Freeport-McMoran, Inc. (NYSE:FCX) – Analysts at FBR & Co upped their Q4 2017 earnings per share estimates for Freeport-McMoran in a note issued to investors on Thursday. FBR & Co analyst L. Pipes now forecasts that the natural resource company will post earnings per share of $0.40 for the quarter, up from their previous forecast of $0.36. FBR & Co currently has a “Hold” rating and a $12.00 price target on the stock. FBR & Co also issued estimates for Freeport-McMoran’s Q3 2018 earnings at $0.36 EPS, Q4 2018 earnings at $0.36 EPS and FY2018 earnings at $1.48 EPS.
Several other analysts have also recently commented on the company. UBS AG lifted their price target on Freeport-McMoran from $13.50 to $14.00 and gave the company a “neutral” rating in a report on Monday. ValuEngine upgraded Freeport-McMoran from a “hold” rating to a “buy” rating in a report on Thursday, October 26th. Deutsche Bank AG cut 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 upgraded 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 equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Freeport-McMoran presently has an average rating of “Hold” and an average target price of $15.54.
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Shares of Freeport-McMoran (FCX) traded up 2.36% during mid-day trading on Monday, hitting $14.31. 11,695,108 shares of the stock traded hands. The company has a market cap of $20.71 billion, a P/E ratio of 20.18 and a beta of 2.54. The stock has a 50 day moving average price of $14.40 and a 200-day moving average price of $13.32. Freeport-McMoran has a one year low of $10.50 and a one year high of $17.06.
Freeport-McMoran (NYSE:FCX) last posted its earnings results on Wednesday, October 25th. The natural resource company reported $0.34 EPS for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.03. The company had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.06 billion. Freeport-McMoran had a net margin of 6.20% and a return on equity of 13.35%. Freeport-McMoran’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 company posted $0.13 earnings per share.
In related news, COO Harry M. Iv Conger purchased 36,180 shares of Freeport-McMoran stock in a transaction that occurred on Thursday, September 7th. The shares were purchased at an average cost of $15.23 per share, with a total value of $551,021.40. Following the transaction, the chief operating officer now owns 73,943 shares of the company’s stock, valued at approximately $1,126,151.89. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.29% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in FCX. BT Investment Management Ltd purchased a new stake in Freeport-McMoran during the 2nd quarter worth approximately $94,821,000. BlueMountain Capital Management LLC increased its holdings in Freeport-McMoran by 100.4% during the 2nd 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 last quarter. Vanguard Group Inc. increased its holdings in Freeport-McMoran by 4.9% during the 2nd 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 last quarter. Bank of New York Mellon Corp increased its holdings in Freeport-McMoran by 39.4% during the 2nd 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 last quarter. Finally, Contrarius Investment Management Ltd increased its holdings in Freeport-McMoran by 700.5% during the 2nd 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 last quarter. 67.95% 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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