Freeport-McMoRan (FCX) Upgraded at Clarkson Capital

Freeport-McMoRan (NYSE:FCX) was upgraded by Clarkson Capital from a “neutral” rating to a “buy” rating in a research report issued on Wednesday.

FCX has been the topic of a number of other reports. Morgan Stanley upgraded shares of Freeport-McMoRan from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $10.00 to $14.00 in a research report on Monday, December 11th. UBS Group lifted their target price on shares of Freeport-McMoRan from $13.50 to $14.00 and gave the stock a “neutral” rating in a research note on Monday, October 30th. Zacks Investment Research downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Monday, November 13th. FBR & Co set a $12.00 target price on shares of Freeport-McMoRan and gave the stock a “hold” rating in a research note on Friday, October 20th. Finally, B. Riley reaffirmed a “neutral” rating on shares of Freeport-McMoRan in a research note on Wednesday, November 1st. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $15.80.

Freeport-McMoRan (NYSE FCX) traded up $0.12 on Wednesday, reaching $19.44. 1,827,019 shares of the company were exchanged, compared to its average volume of 20,300,000. The firm has a market capitalization of $28,190.00, a price-to-earnings ratio of 27.00 and a beta of 2.51. Freeport-McMoRan has a 52-week low of $11.05 and a 52-week high of $20.07. The company has a quick ratio of 1.32, a current ratio of 2.02 and a debt-to-equity ratio of 1.23.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Wednesday, October 25th. The natural resource company reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.03. The firm had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.06 billion. Freeport-McMoRan had a net margin of 6.20% and a return on equity of 13.35%. Freeport-McMoRan’s quarterly revenue was up 11.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.13 earnings per share. equities analysts anticipate that Freeport-McMoRan will post 1.09 EPS for the current year.

Several institutional investors have recently added to or reduced their stakes in FCX. BlueMountain Capital Management LLC raised its stake in shares of Freeport-McMoRan by 100.4% in 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 during the period. Vanguard Group Inc. raised its stake in shares of Freeport-McMoRan by 4.9% in 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 during the period. Bank of New York Mellon Corp grew its holdings in shares of Freeport-McMoRan by 18.1% in the third quarter. Bank of New York Mellon Corp now owns 24,292,902 shares of the natural resource company’s stock valued at $341,073,000 after purchasing an additional 3,724,271 shares in the last quarter. Oakmont Corp acquired a new position in shares of Freeport-McMoRan in the third quarter valued at approximately $41,553,000. Finally, Contrarius Investment Management Ltd grew its holdings in shares of Freeport-McMoRan by 74.3% in the third quarter. Contrarius Investment Management Ltd now owns 6,176,460 shares of the natural resource company’s stock valued at $86,717,000 after purchasing an additional 2,633,409 shares in the last quarter. 68.06% of the stock is currently owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for Freeport-McMoRan (NYSE:FCX)

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