An issue of Freeport-McMoRan Inc. (NYSE:FCX) bonds rose 1.5% as a percentage of their face value during trading on Friday. The high-yield issue of debt has a 6.875% coupon and is set to mature on February 15, 2023. The debt is now trading at $106.00 and was trading at $105.25 last week. Price changes in a company’s bonds in credit markets sometimes anticipate parallel changes in its stock price.
Several equities research analysts have recently issued reports on the stock. Macquarie reissued a “neutral” rating and issued a $10.00 price objective on shares of Freeport-McMoRan in a research report on Tuesday, June 21st. HSBC reissued a “buy” rating on shares of Freeport-McMoRan in a research report on Thursday, July 7th. Vetr lowered shares of Freeport-McMoRan from a “strong-buy” rating to a “buy” rating and set a $14.27 price objective for the company. in a research report on Tuesday, July 12th. Jefferies Group reissued a “buy” rating and issued a $15.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, July 14th. Finally, FBR & Co dropped their price objective 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. Three analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and four have issued a buy rating to the company. Freeport-McMoRan presently has an average rating of “Hold” and a consensus price target of $10.43.
Freeport-McMoRan Inc. (NYSE:FCX) traded up 0.21% during mid-day trading on Friday, hitting $9.66. 26,033,346 shares of the company were exchanged. The stock’s 50 day moving average is $10.38 and its 200-day moving average is $11.19. Freeport-McMoRan Inc. has a 12-month low of $3.52 and a 12-month high of $14.06. The company’s market cap is $12.83 billion.
Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, July 26th. The natural resource company reported ($0.02) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.01) by $0.01. Freeport-McMoRan had a negative net margin of 87.70% and a negative return on equity of 3.68%. The firm earned $3.33 billion during 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. The company’s revenue for the quarter was down 15.3% compared to the same quarter last year. Equities research analysts predict that Freeport-McMoRan Inc. will post $0.45 EPS for the current year.
Several institutional investors have recently added to or reduced their stakes in the stock. Capital Research Global Investors raised its position in Freeport-McMoRan by 76.8% in the second quarter. Capital Research Global Investors now owns 114,175,293 shares of the natural resource company’s stock worth $1,271,913,000 after buying an additional 49,597,808 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Freeport-McMoRan by 125.7% in the second quarter. Dimensional Fund Advisors LP now owns 14,027,580 shares of the natural resource company’s stock worth $156,242,000 after buying an additional 7,812,975 shares in the last quarter. FMR LLC raised its position in Freeport-McMoRan by 101.2% in the second quarter. FMR LLC now owns 15,373,806 shares of the natural resource company’s stock worth $171,264,000 after buying an additional 7,731,396 shares in the last quarter. State Street Corp raised its position in Freeport-McMoRan by 9.0% in the first quarter. State Street Corp now owns 56,340,333 shares of the natural resource company’s stock worth $582,563,000 after buying an additional 4,668,125 shares in the last quarter. Finally, Bridgeway Capital Management Inc. purchased a new position in Freeport-McMoRan during the second quarter worth approximately $35,997,000. 67.78% of the stock is currently owned by 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.
Receive News & Ratings for Freeport-McMoRan Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoRan Inc. and related companies with MarketBeat.com's FREE daily email newsletter.