Freeport-McMoRan Inc (FCX) Bonds Drop 2% During Trading

An issue of Freeport-McMoRan Inc (NYSE:FCX) bonds fell 2% against their face value during trading on Friday. The high-yield issue of debt has a 4.55% coupon and is set to mature on November 14, 2024. The debt is now trading at $93.00 and was trading at $93.38 one week ago. Price changes in a company’s bonds in credit markets sometimes predict parallel changes in its share price.

A number of analysts have commented on the stock. Vetr raised shares of Freeport-McMoRan from a “buy” rating to a “strong-buy” rating and set a $19.31 target price for the company in a report on Wednesday, February 1st. Jefferies Group LLC reaffirmed a “buy” rating and set a $19.00 target price on shares of Freeport-McMoRan in a report on Thursday, January 26th. FBR & Co reaffirmed a “hold” rating and set a $13.00 target price on shares of Freeport-McMoRan in a report on Wednesday, April 5th. JPMorgan Chase & Co. assumed coverage on shares of Freeport-McMoRan in a report on Thursday, February 9th. They set a “neutral” rating and a $14.00 target price for the company. Finally, BMO Capital Markets reaffirmed a “hold” rating and set a $15.00 target price on shares of Freeport-McMoRan in a report on Thursday, December 29th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Freeport-McMoRan has a consensus rating of “Hold” and a consensus target price of $13.73.

Freeport-McMoRan Inc (NYSE:FCX) traded down 2.24% during midday trading on Friday, reaching $12.23. 27,654,127 shares of the company traded hands. The stock’s market capitalization is $17.68 billion. Freeport-McMoRan Inc has a 12-month low of $9.24 and a 12-month high of $17.06. The company has a 50 day moving average of $12.87 and a 200-day moving average of $13.53.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Wednesday, January 25th. The natural resource company reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.33 by $0.08. Freeport-McMoRan had a negative net margin of 28.09% and a positive return on equity of 3.52%. The firm had revenue of $4.38 billion for the quarter, compared to the consensus estimate of $4.34 billion. During the same period in the previous year, the business earned ($0.02) earnings per share. The firm’s revenue for the quarter was up 24.5% on a year-over-year basis. Equities analysts anticipate that Freeport-McMoRan Inc will post $1.05 EPS for the current fiscal year.

In related news, VP C Donald Whitmire, Jr. sold 2,525 shares of the firm’s stock in a transaction dated Thursday, February 16th. The shares were sold at an average price of $15.22, for a total transaction of $38,430.50. Following the transaction, the vice president now directly owns 60,989 shares of the company’s stock, valued at $928,252.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Harry M. Iv Conger sold 77,500 shares of the firm’s stock in a transaction dated Thursday, February 16th. The shares were sold at an average price of $15.24, for a total transaction of $1,181,100.00. Following the transaction, the chief operating officer now directly owns 37,763 shares in the company, valued at $575,508.12. The disclosure for this sale can be found here. Insiders have sold 151,645 shares of company stock worth $2,340,571 over the last three months. 1.40% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FCX. California Public Employees Retirement System raised its position in Freeport-McMoRan by 13.8% in the third quarter. California Public Employees Retirement System now owns 5,355,593 shares of the natural resource company’s stock worth $58,162,000 after buying an additional 649,400 shares during the last quarter. Cypress Asset Management Inc. TX raised its stake in shares of Freeport-McMoRan by 20.4% in the third quarter. Cypress Asset Management Inc. TX now owns 15,685 shares of the natural resource company’s stock valued at $170,000 after buying an additional 2,654 shares in the last quarter. Berkshire Asset Management LLC PA raised its stake in shares of Freeport-McMoRan by 5.6% in the third quarter. Berkshire Asset Management LLC PA now owns 24,805 shares of the natural resource company’s stock valued at $269,000 after buying an additional 1,323 shares in the last quarter. HL Financial Services LLC raised its stake in shares of Freeport-McMoRan by 7.5% in the third quarter. HL Financial Services LLC now owns 13,249 shares of the natural resource company’s stock valued at $144,000 after buying an additional 922 shares in the last quarter. Finally, Bank of The West raised its stake in shares of Freeport-McMoRan by 27.4% in the third quarter. Bank of The West now owns 18,305 shares of the natural resource company’s stock valued at $199,000 after buying an additional 3,932 shares in the last quarter. 66.80% of the stock is currently owned by institutional investors.

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About Freeport-McMoRan

Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.

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