Freeport-McMoran, Inc. (NYSE:FCX) received a $14.00 target price from research analysts at Royal Bank Of Canada in a research report issued to clients and investors on Wednesday. The firm presently has a “hold” rating on the natural resource company’s stock. Royal Bank Of Canada’s target price would indicate a potential downside of 2.85% from the stock’s previous close.
Other analysts have also issued reports about the stock. Raymond James Financial, Inc. started coverage on shares of Freeport-McMoran in a research report on Tuesday, August 15th. They set a “market perform” rating and a $15.00 target price for the company. Jefferies Group LLC restated a “buy” rating and set a $19.00 target price (down from $23.00) on shares of Freeport-McMoran in a research report on Wednesday, October 4th. FBR & Co restated a “market perform” rating and set a $13.00 target price (up from $12.00) on shares of Freeport-McMoran in a research report on Thursday, July 27th. Zacks Investment Research upgraded shares of Freeport-McMoran from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a research report on Tuesday. Finally, Berenberg Bank set a $10.00 target price on shares of Freeport-McMoran and gave the company a “sell” rating in a research report on Friday, July 28th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $15.36.
Freeport-McMoran (NYSE:FCX) opened at 14.41 on Wednesday. The stock’s 50 day moving average is $14.53 and its 200-day moving average is $13.15. The company has a market capitalization of $20.86 billion, a P/E ratio of 20.32 and a beta of 2.54. Freeport-McMoran has a 52-week low of $9.24 and a 52-week high of $17.06.
Freeport-McMoran (NYSE:FCX) last released its quarterly earnings data on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share for the quarter, missing the 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 company had revenue of $3.71 billion for the quarter, compared to analysts’ expectations of $3.67 billion. During the same period in the previous year, the firm earned ($0.02) earnings per share. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. Analysts predict that Freeport-McMoran will post $0.98 EPS for the current fiscal year.
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In other Freeport-McMoran news, COO Harry M. Iv Conger bought 36,180 shares of the company’s stock in a transaction on Thursday, September 7th. The shares were bought at an average cost of $15.23 per share, for a total transaction of $551,021.40. Following the acquisition, the chief operating officer now directly owns 73,943 shares in the company, valued at $1,126,151.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.29% of the stock is owned by corporate insiders.
A number of institutional investors have recently modified their holdings of FCX. Sun Life Financial INC grew its holdings in Freeport-McMoran by 96,340.0% during the 2nd quarter. Sun Life Financial INC now owns 9,644 shares of the natural resource company’s stock worth $116,000 after acquiring an additional 9,634 shares in the last quarter. First Manhattan Co. grew its holdings in Freeport-McMoran by 0.3% during the 2nd quarter. First Manhattan Co. now owns 10,067 shares of the natural resource company’s stock worth $120,000 after acquiring an additional 33 shares in the last quarter. Outfitter Advisors LTD. bought a new position in Freeport-McMoran during the 2nd quarter worth about $121,000. Fisher Asset Management LLC bought a new position in Freeport-McMoran during the 2nd quarter worth about $122,000. Finally, Partnervest Advisory Services LLC bought a new position in Freeport-McMoran during the 2nd quarter worth about $123,000. Institutional investors own 67.95% of the company’s stock.
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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