Freeport-McMoran, Inc. (FCX) Upgraded to Buy at ValuEngine
ValuEngine upgraded shares of Freeport-McMoran, Inc. (NYSE:FCX) from a hold rating to a buy rating in a report released on Thursday.
A number of other analysts also recently issued reports on FCX. Zacks Investment Research downgraded Freeport-McMoran from a hold rating to a sell rating in a research report on Tuesday, July 11th. Berenberg Bank downgraded Freeport-McMoran from a hold rating to a sell rating and set a $10.00 price target for the company. in a research report on Wednesday, July 12th. BMO Capital Markets set a $17.00 price target on Freeport-McMoran and gave the company a hold rating in a research report on Wednesday, July 26th. Deutsche Bank AG reiterated a hold rating and set a $13.00 price target (down previously from $14.00) on shares of Freeport-McMoran in a research report on Sunday, June 25th. Finally, BidaskClub upgraded Freeport-McMoran from a strong sell rating to a sell rating in a research report on Tuesday, June 27th. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $14.65.
Freeport-McMoran (NYSE FCX) traded up 2.334% during midday trading on Thursday, reaching $15.125. 4,468,857 shares of the company traded hands. The firm has a market capitalization of $21.89 billion, a price-to-earnings ratio of 21.333 and a beta of 2.59. Freeport-McMoran has a one year low of $9.24 and a one year high of $17.06. The firm has a 50-day moving average price of $14.27 and a 200-day moving average price of $12.98. Freeport-McMoran also was the target of some unusual options trading on Thursday. Traders acquired 44,787 call options on the company. This is an increase of approximately 130% compared to the average daily volume of 19,478 call options.
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 Zacks’ consensus estimate of $0.21 by $0.04. The company had revenue of $3.71 billion for the quarter, compared to analysts’ expectations of $3.67 billion. Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.02) EPS. Equities analysts predict that Freeport-McMoran will post $0.91 EPS for the current fiscal year.
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Institutional investors have recently bought and sold shares of the stock. Sun Life Financial INC boosted its stake in shares of Freeport-McMoran by 96,340.0% in the second quarter. Sun Life Financial INC now owns 9,644 shares of the natural resource company’s stock valued at $116,000 after buying an additional 9,634 shares during the last quarter. First Manhattan Co. boosted its stake in shares of Freeport-McMoran by 0.3% in the second quarter. First Manhattan Co. now owns 10,067 shares of the natural resource company’s stock valued at $120,000 after buying an additional 33 shares during the last quarter. Outfitter Advisors LTD. purchased a new stake in shares of Freeport-McMoran during the second quarter valued at $121,000. Acrospire Investment Management LLC purchased a new stake in shares of Freeport-McMoran during the first quarter valued at $122,000. Finally, Fisher Asset Management LLC purchased a new stake in shares of Freeport-McMoran during the second quarter valued at $122,000. 67.94% of the stock is currently owned by hedge funds and other institutional investors.
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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