Freeport-McMoran (FCX) Given a $13.00 Price Target at B. Riley

B. Riley set a $13.00 target price on Freeport-McMoran (NYSE:FCX) in a research report sent to investors on Wednesday morning. The brokerage currently has a hold rating on the natural resource company’s stock.

A number of other research analysts have also recently commented on the company. Royal Bank Of Canada reaffirmed a hold rating and set a $17.00 target price on shares of Freeport-McMoran in a research note on Tuesday. Zacks Investment Research raised Freeport-McMoran from a hold rating to a buy rating and set a $16.00 target price on the stock in a research note on Tuesday, November 14th. UBS increased their price objective on Freeport-McMoran from $13.50 to $14.00 and gave the stock a neutral rating in a research note on Monday, October 30th. ValuEngine raised Freeport-McMoran from a hold rating to a buy rating in a research note on Thursday, October 26th. Finally, FBR & Co reissued a hold rating and issued a $12.00 price objective on shares of Freeport-McMoran in a research note on Thursday, October 26th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Freeport-McMoran presently has an average rating of Hold and an average target price of $15.57.

Freeport-McMoran (NYSE FCX) traded up $0.35 on Wednesday, hitting $14.70. The stock had a trading volume of 10,629,862 shares, compared to its average volume of 21,053,252. The company has a market capitalization of $20,425.49, a PE ratio of 15.51 and a beta of 2.56. Freeport-McMoran has a 1 year low of $11.05 and a 1 year high of $17.06. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.32 and a current ratio of 2.02.

Freeport-McMoran (NYSE:FCX) last released its earnings results on Wednesday, October 25th. The natural resource company reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.03. The firm had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.06 billion. Freeport-McMoran had a return on equity of 13.35% and a net margin of 6.20%. The company’s quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.13 earnings per share. sell-side analysts expect that Freeport-McMoran will post 1.07 EPS for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in FCX. BT Investment Management Ltd bought a new stake in Freeport-McMoran during the 2nd quarter valued at $94,821,000. BlueMountain Capital Management LLC boosted its position in Freeport-McMoran by 100.4% during the 2nd quarter. BlueMountain Capital Management LLC now owns 26,461 shares of the natural resource company’s stock valued at $318,000 after acquiring an additional 6,651,458 shares in the last quarter. Vanguard Group Inc. boosted its position in Freeport-McMoran by 4.9% during the 2nd quarter. Vanguard Group Inc. now owns 139,502,519 shares of the natural resource company’s stock valued at $1,675,425,000 after acquiring an additional 6,510,840 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Freeport-McMoran by 39.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 20,568,631 shares of the natural resource company’s stock valued at $247,029,000 after acquiring an additional 5,810,712 shares in the last quarter. Finally, Contrarius Investment Management Ltd boosted its position in Freeport-McMoran by 700.5% during the 2nd quarter. Contrarius Investment Management Ltd now owns 3,543,051 shares of the natural resource company’s stock valued at $42,552,000 after acquiring an additional 3,100,466 shares in the last quarter. 68.12% of the stock is currently owned by institutional investors and hedge funds.

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Freeport-McMoran Company Profile

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.

Analyst Recommendations for Freeport-McMoran (NYSE:FCX)

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