Zacks Investment Research upgraded shares of Freeport-McMoran, Inc. (NYSE:FCX) from a hold rating to a buy rating in a research note released on Tuesday. The firm currently has $16.00 price target on the natural resource company’s stock.
According to Zacks, “Freeport is taking actions to reduce mining costs and manage capital spending amid a still challenging operating environment. The company's cost-cutting actions should lend support to its margins in 2017. Freeport also remains actively focused on deleveraging its balance sheet, partly through assets sale. It is also conducting exploration activities near its existing mines with a focus on opportunities to expand reserves that will support the development of additional future production capacity.”
Other equities analysts also recently issued research reports about the company. Jefferies Group LLC set a $15.00 price objective on Freeport-McMoran and gave the stock a buy rating in a research report on Monday, July 10th. ValuEngine upgraded Freeport-McMoran from a hold rating to a buy rating in a research report on Thursday, July 6th. Vertical Research reiterated a buy rating and set a $20.00 price objective on shares of Freeport-McMoran in a research report on Tuesday, August 29th. BMO Capital Markets set a $17.00 price objective on Freeport-McMoran and gave the stock a hold rating in a research report on Wednesday, July 26th. Finally, BidaskClub upgraded Freeport-McMoran from a sell rating to a hold rating in a research report on Monday, July 24th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $15.36.
Freeport-McMoran (NYSE:FCX) traded up 2.226% during mid-day trading on Tuesday, reaching $14.833. The company had a trading volume of 7,981,833 shares. The stock has a market capitalization of $21.47 billion, a price-to-earnings ratio of 20.921 and a beta of 2.54. Freeport-McMoran has a 52 week low of $9.50 and a 52 week high of $17.06. The stock has a 50 day moving average of $14.49 and a 200 day moving average of $13.17.
Freeport-McMoran (NYSE:FCX) last announced its quarterly earnings data on Tuesday, July 25th. The natural resource company reported $0.17 EPS for the quarter, missing the Zacks’ consensus estimate of $0.21 by ($0.04). Freeport-McMoran had a return on equity of 10.45% and a net margin of 5.97%. The company 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 posted ($0.02) EPS. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. Analysts anticipate that Freeport-McMoran will post $0.99 earnings per share for the current year.
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In related news, COO Harry M. Iv Conger bought 36,180 shares of the stock in a transaction that occurred on Thursday, September 7th. The stock was purchased at an average cost of $15.23 per share, with a total value of $551,021.40. Following the purchase, the chief operating officer now directly owns 73,943 shares of the company’s stock, valued at approximately $1,126,151.89. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.29% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. IHT Wealth Management LLC grew its stake in Freeport-McMoran by 27.1% during the 2nd quarter. IHT Wealth Management LLC now owns 1,758 shares of the natural resource company’s stock worth $843,000 after purchasing an additional 375 shares in the last quarter. Sun Life Financial INC grew its stake 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 purchasing an additional 9,634 shares in the last quarter. First Manhattan Co. grew its stake 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 purchasing an additional 33 shares in the last quarter. Outfitter Advisors LTD. acquired a new position in Freeport-McMoran during the 2nd quarter worth $121,000. Finally, Fisher Asset Management LLC acquired a new position in Freeport-McMoran during the 2nd quarter worth $122,000. 67.95% of the stock is owned by hedge funds and other institutional investors.
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.
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