Deutsche Bank AG reaffirmed their buy rating on shares of Freeport-McMoRan Inc. (NYSE:FCX) in a report issued on Tuesday. They currently have a $12.50 price target on the natural resource company’s stock.
A number of other analysts also recently commented on FCX. Macquarie reiterated 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 report on Thursday, July 7th. Vetr cut Freeport-McMoRan from a strong-buy rating to a buy rating and set a $14.27 target price for the company. in a report on Tuesday, July 12th. Jefferies Group reissued a buy rating and issued a $15.00 target price on shares of Freeport-McMoRan in a report on Thursday, July 14th. Finally, FBR & Co dropped their target price on Freeport-McMoRan from $11.00 to $9.00 and set a mkt perform rating for the company in a report on Wednesday, July 20th. Six research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company. Freeport-McMoRan presently has a consensus rating of Hold and a consensus target price of $10.42.
Shares of Freeport-McMoRan (NYSE:FCX) traded down 0.0072% on Tuesday, reaching $9.7193. The company’s stock had a trading volume of 6,732,612 shares. Freeport-McMoRan has a 52 week low of $3.52 and a 52 week high of $14.06. The stock has a 50-day moving average of $10.31 and a 200 day moving average of $11.19. The stock’s market capitalization is $12.91 billion.
Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data 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 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 the consensus estimate of $3.70 billion. During the same quarter in the prior year, the business posted $0.14 EPS. Freeport-McMoRan’s revenue was down 15.3% compared to the same quarter last year. On average, analysts expect that Freeport-McMoRan will post $0.45 EPS for the current year.
Several hedge funds and other institutional investors have recently bought and sold shares of FCX. 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 valued at $1,271,913,000 after buying an additional 49,597,808 shares in the last quarter. Vanguard Group Inc. raised its position in Freeport-McMoRan by 1.8% in the second quarter. Vanguard Group Inc. now owns 105,393,182 shares of the natural resource company’s stock valued at $1,174,080,000 after buying an additional 1,888,550 shares in the last quarter. State Street Corp raised its position in Freeport-McMoRan by 0.6% in the second quarter. State Street Corp now owns 56,651,387 shares of the natural resource company’s stock valued at $631,088,000 after buying an additional 311,054 shares in the last quarter. BlackRock Fund Advisors raised its position in Freeport-McMoRan by 5.1% in the second quarter. BlackRock Fund Advisors now owns 21,709,795 shares of the natural resource company’s stock valued at $241,847,000 after buying an additional 1,050,831 shares in the last quarter. Finally, 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 valued at $171,264,000 after buying an additional 7,731,396 shares in the last quarter. Institutional investors and hedge funds 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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