Deutsche Bank AG upgraded shares of Freeport-McMoRan Inc. (NYSE:FCX) from a hold rating to a buy rating in a report released on Monday. The firm currently has $12.50 price objective on the natural resource company’s stock, up from their previous price objective of $12.00.
FCX has been the subject of a number of other research reports. Jefferies Group reissued a buy rating and set a $15.00 target price on shares of Freeport-McMoRan in a research note on Thursday, July 14th. Vetr downgraded shares of Freeport-McMoRan from a strong-buy rating to a buy rating and set a $11.90 price target for the company. in a research note on Thursday, September 22nd. FBR & Co reaffirmed a market perform rating on shares of Freeport-McMoRan in a research note on Wednesday, September 14th. BMO Capital Markets set a $12.00 price target on shares of Freeport-McMoRan and gave the company a hold rating in a research note on Tuesday, September 13th. Finally, Barclays PLC lifted their price target on shares of Freeport-McMoRan from $10.00 to $11.00 and gave the company an equal weight rating in a research note on Monday, August 8th. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $10.43.
Shares of Freeport-McMoRan (NYSE:FCX) opened at 10.67 on Monday. Freeport-McMoRan has a 52-week low of $3.52 and a 52-week high of $14.20. The company has a 50 day moving average of $10.74 and a 200-day moving average of $11.22. The company’s market cap is $14.17 billion.
Freeport-McMoRan (NYSE:FCX) last announced its earnings results 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. Freeport-McMoRan had a negative return on equity of 3.68% and a negative net margin of 87.70%. The firm had revenue of $3.33 billion for the quarter, compared to the consensus estimate of $3.70 billion. During the same period in the prior year, the business earned $0.14 EPS. Freeport-McMoRan’s quarterly revenue was down 15.3% on a year-over-year basis. Analysts forecast that Freeport-McMoRan will post $0.47 EPS for the current fiscal year.
Hedge funds have recently bought and sold shares of the stock. Private Asset Management Inc. raised its stake in Freeport-McMoRan by 0.4% in the third quarter. Private Asset Management Inc. now owns 292,174 shares of the natural resource company’s stock valued at $3,173,000 after buying an additional 1,050 shares during the period. Carnick & Kubik Group LLC acquired a new stake in Freeport-McMoRan during the second quarter valued at about $549,000. Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in Freeport-McMoRan during the second quarter valued at about $563,000. Kentucky Retirement Systems acquired a new stake in Freeport-McMoRan during the second quarter valued at about $1,186,000. Finally, Mason Street Advisors LLC acquired a new stake in Freeport-McMoRan during the second quarter valued at about $1,879,000. 67.78% of the stock is currently owned by institutional investors.
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.
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