Freeport-McMoRan Inc (FCX) Bonds Trading 1.5% Lower

An issue of Freeport-McMoRan Inc (NYSE:FCX) debt fell 1.5% as a percentage of its face value during trading on Monday. The debt issue has a 5.45% coupon and is set to mature on March 15, 2043. The debt is now trading at $84.50 and was trading at $83.74 one week ago. Price moves in a company’s debt in credit markets often predict parallel moves in its share price.

FCX has been the subject of a number of research reports. Cowen and Company boosted their price target on shares of Freeport-McMoRan from $15.00 to $20.00 and gave the stock an “outperform” rating in a research note on Monday, November 21st. Vetr cut shares of Freeport-McMoRan from a “hold” rating to a “sell” rating and set a $13.50 price target for the company. in a research note on Monday, November 21st. Berenberg Bank cut shares of Freeport-McMoRan from a “hold” rating to a “sell” rating and set a $10.90 price target for the company. in a research note on Wednesday, November 30th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Freeport-McMoRan in a research note on Tuesday, December 6th. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $15.00 price objective on shares of Freeport-McMoRan in a research note on Thursday, December 29th. Five analysts have rated the stock with a sell rating, nine have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Freeport-McMoRan presently has an average rating of “Hold” and an average target price of $13.92.

Shares of Freeport-McMoRan Inc (NYSE:FCX) traded down 0.24% on Monday, reaching $12.73. 14,907,246 shares of the company’s stock traded hands. The stock has a 50-day moving average of $14.34 and a 200 day moving average of $13.11. Freeport-McMoRan Inc has a 12-month low of $8.76 and a 12-month high of $17.06. The firm’s market cap is $18.40 billion.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Wednesday, January 25th. The natural resource company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.33 by $0.08. Freeport-McMoRan had a positive return on equity of 3.52% and a negative net margin of 28.09%. The business earned $4.38 billion during the quarter, compared to the consensus estimate of $4.34 billion. During the same quarter in the prior year, the firm posted ($0.02) EPS. The company’s revenue for the quarter was up 24.5% on a year-over-year basis. On average, equities research analysts expect that Freeport-McMoRan Inc will post $1.00 earnings per share for the current year.

In other Freeport-McMoRan news, COO Harry M. Iv Conger sold 77,500 shares of Freeport-McMoRan stock in a transaction on Thursday, February 16th. The shares were sold at an average price of $15.24, for a total transaction of $1,181,100.00. Following the completion of the transaction, the chief operating officer now directly owns 37,763 shares of the company’s stock, valued at $575,508.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP C Donald Whitmire, Jr. sold 57,620 shares of Freeport-McMoRan stock in a transaction on Thursday, February 9th. The stock was sold at an average price of $15.42, for a total transaction of $888,500.40. Following the transaction, the vice president now directly owns 64,896 shares of the company’s stock, valued at $1,000,696.32. The disclosure for this sale can be found here. Insiders sold 151,645 shares of company stock worth $2,340,571 in the last 90 days. 1.40% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of FCX. TRUE Private Wealth Advisors purchased a new position in Freeport-McMoRan during the third quarter valued at approximately $106,000. Strid Group LLC purchased a new position in Freeport-McMoRan during the third quarter valued at approximately $112,000. RiverPoint Capital Management LLC purchased a new position in Freeport-McMoRan during the third quarter valued at approximately $114,000. Ancora Inverness LLC purchased a new position in Freeport-McMoRan during the third quarter valued at approximately $115,000. Finally, Advantage Investment Management LLC purchased a new position in Freeport-McMoRan during the fourth quarter valued at approximately $117,000. 66.80% of the stock is owned by institutional investors.

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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.

5 Day Chart for NYSE:FCX

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