Freeport-McMoran, Inc. (NYSE:FCX) – Jefferies Group increased their FY2017 EPS estimates for shares of Freeport-McMoran in a report released on Thursday. Jefferies Group analyst C. Lafemina now anticipates that the natural resource company will post earnings per share of $1.05 for the year, up from their previous forecast of $1.03. Jefferies Group has a “Buy” rating and a $19.00 price target on the stock. Jefferies Group also issued estimates for Freeport-McMoran’s FY2018 earnings at $2.27 EPS, FY2019 earnings at $2.02 EPS and FY2020 earnings at $2.78 EPS.
Freeport-McMoran (NYSE:FCX) last released its quarterly earnings results on Tuesday, July 25th. The natural resource company reported $0.17 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.21 by ($0.04). Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. The business had revenue of $3.71 billion during the quarter, compared to analyst estimates of $3.67 billion. During the same quarter last year, the company posted ($0.02) earnings per share. The company’s revenue was up 11.3% on a year-over-year basis. COPYRIGHT VIOLATION WARNING: This report was originally reported by Ticker Report and is the sole property of of Ticker Report. If you are viewing this report on another publication, it was illegally copied and reposted in violation of United States & international trademark & copyright laws. The legal version of this report can be viewed at https://www.tickerreport.com/banking-finance/2957009/fy2017-eps-estimates-for-freeport-mcmoran-inc-boosted-by-analyst-fcx.html.
FCX has been the topic of a number of other reports. ValuEngine upgraded Freeport-McMoran from a “hold” rating to a “buy” rating in a research note on Thursday, August 31st. Zacks Investment Research upgraded Freeport-McMoran from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a research note on Tuesday. Royal Bank Of Canada set a $14.00 price objective on Freeport-McMoran and gave the company a “hold” rating in a research note on Wednesday. FBR & Co restated a “neutral” rating and issued a $12.00 price objective (down from $13.00) on shares of Freeport-McMoran in a research note on Thursday, September 14th. Finally, Berenberg Bank set a $10.00 price objective on Freeport-McMoran and gave the company a “sell” rating in a research note on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Freeport-McMoran currently has an average rating of “Hold” and an average price target of $15.36.
In related news, COO Harry M. Iv Conger bought 36,180 shares of Freeport-McMoran stock in a transaction on Thursday, September 7th. The stock was acquired at an average price of $15.23 per share, with a total value of $551,021.40. Following the acquisition, the chief operating officer now directly owns 73,943 shares of the company’s stock, valued at $1,126,151.89. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.29% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of the business. Centre Asset Management LLC purchased a new position in Freeport-McMoran during the 3rd quarter valued at about $4,921,000. Intl Fcstone Inc. purchased a new position in shares of Freeport-McMoran during the second quarter worth about $445,000. Lord Abbett & CO. LLC grew its holdings in shares of Freeport-McMoran by 8.7% during the second quarter. Lord Abbett & CO. LLC now owns 2,055,772 shares of the natural resource company’s stock worth $24,690,000 after purchasing an additional 164,100 shares in the last quarter. Sentry Investment Management LLC grew its holdings in shares of Freeport-McMoran by 22.9% during the second quarter. Sentry Investment Management LLC now owns 105,176 shares of the natural resource company’s stock worth $1,263,000 after purchasing an additional 19,584 shares in the last quarter. Finally, Toronto Dominion Bank grew its holdings in shares of Freeport-McMoran by 25.3% during the second quarter. Toronto Dominion Bank now owns 460,229 shares of the natural resource company’s stock worth $5,527,000 after purchasing an additional 92,843 shares in the last quarter. 67.95% of the stock is owned by institutional investors and hedge funds.
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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