Berenberg Bank Downgrades Freeport-McMoRan Inc. (FCX) to Sell
Freeport-McMoRan Inc. (NYSE:FCX) was downgraded by equities researchers at Berenberg Bank from a “hold” rating to a “sell” rating in a report issued on Wednesday, The Fly reports.
Other analysts also recently issued research reports about the stock. Vetr downgraded shares of Freeport-McMoRan from a “strong-buy” rating to a “buy” rating and set a $11.90 price target for the company. in a research report on Thursday, September 22nd. Deutsche Bank AG raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and lifted their price target for the company from $12.00 to $12.50 in a research report on Monday, October 3rd. Cowen and Company set a $15.00 price target on shares of Freeport-McMoRan and gave the company a “buy” rating in a research report on Tuesday, September 13th. Jefferies Group set a $15.00 price target on shares of Freeport-McMoRan and gave the company a “buy” rating in a research report on Sunday, October 16th. Finally, Barclays PLC lifted their price target on shares of Freeport-McMoRan from $10.00 to $11.00 and gave the company an “equal weight” rating in a research report on Monday, August 8th. Seven investment analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $11.05.
Shares of Freeport-McMoRan (NYSE:FCX) opened at 14.97 on Wednesday. The company’s market capitalization is $20.38 billion. The stock’s 50 day moving average price is $11.93 and its 200-day moving average price is $11.45. Freeport-McMoRan has a 1-year low of $3.52 and a 1-year high of $16.42.
Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, October 25th. The natural resource company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by $0.06. Freeport-McMoRan had a negative net margin of 58.67% and a negative return on equity of 0.72%. The business earned $3.88 billion during the quarter, compared to analyst estimates of $3.95 billion. During the same period in the previous year, the business posted ($0.15) EPS. The business’s revenue for the quarter was up 14.6% compared to the same quarter last year. On average, equities analysts predict that Freeport-McMoRan will post $0.25 EPS for the current year.
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In related news, Director Courtney Mather purchased 150,000 shares of the firm’s stock in a transaction dated Thursday, October 27th. The shares were purchased at an average cost of $10.72 per share, for a total transaction of $1,608,000.00. Following the completion of the transaction, the director now directly owns 65,523 shares in the company, valued at approximately $702,406.56. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.40% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. Capital Research Global Investors raised its position in shares of Freeport-McMoRan by 22.6% in the third quarter. Capital Research Global Investors now owns 139,981,480 shares of the natural resource company’s stock valued at $1,520,199,000 after buying an additional 25,806,187 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Freeport-McMoRan by 1.8% in the second quarter. Vanguard Group Inc. now owns 105,393,182 shares of the natural resource company’s stock valued at $1,174,080,000 after buying an additional 1,888,550 shares during the last quarter. State Street Corp raised its position in shares of Freeport-McMoRan by 0.6% in the second quarter. State Street Corp now owns 56,651,387 shares of the natural resource company’s stock valued at $631,088,000 after buying an additional 311,054 shares during the last quarter. BlackRock Fund Advisors raised its position in shares of Freeport-McMoRan by 5.1% in the third quarter. BlackRock Fund Advisors now owns 22,820,938 shares of the natural resource company’s stock valued at $247,835,000 after buying an additional 1,111,143 shares during the last quarter. Finally, Northern Trust Corp raised its position in shares of Freeport-McMoRan by 2.3% in the third quarter. Northern Trust Corp now owns 17,734,495 shares of the natural resource company’s stock valued at $192,596,000 after buying an additional 403,038 shares during the last quarter. Hedge funds and other institutional investors own 69.95% of the company’s stock.
Freeport-McMoRan Inc (FCX) is a natural resource company with a portfolio of mineral assets, and oil and natural gas resources. The Company’s segments include the Morenci, Cerro Verde, Grasberg and Tenke Fungurume copper mines, the Rod & Refining operations and the U.S. Oil & Gas Operations. It has organized its operations into five primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining and Molybdenum mines.
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