Freeport-McMoran (FCX) Hits New 1-Year High at $17.67

Freeport-McMoran, Inc. (NYSE:FCX) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $17.67 and last traded at $17.33, with a volume of 17764800 shares changing hands. The stock had previously closed at $17.35.

A number of equities research analysts recently issued reports on the stock. Vertical Research reissued a “buy” rating and issued a $20.00 price objective on shares of Freeport-McMoran in a report on Tuesday, August 29th. Jefferies Group set a $18.00 target price on shares of Freeport-McMoran and gave the stock a “buy” rating in a research note on Monday, August 28th. BidaskClub raised shares of Freeport-McMoran from a “sell” rating to a “hold” rating in a research note on Thursday, August 24th. Deutsche Bank lowered shares of Freeport-McMoran from a “hold” rating to a “sell” rating and set a $13.00 target price for the company. in a research note on Tuesday, October 17th. Finally, Stifel Nicolaus set a $15.00 target price on shares of Freeport-McMoran and gave the stock a “hold” rating in a research note on Tuesday, August 29th. 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 given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $15.64.

The stock has a market cap of $25,115.69, a PE ratio of 19.07 and a beta of 2.56. The company has a quick ratio of 1.32, a current ratio of 2.02 and a debt-to-equity ratio of 1.23.

Freeport-McMoran (NYSE:FCX) last issued its quarterly earnings results on Wednesday, October 25th. The natural resource company reported $0.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.03. The business 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%. The business’s quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.13 earnings per share. analysts forecast that Freeport-McMoran, Inc. will post 1.08 EPS for the current year.

Several institutional investors and hedge funds have recently modified their holdings of the company. Visionary Asset Management Inc. acquired a new stake in shares of Freeport-McMoran during the third quarter worth about $215,000. GSA Capital Partners LLP acquired a new stake in Freeport-McMoran in the third quarter valued at approximately $303,000. Americafirst Capital Management LLC acquired a new stake in Freeport-McMoran in the third quarter valued at approximately $170,000. Belpointe Asset Management LLC acquired a new stake in Freeport-McMoran in the third quarter valued at approximately $150,000. Finally, Ladenburg Thalmann Financial Services Inc. raised its holdings in Freeport-McMoran by 5.5% in the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 159,535 shares of the natural resource company’s stock valued at $2,245,000 after acquiring an additional 8,321 shares in the last quarter. 68.07% of the stock is currently owned by institutional investors and hedge funds.

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About Freeport-McMoran

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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