Freeport-McMoRan Inc (FCX) Bonds Trading 0.7% Higher
An issue of Freeport-McMoRan Inc (NYSE:FCX) bonds rose 0.7% as a percentage of their face value during trading on Friday. The high-yield debt issue has a 4% coupon and is set to mature on November 14, 2021. The debt is now trading at $98.94 and was trading at $100.00 one week ago. Price moves in a company’s bonds in credit markets often predict parallel moves in its share price.
A number of equities research analysts have commented on FCX shares. FBR & Co reissued a “market perform” rating and set a $13.00 price objective (up previously from $12.00) on shares of Freeport-McMoRan in a report on Thursday, July 27th. BMO Capital Markets reissued a “hold” rating and set a $15.00 price objective on shares of Freeport-McMoRan in a report on Thursday, June 29th. Berenberg Bank set a $10.00 price objective on shares of Freeport-McMoRan and gave the stock a “sell” rating in a report on Friday, July 28th. BidaskClub raised shares of Freeport-McMoRan from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Finally, Clarkson Capital reissued a “neutral” rating on shares of Freeport-McMoRan in a report on Monday, July 10th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $14.27.
Freeport-McMoRan Inc (NYSE FCX) traded down 1.34% on Friday, reaching $13.96. 19,768,300 shares of the company traded hands. Freeport-McMoRan Inc has a one year low of $9.24 and a one year high of $17.06. The firm has a 50 day moving average of $13.16 and a 200-day moving average of $13.13. The stock has a market capitalization of $20.20 billion, a PE ratio of 19.69 and a beta of 2.59.
Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, July 25th. The natural resource company reported $0.17 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.21 by $0.04. Freeport-McMoRan had a net margin of 8.81% and a return on equity of 15.87%. The company had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.67 billion. During the same quarter in the previous year, the company earned ($0.02) earnings per share. The business’s revenue was up 11.3% on a year-over-year basis. On average, analysts anticipate that Freeport-McMoRan Inc will post $0.87 EPS for the current year.
Hedge funds have recently made changes to their positions in the stock. State of Alaska Department of Revenue bought a new stake in shares of Freeport-McMoRan during the first quarter valued at approximately $222,000. Bank of New York Mellon Corp boosted its stake in shares of Freeport-McMoRan by 46.2% in the first quarter. Bank of New York Mellon Corp now owns 14,757,919 shares of the natural resource company’s stock valued at $197,166,000 after buying an additional 4,662,665 shares during the last quarter. Parkwood LLC boosted its stake in shares of Freeport-McMoRan by 380.3% in the first quarter. Parkwood LLC now owns 80,541 shares of the natural resource company’s stock valued at $1,076,000 after buying an additional 63,773 shares during the last quarter. ARP Americas LLC bought a new stake in shares of Freeport-McMoRan during the first quarter valued at approximately $150,000. Finally, Vanguard Group Inc. boosted its stake 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 valued at $1,776,769,000 after buying an additional 12,897,514 shares during the last quarter. Institutional investors and hedge funds 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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