Freeport-McMoran, Inc. (FCX) Debt Trading 2.8% Lower

An issue of Freeport-McMoran, Inc. (NYSE:FCX) debt fell 2.8% as a percentage of its face value during trading on Friday. The high-yield debt issue has a 5.4% coupon and will mature on November 14, 2034. The debt is now trading at $92.25 and was trading at $91.00 last week. Price moves in a company’s debt in credit markets often predict parallel moves in its stock price.

FCX has been the topic of several recent research reports. Jefferies Group LLC raised their price target on Freeport-McMoran to $16.00 and gave the company a “buy” rating in a report on Tuesday, March 28th. FBR & Co reiterated a “market perform” rating and issued a $13.00 price target on shares of Freeport-McMoran in a report on Tuesday, March 28th. Vetr cut Freeport-McMoran from a “strong-buy” rating to a “buy” rating and set a $14.64 price target on the stock. in a report on Monday, April 10th. Cowen and Company reiterated a “buy” rating on shares of Freeport-McMoran in a report on Tuesday, April 11th. Finally, Royal Bank Of Canada reiterated a “hold” rating and issued a $17.00 price target on shares of Freeport-McMoran in a report on Wednesday, April 19th. Five investment analysts have rated the stock with a sell rating, nine have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Freeport-McMoran has a consensus rating of “Hold” and an average target price of $13.77.

Freeport-McMoran, Inc. (NYSE:FCX) traded down 0.23% during midday trading on Friday, hitting $13.01. The stock had a trading volume of 11,718,713 shares. The stock has a market capitalization of $18.82 billion, a price-to-earnings ratio of 69.57 and a beta of 2.55. The company’s 50 day moving average price is $12.04 and its 200-day moving average price is $13.18. Freeport-McMoran, Inc. has a 52 week low of $9.24 and a 52 week high of $17.06.

Freeport-McMoran (NYSE:FCX) last announced its earnings results on Tuesday, April 25th. The natural resource company reported $0.15 EPS for the quarter, missing the consensus estimate of $0.16 by $0.01. Freeport-McMoran had a net margin of 1.11% and a return on equity of 7.97%. The business had revenue of $3.34 billion for the quarter, compared to the consensus estimate of $3.51 billion. During the same quarter in the previous year, the company earned ($0.16) EPS. The firm’s revenue for the quarter was down 5.3% on a year-over-year basis. Equities analysts anticipate that Freeport-McMoran, Inc. will post $1.01 earnings per share for the current fiscal year.

Several large investors have recently made changes to their positions in the stock. F&V Capital Management LLC acquired a new stake in shares of Freeport-McMoran during the first quarter valued at approximately $280,000. Atalanta Sosnoff Capital LLC acquired a new stake in shares of Freeport-McMoran during the first quarter valued at approximately $151,000. McQueen Ball & Associates Inc. raised its stake in shares of Freeport-McMoran by 30.0% in the first quarter. McQueen Ball & Associates Inc. now owns 217,783 shares of the natural resource company’s stock valued at $2,910,000 after buying an additional 50,199 shares during the last quarter. Highbridge Capital Management LLC raised its stake in shares of Freeport-McMoran by 16,285.1% in the fourth quarter. Highbridge Capital Management LLC now owns 163,851 shares of the natural resource company’s stock valued at $2,162,000 after buying an additional 162,851 shares during the last quarter. Finally, Searle & CO. acquired a new stake in shares of Freeport-McMoran during the fourth quarter valued at approximately $288,000. Institutional investors own 69.46% of the company’s stock.

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.