Freeport-McMoran, Inc. (FCX) Trading Down 6.4%
Freeport-McMoran, Inc. (NYSE:FCX)’s share price dropped 6.4% during trading on Friday . The stock traded as low as $14.13 and last traded at $14.24. Approximately 27,475,088 shares were traded during mid-day trading, an increase of 43% from the average daily volume of 19,227,700 shares. The stock had previously closed at $15.21.
FCX has been the subject of several recent research reports. Jefferies Group LLC decreased their price target on shares of Freeport-McMoran from $16.00 to $14.50 and set a “buy” rating for the company in a research report on Thursday, June 8th. Deutsche Bank AG reissued a “hold” rating and issued a $13.00 price target (down previously from $14.00) on shares of Freeport-McMoran in a research report on Sunday, June 25th. BidaskClub raised shares of Freeport-McMoran from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 27th. BMO Capital Markets restated a “hold” rating and issued a $15.00 price objective on shares of Freeport-McMoran in a report on Thursday, June 29th. Finally, Zacks Investment Research lowered shares of Freeport-McMoran from a “hold” rating to a “sell” rating in a report on Wednesday, July 5th. Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $14.99.
The firm has a market cap of $20.61 billion, a P/E ratio of 20.08 and a beta of 2.57. The company’s 50-day moving average price is $14.59 and its 200-day moving average price is $12.96.
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. Equities research analysts anticipate that Freeport-McMoran, Inc. will post $0.91 EPS for the current year.
In other Freeport-McMoran news, COO Harry M. Iv Conger bought 36,180 shares of the company’s stock in a transaction on Thursday, September 7th. The shares were bought at an average cost of $15.23 per share, with a total value of $551,021.40. Following the completion of the acquisition, the chief operating officer now owns 73,943 shares of the company’s stock, valued at $1,126,151.89. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.40% of the stock is currently owned by corporate insiders.
Several large investors have recently modified their holdings of FCX. FMR LLC raised its holdings in shares of Freeport-McMoran by 104.4% during the first quarter. FMR LLC now owns 42,399,057 shares of the natural resource company’s stock worth $566,451,000 after purchasing an additional 21,652,647 shares during the period. Vanguard Group Inc. raised its holdings in shares of Freeport-McMoran by 10.7% during the first quarter. Vanguard Group Inc. now owns 132,991,679 shares of the natural resource company’s stock worth $1,776,769,000 after purchasing an additional 12,897,514 shares during the period. BT Investment Management Ltd acquired a new stake in shares of Freeport-McMoran during the second quarter worth $94,821,000. BlueMountain Capital Management LLC raised its holdings in shares of Freeport-McMoran by 100.4% during the second quarter. BlueMountain Capital Management LLC now owns 26,461 shares of the natural resource company’s stock worth $318,000 after purchasing an additional 6,651,458 shares during the period. Finally, Westpac Banking Corp raised its holdings in shares of Freeport-McMoran by 1,493.6% during the first quarter. Westpac Banking Corp now owns 7,038,887 shares of the natural resource company’s stock worth $102,454,000 after purchasing an additional 6,597,176 shares during the period. 67.94% 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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