Bank of America Corp. assumed coverage on shares of Freeport-McMoRan Inc. (NYSE:FCX) in a report issued on Monday. The firm issued an underperform rating and a $8.00 price target on the natural resource company’s stock.
FCX has been the subject of a number of other research reports. Vetr downgraded shares of Freeport-McMoRan from a strong-buy rating to a buy rating and set a $11.90 price objective for the company. in a research report on Thursday, September 22nd. Deutsche Bank AG upgraded shares of Freeport-McMoRan from a hold rating to a buy rating and upped their price objective for the stock from $12.00 to $12.50 in a research report on Monday, October 3rd. Jefferies Group reiterated a buy rating and issued a $15.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, July 14th. Morgan Stanley set a $9.00 price objective on shares of Freeport-McMoRan and gave the stock a hold rating in a research report on Tuesday, September 13th. Finally, Berenberg Bank reiterated a hold rating and issued a $11.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, July 28th. Five investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $10.42.
Freeport-McMoRan (NYSE:FCX) traded up 0.578% on Monday, reaching $9.575. The company had a trading volume of 3,943,003 shares. The firm’s market capitalization is $12.72 billion. The company’s 50-day moving average price is $10.34 and its 200 day moving average price is $11.19. Freeport-McMoRan has a 1-year low of $3.52 and a 1-year high of $14.06.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, July 26th. The natural resource company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by $0.01. The firm earned $3.33 billion during the quarter, compared to analyst estimates of $3.70 billion. Freeport-McMoRan had a negative return on equity of 3.68% and a negative net margin of 87.70%. The company’s revenue was down 15.3% on a year-over-year basis. During the same quarter last year, the company posted $0.14 EPS. On average, equities analysts forecast that Freeport-McMoRan will post $0.45 EPS for the current year.
Several institutional investors have recently bought and sold shares of the company. Koshinski Asset Management Inc. bought a new position in Freeport-McMoRan during the third quarter worth $174,000. Integrated Investment Consultants LLC raised its stake in 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. National Pension Service raised its stake in Freeport-McMoRan by 9.6% in the third quarter. National Pension Service now owns 948,704 shares of the natural resource company’s stock worth $10,303,000 after buying an additional 83,425 shares during the period. Highland Capital Management LLC raised its stake in Freeport-McMoRan by 37.8% in the third quarter. Highland Capital Management LLC now owns 150,224 shares of the natural resource company’s stock worth $1,631,000 after buying an additional 41,197 shares during the period. Finally, Capstone Asset Management Co. raised its stake in Freeport-McMoRan by 4.0% in the third quarter. Capstone Asset Management Co. now owns 102,288 shares of the natural resource company’s stock worth $1,111,000 after buying an additional 3,938 shares during the period. 67.74% of the stock is owned by hedge funds and other institutional investors.
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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