Freeport-McMoRan (FCX) Upgraded at Clarkson Capital

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

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

Shares of Freeport-McMoRan (FCX) traded up $0.12 during trading on Wednesday, hitting $19.44. 1,827,019 shares of the company traded hands, compared to its average volume of 20,300,000. The company has a current ratio of 2.02, a quick ratio of 1.32 and a debt-to-equity ratio of 1.23. Freeport-McMoRan has a 12-month low of $11.05 and a 12-month high of $20.07. The stock has a market capitalization of $28,190.00, a PE ratio of 27.00 and a beta of 2.51.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Wednesday, October 25th. The natural resource company reported $0.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.03. Freeport-McMoRan had a net margin of 6.20% and a return on equity of 13.35%. The firm had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.06 billion. During the same quarter last year, the company posted $0.13 earnings per share. The firm’s revenue was up 11.2% compared to the same quarter last year. analysts predict that Freeport-McMoRan will post 1.09 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in FCX. BlueMountain Capital Management LLC grew its position in shares of Freeport-McMoRan by 100.4% in the second quarter. BlueMountain Capital Management LLC now owns 26,461 shares of the natural resource company’s stock valued at $318,000 after purchasing an additional 6,651,458 shares during the period. Vanguard Group Inc. grew its position in shares of Freeport-McMoRan by 4.9% in the second quarter. Vanguard Group Inc. now owns 139,502,519 shares of the natural resource company’s stock valued at $1,675,425,000 after purchasing an additional 6,510,840 shares during the period. Bank of New York Mellon Corp grew its position 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 during the period. Oakmont Corp acquired a new stake in shares of Freeport-McMoRan in the third quarter valued at about $41,553,000. Finally, Contrarius Investment Management Ltd grew its position 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 during the period. Institutional investors and hedge funds 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.

Analyst Recommendations for Freeport-McMoRan (NYSE:FCX)

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