Freeport-McMoran, Inc. (FCX) Bond Prices Rise 0.7%
An issue of Freeport-McMoran, Inc. (NYSE:FCX) bonds rose 0.7% against their face value during trading on Thursday. The high-yield issue of debt has a 4% coupon and is set to mature on November 14, 2021. The bonds in the issue are now trading at $98.94 and were trading at $100.00 one week ago. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its share price.
A number of research firms have recently weighed in on FCX. Zacks Investment Research raised shares of Freeport-McMoran from a “sell” rating to a “hold” rating in a research note on Friday, July 28th. Berenberg Bank set a $10.00 price target on shares of Freeport-McMoran and gave the stock a “sell” rating in a research note on Friday, July 28th. FBR & Co reaffirmed a “market perform” rating and set a $13.00 price target (up from $12.00) on shares of Freeport-McMoran in a research note on Thursday, July 27th. Jefferies Group LLC reaffirmed a “buy” rating and set a $18.00 price target on shares of Freeport-McMoran in a research note on Thursday, July 27th. Finally, Cowen and Company upped their price target on shares of Freeport-McMoran from $20.00 to $22.00 and gave the stock an “outperform” rating in a research note on Thursday, July 27th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $14.27.
Shares of Freeport-McMoran, Inc. (NYSE:FCX) traded down 3.02% during mid-day trading on Thursday, reaching $14.15. 17,626,044 shares of the company’s stock traded hands. The company has a market capitalization of $20.48 billion, a P/E ratio of 19.96 and a beta of 2.59. Freeport-McMoran, Inc. has a 1-year low of $9.24 and a 1-year high of $17.06. The firm has a 50-day moving average price of $13.16 and a 200-day moving average price of $13.13.
Freeport-McMoran (NYSE:FCX) last posted its earnings results on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share for the quarter, missing the Thomson Reuters’ 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 during the quarter, compared to analyst estimates of $3.67 billion. During the same quarter last year, the firm posted ($0.02) earnings per share. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, equities research analysts forecast that Freeport-McMoran, Inc. will post $0.87 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC raised its position in shares of Freeport-McMoran by 104.4% in the first quarter. FMR LLC now owns 42,399,057 shares of the natural resource company’s stock worth $566,451,000 after buying an additional 21,652,647 shares during the period. Vanguard Group Inc. raised its position in shares of Freeport-McMoran by 10.7% in the first quarter. Vanguard Group Inc. now owns 132,991,679 shares of the natural resource company’s stock worth $1,776,769,000 after buying an additional 12,897,514 shares during the period. Westpac Banking Corp raised its position in shares of Freeport-McMoran by 1,493.6% in the first quarter. Westpac Banking Corp now owns 7,038,887 shares of the natural resource company’s stock worth $102,454,000 after buying an additional 6,597,176 shares during the period. Bank of New York Mellon Corp raised its position in shares of Freeport-McMoran by 39.4% in the second quarter. Bank of New York Mellon Corp now owns 20,568,631 shares of the natural resource company’s stock worth $247,029,000 after buying an additional 5,810,712 shares during the period. Finally, Capital Growth Management LP acquired a new position in shares of Freeport-McMoran during the first quarter worth approximately $71,743,000. Institutional investors own 69.45% of the company’s stock.
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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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