An issue of Freeport-McMoran, Inc. (NYSE:FCX) debt fell 0.8% against its face value during trading on Wednesday. The high-yield debt issue has a 3.875% coupon and will mature on March 15, 2023. The bonds in the issue are now trading at $97.50 and were trading at $99.50 one week ago. Price changes in a company’s debt in credit markets sometimes predict parallel changes in its share price.

A number of brokerages have recently weighed in on FCX. Jefferies Group LLC set a $18.00 price target on Freeport-McMoran and gave the company a “buy” rating in a report on Monday, August 28th. Vertical Research reiterated a “buy” rating and issued a $20.00 price target on shares of Freeport-McMoran in a report on Tuesday, August 29th. BidaskClub upgraded Freeport-McMoran from a “sell” rating to a “hold” rating in a report on Thursday, August 24th. Stifel Nicolaus set a $15.00 price target on Freeport-McMoran and gave the company a “hold” rating in a report on Tuesday, August 29th. Finally, Berenberg Bank reiterated a “sell” rating and issued a $10.40 price target on shares of Freeport-McMoran in a report on Tuesday, September 5th. Three analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $14.99.

Shares of Freeport-McMoran, Inc. (NYSE:FCX) traded down 2.52% on Wednesday, reaching $13.94. The company’s stock had a trading volume of 23,712,224 shares. The stock has a market capitalization of $20.18 billion, a price-to-earnings ratio of 19.66 and a beta of 2.57. Freeport-McMoran, Inc. has a 52 week low of $9.24 and a 52 week high of $17.06. The stock has a 50-day moving average of $14.67 and a 200 day moving average of $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 (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.21 by ($0.04). The company had revenue of $3.71 billion during 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 company’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period in the previous year, the company posted ($0.02) earnings per share. On average, analysts expect that Freeport-McMoran, Inc. will post $0.93 EPS for the current year.

In other Freeport-McMoran news, COO Harry M. Iv Conger purchased 36,180 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The shares were acquired at an average cost of $15.23 per share, for a total transaction of $551,021.40. Following the transaction, the chief operating officer now directly owns 73,943 shares in the company, valued at $1,126,151.89. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.40% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hosking Partners LLP grew its position in Freeport-McMoran by 68.7% during the 2nd quarter. Hosking Partners LLP now owns 809,467 shares of the natural resource company’s stock worth $9,722,000 after acquiring an additional 329,770 shares during the last quarter. Parkwood LLC grew its position in Freeport-McMoran by 380.3% during the 1st quarter. Parkwood LLC now owns 80,541 shares of the natural resource company’s stock worth $1,076,000 after acquiring an additional 63,773 shares during the last quarter. Vanguard Group Inc. grew its position in Freeport-McMoran by 10.7% during the 1st quarter. Vanguard Group Inc. now owns 132,991,679 shares of the natural resource company’s stock worth $1,776,769,000 after acquiring an additional 12,897,514 shares during the last quarter. Hodges Capital Management Inc. grew its position in Freeport-McMoran by 56.8% during the 1st quarter. Hodges Capital Management Inc. now owns 1,248,890 shares of the natural resource company’s stock worth $16,685,000 after acquiring an additional 452,565 shares during the last quarter. Finally, Global X Management Co. LLC grew its position in Freeport-McMoran by 9.3% during the 1st quarter. Global X Management Co. LLC now owns 185,238 shares of the natural resource company’s stock worth $2,475,000 after acquiring an additional 15,808 shares during the last quarter. Institutional investors and hedge funds own 67.95% of the company’s stock.

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About Freeport-McMoran

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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