According to Zacks, “Freeport’s copper business remains affected by supply-related issues and slowdown in China (a major market). A still soft global economy is weighing on the copper market. We are also concerned about the depressed copper pricing environment which may continue to hurt the company’s sales. Freeport also faces uncertainties associated with its Indonesian operations.”
Several other equities analysts have also recently weighed in on the stock. Jefferies Group reissued a buy rating and issued a $15.00 target price on shares of Freeport-McMoRan in a research note on Thursday, July 14th. Vetr cut shares of Freeport-McMoRan from a strong-buy rating to a buy rating and set a $14.27 target price for the company. in a research note on Tuesday, July 12th. HSBC reissued a buy rating on shares of Freeport-McMoRan in a research note on Thursday, July 7th. Cowen and Company set a $15.00 target price on shares of Freeport-McMoRan and gave the company a buy rating in a research note on Tuesday, September 13th. Finally, Deutsche Bank AG raised shares of Freeport-McMoRan from a hold rating to a buy rating and raised their target price for the company from $12.00 to $12.50 in a research note on Monday, October 3rd. Six investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $10.42.
Freeport-McMoRan (NYSE:FCX) traded down 1.23% during mid-day trading on Tuesday, hitting $9.60. 4,879,472 shares of the company were exchanged. Freeport-McMoRan has a 12-month low of $3.52 and a 12-month high of $14.06. The company has a 50 day moving average of $10.31 and a 200 day moving average of $11.19. The stock’s market cap is $12.75 billion.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, July 26th. The natural resource company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of ($0.01) by $0.01. The business had revenue of $3.33 billion for the quarter, compared to the consensus estimate of $3.70 billion. Freeport-McMoRan had a negative return on equity of 3.68% and a negative net margin of 87.70%. Freeport-McMoRan’s revenue was down 15.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.14 earnings per share. On average, equities research analysts expect that Freeport-McMoRan will post $0.45 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Stonebridge Capital Advisors LLC acquired a new position in Freeport-McMoRan during the second quarter worth about $114,000. Fox Run Management L.L.C. acquired a new position in Freeport-McMoRan during the second quarter worth about $115,000. M Holdings Securities Inc. acquired a new position in Freeport-McMoRan during the second quarter worth about $119,000. Swarthmore Group Inc. acquired a new position in Freeport-McMoRan during the second quarter worth about $125,000. Finally, Silvercrest Asset Management Group LLC acquired a new position in Freeport-McMoRan during the first quarter worth about $120,000. 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.
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