Set Freeport-McMoRan Inc. (FCX) Price Target at $11.45
Shares of Freeport-McMoRan Inc. (NYSE:FCX) have received an average recommendation of “Hold” from the twenty ratings firms that are covering the firm. Seven equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $11.52.
Several brokerages have recently issued reports on FCX. Berenberg Bank cut Freeport-McMoRan from a “hold” rating to a “sell” rating and set a $10.90 target price on the stock. in a report on Wednesday. Vetr cut Freeport-McMoRan from a “buy” rating to a “sell” rating and set a $14.82 target price on the stock. in a report on Monday. Cowen and Company lifted their target price on Freeport-McMoRan from $15.00 to $20.00 and gave the stock an “outperform” rating in a report on Monday, November 21st. Deutsche Bank AG cut Freeport-McMoRan from a “buy” rating to a “hold” rating and reduced their target price for the stock from $13.80 to $12.50 in a report on Thursday, November 17th. They noted that the move was a valuation call. Finally, FBR & Co reaffirmed a “neutral” rating on shares of Freeport-McMoRan in a report on Wednesday, October 26th.
In related news, Director Courtney Mather bought 150,000 shares of the stock in a transaction on Thursday, October 27th. The stock was bought at an average price of $10.72 per share, for a total transaction of $1,608,000.00. Following the completion of the acquisition, the director now directly owns 65,523 shares in the company, valued at $702,406.56. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.40% of the company’s stock.
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 worth $114,000. Fox Run Management L.L.C. bought a new stake in Freeport-McMoRan during the second quarter worth $115,000. Strid Group LLC bought a new stake in Freeport-McMoRan during the third quarter worth $112,000. RiverPoint Capital Management LLC bought a new stake in Freeport-McMoRan during the third quarter worth $114,000. Finally, Ancora Inverness LLC bought a new stake in Freeport-McMoRan during the third quarter worth $115,000. Institutional investors own 69.95% of the company’s stock.
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Shares of Freeport-McMoRan (NYSE:FCX) opened at 15.35 on Monday. The stock’s market cap is $20.90 billion. The firm has a 50-day moving average price of $12.13 and a 200 day moving average price of $11.49. Freeport-McMoRan has a 12-month low of $3.52 and a 12-month high of $16.42.
Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, October 25th. The natural resource company reported $0.13 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by $0.06. Freeport-McMoRan had a negative return on equity of 0.72% and a negative net margin of 58.67%. The firm earned $3.88 billion during the quarter, compared to the consensus estimate of $3.95 billion. During the same period last year, the firm posted ($0.15) earnings per share. The company’s revenue for the quarter was up 14.6% compared to the same quarter last year. Equities research analysts expect that Freeport-McMoRan will post $0.25 earnings per share for the current year.
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.
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