Freeport-McMoran, Inc. (NYSE:FCX) – Equities research analysts at B. Riley upped their FY2017 EPS estimates for Freeport-McMoran in a research report issued on Monday. B. Riley analyst L. Pipes now expects that the natural resource company will post earnings per share of $1.08 for the year, up from their previous forecast of $1.06. B. Riley currently has a “Neutral” rating and a $16.00 price target on the stock. B. Riley also issued estimates for Freeport-McMoran’s Q4 2017 earnings at $0.44 EPS, Q3 2018 earnings at $0.40 EPS, Q4 2018 earnings at $0.40 EPS, FY2018 earnings at $1.56 EPS and FY2019 earnings at $0.94 EPS.
A number of other research firms have also recently commented on FCX. Zacks Investment Research raised shares of Freeport-McMoran from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a research report on Tuesday, October 10th. ValuEngine raised shares of Freeport-McMoran from a “hold” rating to a “buy” rating in a report on Thursday, October 26th. FBR & Co reaffirmed a “hold” rating and issued a $12.00 price target on shares of Freeport-McMoran in a report on Thursday, October 26th. Jefferies Group reaffirmed a “buy” rating and issued a $19.00 price target (down from $23.00) on shares of Freeport-McMoran in a report on Wednesday, October 4th. Finally, BidaskClub raised shares of Freeport-McMoran from a “sell” rating to a “hold” rating in a report on Thursday, August 24th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Freeport-McMoran currently has an average rating of “Hold” and a consensus price target of $15.64.
Freeport-McMoran (NYSE:FCX) last posted its earnings results on Wednesday, October 25th. The natural resource company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.03. Freeport-McMoran had a net margin of 6.20% and a return on equity of 13.35%. The business had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.06 billion. During the same period in the previous year, the company posted $0.13 earnings per share. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year.
Several institutional investors have recently added to or reduced their stakes in the company. Visionary Asset Management Inc. bought a new position in shares of Freeport-McMoran during the third quarter worth about $215,000. GSA Capital Partners LLP bought a new position in shares of Freeport-McMoran during the third quarter worth about $303,000. Americafirst Capital Management LLC bought a new position in shares of Freeport-McMoran during the third quarter worth about $170,000. Belpointe Asset Management LLC bought a new position in Freeport-McMoran in the 3rd quarter valued at about $150,000. Finally, Ladenburg Thalmann Financial Services Inc. grew its position in Freeport-McMoran by 5.5% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 159,535 shares of the natural resource company’s stock valued at $2,245,000 after buying an additional 8,321 shares in the last quarter. Institutional investors and hedge funds own 68.12% 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.
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