An issue of Freeport-McMoran, Inc. (NYSE:FCX) bonds rose 1% against their face value during trading on Monday. The high-yield debt issue has a 4.55% coupon and will mature on November 14, 2024. The bonds in the issue are now trading at $100.38 and were trading at $100.50 one week ago. Price changes in a company’s bonds in credit markets sometimes anticipate parallel changes in its stock price.
Several research analysts have recently commented on the company. Raymond James Financial, Inc. assumed coverage on Freeport-McMoran in a research note on Tuesday, August 15th. They set a “market perform” rating and a $15.00 target price for the company. CIBC initiated coverage on Freeport-McMoran in a report on Friday, September 15th. They set a “sector outperform” rating and a $18.00 price target for the company. FBR & Co reissued a “market perform” rating and set a $13.00 price target (up from $12.00) on shares of Freeport-McMoran in a report on Thursday, July 27th. Jefferies Group LLC reissued a “buy” rating and set a $18.00 price target on shares of Freeport-McMoran in a report on Thursday, July 27th. Finally, Zacks Investment Research raised Freeport-McMoran from a “sell” rating to a “hold” rating in a report on Friday, July 28th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $15.51.
Shares of Freeport-McMoran, Inc. (NYSE:FCX) traded down 0.76% during midday trading on Wednesday, reaching $14.37. The company had a trading volume of 6,051,856 shares. The company has a 50 day moving average of $14.57 and a 200 day moving average of $12.98. Freeport-McMoran, Inc. has a one year low of $9.24 and a one year high of $17.06. The company has a market capitalization of $20.80 billion, a PE ratio of 20.27 and a beta of 2.57. Freeport-McMoran also was the target of some unusual options trading on Monday. Stock traders acquired 59,805 call options on the company. This represents an increase of approximately 168% compared to the average volume of 22,335 call options.
Freeport-McMoran (NYSE:FCX) last released its quarterly earnings results on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share for the quarter, missing the Zacks’ 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 firm had revenue of $3.71 billion for the quarter, compared to analysts’ expectations of $3.67 billion. During the same quarter in the previous year, the business earned ($0.02) EPS. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. Analysts predict that Freeport-McMoran, Inc. will post $0.95 EPS for the current fiscal year.
In related news, COO Harry M. Iv Conger acquired 36,180 shares of Freeport-McMoran stock in a transaction dated Thursday, September 7th. The shares were purchased at an average cost of $15.23 per share, with a total value of $551,021.40. Following the completion of the purchase, the chief operating officer now owns 73,943 shares of the company’s stock, valued at $1,126,151.89. The transaction was disclosed in a document filed with the SEC, which is available through this link. 1.40% of the stock is currently owned by company insiders.
Several large investors have recently made changes to their positions in FCX. Strs Ohio grew its stake in shares of Freeport-McMoran by 6.9% during the first quarter. Strs Ohio now owns 53,006 shares of the natural resource company’s stock valued at $708,000 after buying an additional 3,420 shares during the last quarter. Wedbush Securities Inc. grew its stake in shares of Freeport-McMoran by 55.7% during the first quarter. Wedbush Securities Inc. now owns 69,453 shares of the natural resource company’s stock valued at $928,000 after buying an additional 24,854 shares during the last quarter. Engineers Gate Manager LP grew its stake in shares of Freeport-McMoran by 84.0% during the first quarter. Engineers Gate Manager LP now owns 132,938 shares of the natural resource company’s stock valued at $1,776,000 after buying an additional 60,677 shares during the last quarter. Symphony Asset Management LLC grew its stake in shares of Freeport-McMoran by 5.0% during the first quarter. Symphony Asset Management LLC now owns 44,904 shares of the natural resource company’s stock valued at $599,000 after buying an additional 2,141 shares during the last quarter. Finally, First Personal Financial Services grew its stake in shares of Freeport-McMoran by 334.4% during the first quarter. First Personal Financial Services now owns 47,328 shares of the natural resource company’s stock valued at $632,000 after buying an additional 36,433 shares during the last quarter. 67.94% of the stock is currently owned by hedge funds and other institutional investors.
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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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