An issue of Freeport-McMoRan Inc. (NYSE:FCX) debt rose 1.5% as a percentage of its face value during trading on Monday. The high-yield debt issue has a 6.875% coupon and is set to mature on February 15, 2023. The bonds in the issue are now trading at $104.50 and were trading at $104.50 one week ago. Price moves in a company’s debt in credit markets sometimes predict parallel moves in its stock price.
Several research analysts have commented on FCX shares. Vetr raised shares of Freeport-McMoRan from a “sell” rating to a “strong-buy” rating and set a $11.88 price target for the company in a report on Wednesday, October 19th. FBR & Co reissued a “hold” rating on shares of Freeport-McMoRan in a report on Thursday, October 20th. Deutsche Bank AG raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and raised their price target for the company from $12.00 to $12.50 in a report on Monday, October 3rd. Finally, Zacks Investment Research downgraded shares of Freeport-McMoRan from a “hold” rating to a “sell” rating in a report on Tuesday, October 18th. Six research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $10.97.
Shares of Freeport-McMoRan Inc. (NYSE:FCX) traded up 5.68% during midday trading on Monday, hitting $14.51. 44,386,705 shares of the stock were exchanged. The firm has a 50 day moving average of $11.30 and a 200-day moving average of $11.32. The stock’s market cap is $19.76 billion. Freeport-McMoRan Inc. has a 12 month low of $3.52 and a 12 month high of $14.54.
Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, October 25th. The natural resource company reported $0.13 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by $0.06. Freeport-McMoRan had a negative net margin of 58.67% and a negative return on equity of 0.72%. The business had revenue of $3.88 billion for the quarter, compared to the consensus estimate of $3.95 billion. During the same quarter last year, the business earned ($0.15) EPS. Freeport-McMoRan’s revenue for the quarter was up 14.6% compared to the same quarter last year. Equities research analysts anticipate that Freeport-McMoRan Inc. will post $0.23 EPS for the current year.
In other Freeport-McMoRan news, Director Courtney Mather acquired 150,000 shares of the stock in a transaction on Thursday, October 27th. The stock was acquired at an average price of $10.72 per share, for a total transaction of $1,608,000.00. Following the completion of the transaction, the director now directly owns 65,523 shares of the company’s stock, valued at $702,406.56. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.40% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. TRUE Private Wealth Advisors purchased a new stake in shares of Freeport-McMoRan during the third quarter valued at $106,000. Strid Group LLC purchased a new stake in shares of Freeport-McMoRan during the third quarter valued at $112,000. Stonebridge Capital Advisors LLC purchased a new stake in shares of Freeport-McMoRan during the second quarter valued at $114,000. RiverPoint Capital Management LLC purchased a new stake in shares of Freeport-McMoRan during the third quarter valued at $114,000. Finally, LPL Financial LLC purchased a new stake in shares of Freeport-McMoRan during the third quarter valued at $114,000. Institutional investors and hedge funds own 68.54% of the company’s stock.
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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