Vetr lowered shares of Freeport-McMoRan Inc. (NYSE:FCX) from a hold rating to a sell rating in a research note issued to investors on Monday morning. They currently have $13.50 price objective on the natural resource company’s stock.
FCX has been the subject of several other reports. Jefferies Group set a $15.00 price target on shares of Freeport-McMoRan and gave the stock a buy rating in a report on Sunday, October 16th. Macquarie cut their price target on shares of Freeport-McMoRan from $13.00 to $10.00 and set a neutral rating for the company in a report on Wednesday, September 14th. Deutsche Bank AG cut their price target on shares of Freeport-McMoRan from $12.50 to $12.00 and set a hold rating for the company in a report on Tuesday, September 13th. Morgan Stanley cut shares of Freeport-McMoRan from an equal weight rating to an underweight rating and cut their price target for the stock from $9.00 to $7.00 in a report on Wednesday, September 14th. They noted that the move was a valuation call. Finally, FBR & Co reissued a hold rating on shares of Freeport-McMoRan in a report on Thursday, October 20th. Five analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company’s stock. Freeport-McMoRan has an average rating of Hold and a consensus price target of $11.19.
Freeport-McMoRan (NYSE:FCX) opened at 16.21 on Monday. Freeport-McMoRan has a one year low of $3.52 and a one year high of $16.42. The firm’s market capitalization is $22.07 billion. The stock’s 50 day moving average price is $11.58 and its 200 day moving average price is $11.38.
Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, October 25th. The natural resource company reported $0.13 earnings per share for the quarter, missing the 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 business had revenue of $3.88 billion for the quarter, compared to analyst estimates of $3.95 billion. During the same quarter last year, the company posted ($0.15) EPS. Freeport-McMoRan’s quarterly revenue was up 14.6% on a year-over-year basis. Analysts expect that Freeport-McMoRan will post $0.25 EPS for the current year.
In related news, Director Courtney Mather purchased 150,000 shares of the firm’s stock in a transaction on Thursday, October 27th. The shares were bought at an average price of $10.72 per share, for a total transaction of $1,608,000.00. Following the acquisition, the director now directly owns 65,523 shares in the company, valued at $702,406.56. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.40% of the stock is currently owned by company insiders.
Several institutional investors have recently made changes to their positions in the stock. Independent Investors Inc. raised its position in shares of Freeport-McMoRan by 0.5% in the third quarter. Independent Investors Inc. now owns 14,774 shares of the natural resource company’s stock worth $160,000 after buying an additional 74 shares during the period. Holderness Investments Co. raised its position in shares of Freeport-McMoRan by 0.7% in the second quarter. Holderness Investments Co. now owns 16,782 shares of the natural resource company’s stock worth $187,000 after buying an additional 121 shares during the period. Kornitzer Capital Management Inc. KS raised its position in shares of Freeport-McMoRan by 0.3% in the third quarter. Kornitzer Capital Management Inc. KS now owns 70,530 shares of the natural resource company’s stock worth $766,000 after buying an additional 200 shares during the period. Bremer Trust National Association raised its position in shares of Freeport-McMoRan by 1.0% in the third quarter. Bremer Trust National Association now owns 22,678 shares of the natural resource company’s stock worth $246,000 after buying an additional 225 shares during the period. Finally, Integrated Investment Consultants LLC raised its position in shares of Freeport-McMoRan by 1.9% in the third quarter. Integrated Investment Consultants LLC now owns 15,807 shares of the natural resource company’s stock worth $152,000 after buying an additional 294 shares during the period. Institutional investors 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.
To view Vetr’s full report, visit Vetr’s official website.
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