Freeport-McMoRan (FCX) Stock Rating Reaffirmed by Scotiabank
Scotiabank reaffirmed their hold rating on shares of Freeport-McMoRan (NYSE:FCX) in a research note published on Monday morning. Scotiabank currently has a $19.00 target price on the natural resource company’s stock.
A number of other brokerages have also recently issued reports on FCX. Deutsche Bank cut Freeport-McMoRan from a hold rating to a sell rating and set a $13.00 target price on the stock. in a report on Tuesday, October 17th. Morgan Stanley upgraded Freeport-McMoRan from an underweight rating to an equal weight rating and raised their target price for the stock from $10.00 to $14.00 in a report on Monday, December 11th. B. Riley raised their target price on Freeport-McMoRan from $13.00 to $16.00 and gave the stock a neutral rating in a report on Monday, December 11th. FBR & Co set a $12.00 price objective on Freeport-McMoRan and gave the company a hold rating in a report on Friday, October 20th. Finally, ValuEngine upgraded Freeport-McMoRan from a hold rating to a buy rating in a report on Thursday, October 26th. Two investment analysts have rated the stock with a sell rating, sixteen have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The company has an average rating of Hold and an average target price of $15.80.
Shares of Freeport-McMoRan (NYSE:FCX) traded up $0.59 during mid-day trading on Monday, reaching $19.51. The company had a trading volume of 28,034,701 shares, compared to its average volume of 21,697,801. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.32 and a current ratio of 2.02. Freeport-McMoRan has a 1 year low of $11.05 and a 1 year high of $19.99. The firm has a market capitalization of $28,770.00, a price-to-earnings ratio of 27.10 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 Zacks’ 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 firm had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.06 billion. During the same quarter last year, the business earned $0.13 earnings per share. The company’s revenue was up 11.2% compared to the same quarter last year. analysts expect that Freeport-McMoRan will post 1.09 EPS for the current year.
Large investors have recently bought and sold shares of the business. Sun Life Financial INC increased its position in shares of 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 during the last quarter. Schroder Investment Management Group increased its holdings in shares of Freeport-McMoRan by 2,015.5% during the 2nd quarter. Schroder Investment Management Group now owns 11,487 shares of the natural resource company’s stock worth $139,000 after acquiring an additional 10,944 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Freeport-McMoRan during the 3rd quarter worth approximately $140,000. Abbot Financial Management Inc. acquired a new position in shares of Freeport-McMoRan during the 2nd quarter worth approximately $142,000. Finally, Rothschild Investment Corp IL acquired a new position in shares of Freeport-McMoRan during the 3rd quarter worth approximately $147,000. 68.07% of the stock is currently owned by hedge funds and other institutional investors.
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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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