Investors Buy Freeport-McMoRan (FCX) on Weakness

Traders bought shares of Freeport-McMoRan Inc (NYSE:FCX) on weakness during trading on Monday. $64.37 million flowed into the stock on the tick-up and $34.35 million flowed out of the stock on the tick-down, for a money net flow of $30.02 million into the stock. Of all equities tracked, Freeport-McMoRan had the 27th highest net in-flow for the day. Freeport-McMoRan traded down ($0.13) for the day and closed at $19.75

Several equities research analysts have weighed in on the company. B. Riley restated a “neutral” rating on shares of Freeport-McMoRan in a research note on Wednesday, November 1st. Zacks Investment Research cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Tuesday, January 9th. Royal Bank of Canada set a $14.00 target price on Freeport-McMoRan and gave the stock a “hold” rating in a research note on Wednesday, October 11th. FBR & Co set a $12.00 target price on Freeport-McMoRan and gave the stock a “hold” rating in a research note on Friday, October 20th. Finally, Scotiabank restated a “hold” rating and set a $19.00 target price on shares of Freeport-McMoRan in a research note on Monday, January 8th. Two research analysts have rated the stock with a sell rating, sixteen have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $15.80.

The stock has a market capitalization of $27,960.00, a P/E ratio of 26.83 and a beta of 2.51. 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 announced its quarterly earnings results on Wednesday, October 25th. The natural resource company reported $0.34 EPS for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.03. Freeport-McMoRan had a return on equity of 13.35% and a net margin of 6.20%. The company had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.06 billion. During the same period in the prior year, the company earned $0.13 EPS. Freeport-McMoRan’s revenue was up 11.2% compared to the same quarter last year. analysts anticipate that Freeport-McMoRan Inc will post 1.09 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in FCX. Federated Investors Inc. PA lifted its stake in shares of Freeport-McMoRan by 19.4% in the 2nd quarter. Federated Investors Inc. PA now owns 57,310 shares of the natural resource company’s stock valued at $688,000 after acquiring an additional 9,299 shares during the last quarter. Schroder Investment Management Group raised its position in Freeport-McMoRan by 2,015.5% during the 2nd quarter. Schroder Investment Management Group now owns 11,487 shares of the natural resource company’s stock worth $139,000 after purchasing an additional 10,944 shares during the last quarter. Eaton Vance Management raised its position in Freeport-McMoRan by 24.5% during the 2nd quarter. Eaton Vance Management now owns 200,120 shares of the natural resource company’s stock worth $2,403,000 after purchasing an additional 39,323 shares during the last quarter. Alliancebernstein L.P. raised its position in Freeport-McMoRan by 3.4% during the 2nd quarter. Alliancebernstein L.P. now owns 2,463,468 shares of the natural resource company’s stock worth $29,586,000 after purchasing an additional 80,466 shares during the last quarter. Finally, Riverhead Capital Management LLC raised its position in Freeport-McMoRan by 74.6% during the 2nd quarter. Riverhead Capital Management LLC now owns 32,139 shares of the natural resource company’s stock worth $386,000 after purchasing an additional 13,729 shares during the last quarter. Institutional investors own 68.06% of the company’s stock.

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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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