Freeport-McMoRan (NYSE:FCX)‘s stock had its “hold” rating reaffirmed by equities research analysts at Royal Bank of Canada in a research report issued on Thursday, AnalystRatings.com reports.
Several other equities analysts have also issued reports on the stock. Deutsche Bank boosted their target price on shares of Freeport-McMoRan from $11.00 to $13.50 and gave the company a “buy” rating in a report on Thursday, June 11th. CIBC boosted their target price on shares of Freeport-McMoRan from $11.00 to $14.00 and gave the company an “outperform” rating in a report on Tuesday. Barclays upgraded shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and set a $10.00 target price on the stock in a report on Thursday, April 16th. Citigroup dropped their target price on shares of Freeport-McMoRan from $14.00 to $12.00 and set a “buy” rating on the stock in a report on Friday, March 27th. Finally, ValuEngine lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, July 2nd. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Freeport-McMoRan presently has a consensus rating of “Buy” and an average target price of $12.93.
Shares of Freeport-McMoRan stock traded up $0.02 during trading on Thursday, hitting $12.84. The company’s stock had a trading volume of 4,951,036 shares, compared to its average volume of 21,719,448. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.34 and a quick ratio of 1.11. Freeport-McMoRan has a 52 week low of $4.82 and a 52 week high of $13.64. The stock has a market cap of $18.98 billion, a price-to-earnings ratio of -27.04 and a beta of 2.27. The stock has a 50-day moving average price of $10.38 and a two-hundred day moving average price of $10.12.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Friday, April 24th. The natural resource company reported ($0.16) earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.02. Freeport-McMoRan had a negative net margin of 5.05% and a negative return on equity of 1.55%. The company had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.98 billion. During the same quarter in the previous year, the firm posted $0.05 earnings per share. Freeport-McMoRan’s revenue for the quarter was down 26.2% on a year-over-year basis. On average, equities analysts predict that Freeport-McMoRan will post 0.13 EPS for the current fiscal year.
Institutional investors have recently made changes to their positions in the business. Envestnet Asset Management Inc. grew its stake in Freeport-McMoRan by 3.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 475,711 shares of the natural resource company’s stock valued at $6,241,000 after acquiring an additional 14,982 shares during the period. Squarepoint Ops LLC purchased a new position in shares of Freeport-McMoRan during the first quarter valued at approximately $1,657,000. Panagora Asset Management Inc. boosted its position in shares of Freeport-McMoRan by 15.1% during the fourth quarter. Panagora Asset Management Inc. now owns 131,867 shares of the natural resource company’s stock valued at $1,730,000 after buying an additional 17,313 shares during the last quarter. Morgan Stanley boosted its position in shares of Freeport-McMoRan by 29.9% during the first quarter. Morgan Stanley now owns 8,112,246 shares of the natural resource company’s stock valued at $54,758,000 after buying an additional 1,867,895 shares during the last quarter. Finally, Strs Ohio boosted its position in shares of Freeport-McMoRan by 14.4% during the first quarter. Strs Ohio now owns 259,046 shares of the natural resource company’s stock valued at $1,748,000 after buying an additional 32,570 shares during the last quarter. 71.17% of the stock is owned by hedge funds and other institutional investors.
Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.
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