Vetr lowered shares of Freeport-McMoRan Inc. (NYSE:FCX) from a hold rating to a sell rating in a research note published on Tuesday. They currently have $9.75 price target on the natural resource company’s stock.
Other research analysts have also recently issued reports about the stock. Macquarie reiterated a neutral rating and issued a $10.00 target price on shares of Freeport-McMoRan in a report on Tuesday, June 21st. Morgan Stanley reiterated a hold rating and issued a $9.00 target price on shares of Freeport-McMoRan in a report on Tuesday, August 16th. HSBC reiterated a buy rating on shares of Freeport-McMoRan in a report on Thursday, July 7th. BMO Capital Markets reissued a hold rating on shares of Freeport-McMoRan in a research report on Wednesday, July 27th. Finally, FBR & Co reduced their price target on shares of Freeport-McMoRan from $11.00 to $9.00 and set a mkt perform rating for the company in a research report on Wednesday, July 20th. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and four have issued a buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $10.43.
Shares of Freeport-McMoRan (NYSE:FCX) opened at 10.39 on Tuesday. The firm’s 50-day moving average is $10.78 and its 200 day moving average is $11.22. Freeport-McMoRan has a 1-year low of $3.52 and a 1-year high of $14.20. The stock’s market capitalization is $13.80 billion.
Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, July 26th. The natural resource company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by $0.01. Freeport-McMoRan had a negative return on equity of 3.68% and a negative net margin of 87.70%. The firm earned $3.33 billion during the quarter, compared to analyst estimates of $3.70 billion. During the same quarter in the previous year, the business earned $0.14 earnings per share. The business’s quarterly revenue was down 15.3% compared to the same quarter last year. On average, analysts expect that Freeport-McMoRan will post $0.47 EPS for the current fiscal year.
Several large investors have recently made changes to their positions in the company. Aperio Group LLC increased its stake in shares of Freeport-McMoRan by 22.6% in the first quarter. Aperio Group LLC now owns 564,404 shares of the natural resource company’s stock valued at $5,836,000 after buying an additional 103,865 shares during the last quarter. Nisa Investment Advisors L.L.C. increased its stake in shares of Freeport-McMoRan by 157.8% in the first quarter. Nisa Investment Advisors L.L.C. now owns 154,856 shares of the natural resource company’s stock valued at $1,601,000 after buying an additional 94,795 shares during the last quarter. Virginia Retirement System bought a new stake in shares of Freeport-McMoRan during the first quarter valued at about $1,560,000. CIBC World Markets Inc. increased its stake in shares of Freeport-McMoRan by 4.7% in the first quarter. CIBC World Markets Inc. now owns 17,969 shares of the natural resource company’s stock valued at $186,000 after buying an additional 812 shares during the last quarter. Finally, Ngam Advisors L.P. increased its stake in shares of Freeport-McMoRan by 19.6% in the first quarter. Ngam Advisors L.P. now owns 438,357 shares of the natural resource company’s stock valued at $4,533,000 after buying an additional 71,816 shares during the last quarter. Institutional investors and hedge funds own 67.78% 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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