Zacks Investment Research lowered shares of Freeport-McMoRan (NYSE:FCX) from a buy rating to a hold rating in a research note issued to investors on Tuesday morning.
According to Zacks, “Freeport is taking actions to cut mining costs which should lend support to its margins. The company should also gain from efforts to de-leverage its balance sheet. It is also conducting exploration activities near its existing mines with a focus to expand reserves that will support additional future production capacity. However, Freeport’s copper business remains affected by supply-related issues and slowdown in China. Moreover, the company still faces uncertainties surrounding the Grasberg mine. It is also exposed to a volatile copper pricing environment.”
A number of other research firms have also recently commented on FCX. ValuEngine upgraded Freeport-McMoRan from a hold rating to a buy rating in a report on Thursday, October 26th. FBR & Co reiterated a hold rating and issued a $12.00 price objective on shares of Freeport-McMoRan in a report on Thursday, October 26th. Jefferies Group reiterated a buy rating and issued a $19.00 price objective (down from $23.00) on shares of Freeport-McMoRan in a report on Wednesday, October 4th. Scotiabank reiterated a hold rating and issued a $19.00 price objective on shares of Freeport-McMoRan in a report on Monday, January 8th. Finally, Deutsche Bank cut Freeport-McMoRan from a hold rating to a sell rating and set a $13.00 price objective on the stock. in a report on Tuesday, October 17th. Two research analysts have rated the stock with a sell rating, sixteen have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of Hold and an average price target of $15.80.
Shares of Freeport-McMoRan (FCX) traded down $0.13 during trading on Tuesday, hitting $19.75. The stock had a trading volume of 14,186,849 shares, compared to its average volume of 20,040,000. The firm has a market cap of $28,580.00, a PE ratio of 27.43 and a beta of 2.51. Freeport-McMoRan has a fifty-two week low of $11.05 and a fifty-two week high of $20.07. 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 (NYSE:FCX) last issued its earnings results on Wednesday, October 25th. The natural resource company reported $0.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.03. Freeport-McMoRan had a return on equity of 13.35% and a net margin of 6.20%. The business had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.06 billion. During the same period in the previous year, the firm posted $0.13 EPS. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. research analysts forecast that Freeport-McMoRan will post 1.09 earnings per share for the current fiscal year.
A number of large investors have recently added to or reduced their stakes in the business. IHT Wealth Management LLC lifted its stake in Freeport-McMoRan by 27.1% during the second 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. Guardian Capital Advisors LP lifted its stake in Freeport-McMoRan by 1.2% during the second quarter. Guardian Capital Advisors LP now owns 34,254 shares of the natural resource company’s stock worth $427,000 after purchasing an additional 400 shares in the last quarter. Nordea Investment Management AB lifted its stake in Freeport-McMoRan by 1.3% during the second quarter. Nordea Investment Management AB now owns 57,003 shares of the natural resource company’s stock worth $685,000 after purchasing an additional 746 shares in the last quarter. D.A. Davidson & CO. lifted its stake in Freeport-McMoRan by 0.5% during the second quarter. D.A. Davidson & CO. now owns 213,817 shares of the natural resource company’s stock worth $2,567,000 after purchasing an additional 1,049 shares in the last quarter. Finally, Thrivent Financial For Lutherans lifted its stake in Freeport-McMoRan by 4.2% during the second quarter. Thrivent Financial For Lutherans now owns 50,732 shares of the natural resource company’s stock worth $609,000 after purchasing an additional 2,060 shares in the last quarter. Institutional investors own 68.07% of the company’s stock.
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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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