Freeport-McMoran, Inc. (NYSE:FCX) shares traded down 6.4% during mid-day trading on Friday . The stock traded as low as $14.13 and last traded at $14.24. 27,475,088 shares were traded during trading, an increase of 43% from the average session volume of 19,227,700 shares. The stock had previously closed at $15.21.
Several research analysts recently issued reports on the stock. Macquarie assumed coverage on shares of Freeport-McMoran in a report on Thursday. They set a “neutral” rating and a $16.00 price target for the company. Berenberg Bank reissued a “sell” rating and set a $10.40 price target on shares of Freeport-McMoran in a report on Tuesday, September 5th. ValuEngine raised shares of Freeport-McMoran from a “hold” rating to a “buy” rating in a report on Thursday, August 31st. Stifel Nicolaus set a $15.00 price target on shares of Freeport-McMoran and gave the stock a “hold” rating in a report on Tuesday, August 29th. Finally, Vertical Research reissued a “buy” rating and set a $20.00 price target on shares of Freeport-McMoran in a report on Tuesday, August 29th. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Hold” and an average price target of $14.99.
The company’s 50 day moving average is $14.59 and its 200-day moving average is $12.96. The firm has a market cap of $20.61 billion, a price-to-earnings ratio of 20.08 and a beta of 2.57.
Freeport-McMoran (NYSE:FCX) last released its earnings results on Tuesday, July 25th. The natural resource company reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.21 by $0.04. Freeport-McMoran had a return on equity of 10.45% and a net margin of 5.97%. The business had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.67 billion. During the same quarter in the previous year, the firm earned ($0.02) earnings per share. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. Equities research analysts predict that Freeport-McMoran, Inc. will post $0.91 EPS for the current fiscal year.
In other Freeport-McMoran news, COO Harry M. Iv Conger bought 36,180 shares of the company’s stock in a transaction that occurred on Thursday, September 7th. The shares were acquired at an average cost of $15.23 per share, for a total transaction of $551,021.40. Following the acquisition, the chief operating officer now directly owns 73,943 shares of the company’s stock, valued at $1,126,151.89. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 1.40% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Intl Fcstone Inc. bought a new stake in shares of Freeport-McMoran in the 2nd quarter worth approximately $445,000. Lord Abbett & CO. LLC raised its holdings in shares of Freeport-McMoran by 8.7% in the 2nd quarter. Lord Abbett & CO. LLC now owns 2,055,772 shares of the natural resource company’s stock worth $24,690,000 after purchasing an additional 164,100 shares in the last quarter. Sentry Investment Management LLC raised its holdings in shares of Freeport-McMoran by 22.9% in the 2nd quarter. Sentry Investment Management LLC now owns 105,176 shares of the natural resource company’s stock worth $1,263,000 after purchasing an additional 19,584 shares in the last quarter. Toronto Dominion Bank raised its holdings in shares of Freeport-McMoran by 25.3% in the 2nd quarter. Toronto Dominion Bank now owns 460,229 shares of the natural resource company’s stock worth $5,527,000 after purchasing an additional 92,843 shares in the last quarter. Finally, Cetera Investment Advisers bought a new stake in shares of Freeport-McMoran in the 2nd quarter worth approximately $1,315,000. Institutional investors and hedge funds own 67.94% of the company’s stock.
ILLEGAL ACTIVITY NOTICE: This piece of content was first reported by Markets Daily and is owned by of Markets Daily. If you are reading this piece of content on another website, it was illegally copied and republished in violation of US and international copyright & trademark laws. The correct version of this piece of content can be viewed at https://www.themarketsdaily.com/2017/09/10/freeport-mcmoran-inc-fcx-trading-down-6-4.html.
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.
Receive News & Ratings for Freeport-McMoran Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoran Inc. and related companies with MarketBeat.com's FREE daily email newsletter.