Freeport-McMoran’s (NYSE:FCX) “Market Perform” Rating Reaffirmed at FBR & Co
FBR & Co reissued their market perform rating on shares of Freeport-McMoran, Inc. (NYSE:FCX) in a research report sent to investors on Thursday. They currently have a $13.00 target price on the natural resource company’s stock, up from their previous target price of $12.00. FBR & Co also issued estimates for Freeport-McMoran’s Q1 2018 earnings at $0.24 EPS, Q2 2018 earnings at $0.24 EPS, Q3 2018 earnings at $0.25 EPS, Q4 2018 earnings at $0.25 EPS, FY2018 earnings at $0.97 EPS and FY2019 earnings at $0.66 EPS.
Several other brokerages also recently commented on FCX. BMO Capital Markets reissued a hold rating and issued a $15.00 target price on shares of Freeport-McMoran in a report on Thursday, June 29th. BidaskClub raised Freeport-McMoran from a sell rating to a hold rating in a report on Monday, July 24th. Clarkson Capital reissued a neutral rating on shares of Freeport-McMoran in a report on Monday, July 10th. Berenberg Bank set a $10.00 target price on Freeport-McMoran and gave the stock a sell rating in a report on Saturday, July 22nd. Finally, Cowen and Company boosted their target price on Freeport-McMoran from $20.00 to $22.00 and gave the stock an outperform rating in a report on Thursday. 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 given a strong buy rating to the company. The stock has an average rating of Hold and an average price target of $14.27.
Shares of Freeport-McMoran (NYSE FCX) traded up 0.27% during mid-day trading on Thursday, reaching $14.64. The company’s stock had a trading volume of 7,804,955 shares. The firm has a market capitalization of $21.18 billion, a P/E ratio of 20.65 and a beta of 2.55. Freeport-McMoran has a 12 month low of $9.24 and a 12 month high of $17.06. The company has a 50 day moving average of $12.48 and a 200-day moving average of $13.17.
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 consensus estimate of $0.21 by $0.04. The business had revenue of $3.71 billion during the quarter, compared to analyst estimates of $3.67 billion. Freeport-McMoran had a return on equity of 10.45% and a net margin of 5.97%. The firm’s 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) earnings per share. Equities research analysts forecast that Freeport-McMoran will post $0.91 EPS for the current year.
Several hedge funds have recently modified their holdings of FCX. 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. Acrospire Investment Management LLC acquired a new stake in shares of Freeport-McMoran during the first quarter valued at approximately $122,000. Fisher Asset Management LLC acquired a new stake in shares of Freeport-McMoran during the second quarter valued at approximately $122,000. Advantage Investment Management LLC boosted its stake in shares of Freeport-McMoran by 5.6% in the first quarter. Advantage Investment Management LLC now owns 9,402 shares of the natural resource company’s stock valued at $126,000 after buying an additional 500 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. boosted its stake in shares of Freeport-McMoran by 56.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 10,704 shares of the natural resource company’s stock valued at $129,000 after buying an additional 3,865 shares during the last quarter. Institutional investors own 69.57% of the company’s stock.
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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