Freeport-McMoRan Inc. (NYSE:FCX) was downgraded by research analysts at Vetr from a “hold” rating to a “sell” rating in a note issued to investors on Monday. They currently have a $9.17 target price on the natural resource company’s stock. Vetr‘s target price points to a potential downside of 3.68% from the company’s previous close.
Several other research firms also recently commented on FCX. Berenberg Bank reaffirmed a “hold” rating and set a $11.00 price objective on shares of Freeport-McMoRan in a research note on Thursday, July 28th. Jefferies Group reaffirmed a “buy” rating and set a $15.00 price objective on shares of Freeport-McMoRan in a research note on Thursday, July 14th. BMO Capital Markets reaffirmed a “hold” rating on shares of Freeport-McMoRan in a research note on Wednesday, July 27th. FBR & Co reduced their price objective on Freeport-McMoRan from $11.00 to $9.00 and set a “mkt perform” rating for the company in a research note on Wednesday, July 20th. Finally, Barclays PLC upped their price objective on Freeport-McMoRan from $10.00 to $11.00 and gave the company an “equal weight” rating in a research note on Monday, August 8th. Five analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $10.42.
Shares of Freeport-McMoRan (NYSE:FCX) traded down 1.45% during trading on Monday, reaching $9.52. The company had a trading volume of 15,204,577 shares. Freeport-McMoRan has a 12 month low of $3.52 and a 12 month high of $14.06. The firm’s market capitalization is $12.65 billion. The firm’s 50 day moving average price is $10.34 and its 200 day moving average price is $11.19.
Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, July 26th. The natural resource company reported ($0.02) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by $0.01. The company had revenue of $3.33 billion for the quarter, compared to analysts’ expectations of $3.70 billion. Freeport-McMoRan had a negative net margin of 87.70% and a negative return on equity of 3.68%. The firm’s revenue was down 15.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.14 earnings per share. Equities analysts predict that Freeport-McMoRan will post $0.45 EPS for the current year.
A number of large investors have recently made changes to their positions in the stock. Stonebridge Capital Advisors LLC bought a new stake in shares of Freeport-McMoRan during the second quarter worth approximately $114,000. Fox Run Management L.L.C. bought a new stake in shares of Freeport-McMoRan during the second quarter worth approximately $115,000. M Holdings Securities Inc. bought a new stake in shares of Freeport-McMoRan during the second quarter worth approximately $119,000. Silvercrest Asset Management Group LLC bought a new stake in shares of Freeport-McMoRan during the first quarter worth approximately $120,000. Finally, Swarthmore Group Inc. bought a new stake in shares of Freeport-McMoRan during the second quarter worth approximately $125,000. Hedge funds and other institutional investors own 67.74% of the company’s stock.
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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