Freeport-McMoRan Inc (NYSE:FCX) Given Average Rating of “Buy” by Brokerages

Freeport-McMoRan Inc (NYSE:FCX) has been assigned a consensus rating of “Buy” from the twenty analysts that are presently covering the company, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $12.58.

A number of equities research analysts have recently commented on the company. UBS Group cut their price objective on Freeport-McMoRan from $15.00 to $12.00 and set a “buy” rating for the company in a research report on Monday, March 30th. Eight Capital upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating in a report on Monday, April 27th. Deutsche Bank reduced their target price on Freeport-McMoRan from $13.50 to $11.00 and set a “buy” rating for the company in a report on Friday, March 20th. Citigroup reduced their target price on Freeport-McMoRan from $14.00 to $12.00 and set a “buy” rating for the company in a report on Friday, March 27th. Finally, Raymond James increased their target price on Freeport-McMoRan from $9.00 to $10.00 and gave the company a “market perform” rating in a report on Monday, April 27th.

FCX stock traded up $0.39 on Friday, reaching $10.14. The company’s stock had a trading volume of 24,758,555 shares, compared to its average volume of 28,205,963. Freeport-McMoRan has a 52 week low of $4.82 and a 52 week high of $13.64. The company has a market capitalization of $14.88 billion, a P/E ratio of -21.12 and a beta of 2.24. The firm has a fifty day moving average of $8.64 and a two-hundred day moving average of $10.27. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.34 and a quick ratio of 1.11.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Friday, April 24th. The natural resource company reported ($0.16) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.02. The business had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.98 billion. Freeport-McMoRan had a negative return on equity of 1.55% and a negative net margin of 5.05%. The business’s revenue for the quarter was down 26.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.05 EPS. As a group, equities analysts expect that Freeport-McMoRan will post -0.17 EPS for the current fiscal year.

A number of institutional investors have recently bought and sold shares of FCX. Strs Ohio grew its position in shares of Freeport-McMoRan by 4.3% in the fourth quarter. Strs Ohio now owns 226,476 shares of the natural resource company’s stock valued at $2,971,000 after purchasing an additional 9,344 shares during the last quarter. California Public Employees Retirement System grew its position in shares of Freeport-McMoRan by 5.4% in the fourth quarter. California Public Employees Retirement System now owns 3,130,000 shares of the natural resource company’s stock valued at $41,066,000 after purchasing an additional 160,641 shares during the last quarter. World Asset Management Inc grew its position in shares of Freeport-McMoRan by 1.2% in the fourth quarter. World Asset Management Inc now owns 109,320 shares of the natural resource company’s stock valued at $1,434,000 after purchasing an additional 1,320 shares during the last quarter. Retirement Systems of Alabama grew its position in shares of Freeport-McMoRan by 0.4% in the fourth quarter. Retirement Systems of Alabama now owns 637,665 shares of the natural resource company’s stock valued at $8,366,000 after purchasing an additional 2,298 shares during the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at about $277,000. 71.17% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Company Profile

Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.

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Analyst Recommendations for Freeport-McMoRan (NYSE:FCX)

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