Freeport-McMoran, Inc. (FCX) Given New $14.00 Price Target at UBS AG
Freeport-McMoran, Inc. (NYSE:FCX) had its price target hoisted by UBS AG from $13.50 to $14.00 in a report released on Monday, www.benzinga.com reports. The brokerage currently has a neutral rating on the natural resource company’s stock.
Several other equities research analysts also recently commented on the company. ValuEngine raised Freeport-McMoran from a hold rating to a buy rating in a report on Thursday, October 26th. FBR & Co reaffirmed a hold rating and set a $12.00 price target on shares of Freeport-McMoran in a report on Thursday, October 26th. Deutsche Bank AG downgraded Freeport-McMoran from a hold rating to a sell rating and set a $13.00 price target for the company. in a report on Tuesday, October 17th. Royal Bank Of Canada set a $14.00 price target on Freeport-McMoran and gave the company a hold rating in a report on Wednesday, October 11th. Finally, Zacks Investment Research raised Freeport-McMoran from a hold rating to a buy rating and set a $16.00 price target for the company in a report on Tuesday, October 10th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $15.54.
Freeport-McMoran (NYSE FCX) traded down $0.19 during midday trading on Monday, hitting $14.19. The stock had a trading volume of 210,577 shares, compared to its average volume of 17,208,944. The company has a market capitalization of $20.60 billion, a price-to-earnings ratio of 15.64 and a beta of 2.57.
Freeport-McMoran (NYSE:FCX) last released its quarterly earnings data on Wednesday, October 25th. The natural resource company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.31 by $0.03. The company had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.06 billion. Freeport-McMoran had a return on equity of 13.35% and a net margin of 6.20%. The firm’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.13 EPS. equities analysts expect that Freeport-McMoran will post 1.07 earnings per share for the current year.
In related news, COO Harry M. Iv Conger purchased 36,180 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The shares were bought at an average price of $15.23 per share, for a total transaction of $551,021.40. Following the completion of the transaction, the chief operating officer now owns 73,943 shares of the company’s stock, valued at $1,126,151.89. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.29% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of FCX. BT Investment Management Ltd bought a new position in shares of Freeport-McMoran in the second quarter worth $94,821,000. BlueMountain Capital Management LLC increased its position in shares of Freeport-McMoran by 100.4% in the second quarter. BlueMountain Capital Management LLC now owns 26,461 shares of the natural resource company’s stock worth $318,000 after purchasing an additional 6,651,458 shares during the period. Vanguard Group Inc. increased its position in shares of Freeport-McMoran by 4.9% in the second quarter. Vanguard Group Inc. now owns 139,502,519 shares of the natural resource company’s stock worth $1,675,425,000 after purchasing an additional 6,510,840 shares during the period. Bank of New York Mellon Corp increased 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 purchasing an additional 5,810,712 shares during the period. Finally, Contrarius Investment Management Ltd increased its position in shares of Freeport-McMoran by 700.5% in the second quarter. Contrarius Investment Management Ltd now owns 3,543,051 shares of the natural resource company’s stock worth $42,552,000 after purchasing an additional 3,100,466 shares during the period. Institutional investors own 67.95% of the company’s stock.
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.
Receive News & Ratings for Freeport-McMoran Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoran Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.