Freeport-McMoran, Inc. (FCX) Bonds Trading 2.1% Lower
An issue of Freeport-McMoran, Inc. (NYSE:FCX) bonds fell 2.1% as a percentage of their face value during trading on Wednesday. The high-yield issue of debt has a 3.875% coupon and will mature on March 15, 2023. The bonds in the issue are now trading at $94.65 and were trading at $97.25 one week ago. Price moves in a company’s bonds in credit markets often predict parallel moves in its stock price.
A number of equities research analysts have issued reports on FCX shares. Jefferies Group LLC set a $15.00 target price on shares of Freeport-McMoran and gave the stock a “buy” rating in a report on Monday, July 10th. ValuEngine upgraded shares of Freeport-McMoran from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Vetr lowered shares of Freeport-McMoran from a “strong-buy” rating to a “buy” rating and set a $14.50 price objective on the stock. in a report on Tuesday, April 25th. Cowen and Company restated a “buy” rating on shares of Freeport-McMoran in a report on Tuesday, April 11th. Finally, Deutsche Bank AG restated a “hold” rating and issued a $13.00 price objective (down from $14.00) on shares of Freeport-McMoran in a report on Sunday, June 25th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $14.27.
Freeport-McMoran, Inc. (NYSE:FCX) traded up 0.83% on Wednesday, hitting $14.59. 13,142,573 shares of the company were exchanged. The firm has a 50 day moving average of $12.81 and a 200-day moving average of $13.15. The stock has a market cap of $21.11 billion, a PE ratio of 20.58 and a beta of 2.59. Freeport-McMoran, Inc. has a 52-week low of $9.24 and a 52-week high of $17.06.
Freeport-McMoran (NYSE:FCX) last issued its earnings results on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.21 by $0.04. The business had revenue of $3.71 billion for the quarter, compared to analyst estimates of $3.67 billion. Freeport-McMoran had a return on equity of 10.45% and a net margin of 5.97%. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period last year, the company posted ($0.02) earnings per share. On average, equities analysts expect that Freeport-McMoran, Inc. will post $0.87 earnings per share for the current fiscal year.
Hedge funds have recently modified their holdings of the company. First Manhattan Co. boosted its stake in shares of Freeport-McMoran by 0.3% in the second quarter. First Manhattan Co. now owns 10,067 shares of the natural resource company’s stock worth $120,000 after buying an additional 33 shares during the period. Prospera Financial Services Inc boosted its stake in shares of Freeport-McMoran by 0.6% in the first quarter. Prospera Financial Services Inc now owns 10,491 shares of the natural resource company’s stock worth $140,000 after buying an additional 60 shares during the period. M Holdings Securities Inc. boosted its stake in shares of Freeport-McMoran by 1.1% in the first quarter. M Holdings Securities Inc. now owns 14,396 shares of the natural resource company’s stock worth $192,000 after buying an additional 150 shares during the period. Conning Inc. boosted its stake in shares of Freeport-McMoran by 0.8% in the first quarter. Conning Inc. now owns 30,081 shares of the natural resource company’s stock worth $402,000 after buying an additional 239 shares during the period. Finally, Sii Investments Inc. WI boosted its stake in shares of Freeport-McMoran by 2.3% in the first quarter. Sii Investments Inc. WI now owns 13,643 shares of the natural resource company’s stock worth $182,000 after buying an additional 305 shares during the period. 69.45% of the stock is currently owned by institutional investors.
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Freeport-McMoran Company Profile
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.
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