Freeport-McMoran, Inc. (FCX) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Freeport-McMoran, Inc. (NYSE:FCX) from a buy rating to a hold rating in a research note published on Monday.

According to Zacks, “Freeport reported a year-over-year increase in earnings and revenues for third-quarter 2017. Earnings and sales also beat the respective Zacks Consensus Estimate. Freeport is taking actions to cut mining costs which should lend support to its margins in 2017. The company should also gain from efforts to de-leverage its balance sheet. It is also conducting exploration activities near its existing mines with a focus to expand reserves that will support additional future production capacity. However, Freeport’s copper business is affected by supply-related issues and slowdown in China (a major market). The company is also exposed to a volatile copper pricing environment. Moreover, the company still faces uncertainties surrounding the Grasberg mine. Freeport has also underperformed the industry it belongs to over the last three months.”

FCX has been the topic of a number of other reports. ValuEngine upgraded Freeport-McMoran from a hold rating to a buy rating in a research note on Thursday, August 31st. Royal Bank Of Canada set a $14.00 price target on Freeport-McMoran and gave the stock a hold rating in a research note on Wednesday, October 11th. FBR & Co restated a neutral rating and set a $12.00 price target (down from $13.00) on shares of Freeport-McMoran in a research note on Thursday, September 14th. Berenberg Bank set a $10.00 price target on Freeport-McMoran and gave the stock a sell rating in a research note on Friday, July 28th. Finally, Jefferies Group LLC restated a buy rating and set a $19.00 price target (down from $23.00) on shares of Freeport-McMoran in a research note on Wednesday, October 4th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Freeport-McMoran currently has an average rating of Hold and a consensus target price of $15.54.

Freeport-McMoran (NYSE FCX) traded down $0.07 during trading hours on Monday, reaching $13.56. The company’s stock had a trading volume of 6,741,445 shares, compared to its average volume of 21,498,537. 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 has a one year low of $11.05 and a one year high of $17.06. The firm has a market capitalization of $19,830.00, a PE ratio of 15.16 and a beta of 2.55.

Freeport-McMoran (NYSE:FCX) last released its quarterly 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 return on equity of 13.35% and a net margin of 6.20%. The company had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.06 billion. During the same period in the prior year, the firm earned $0.13 earnings per share. The firm’s revenue was up 11.2% compared to the same quarter last year. equities analysts predict that Freeport-McMoran will post 1.07 earnings per share for the current fiscal year.

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In other news, COO Harry M. Iv Conger acquired 36,180 shares of the company’s stock in a transaction on Thursday, September 7th. The shares were bought at an average price of $15.23 per share, with a total value of $551,021.40. Following the completion of the acquisition, the chief operating officer now owns 73,943 shares in the company, valued at approximately $1,126,151.89. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.29% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the business. Shell Asset Management Co. grew its holdings in shares of Freeport-McMoran by 97.9% during the third quarter. Shell Asset Management Co. now owns 160,362 shares of the natural resource company’s stock worth $5,236,000 after purchasing an additional 79,343 shares during the last quarter. Hosking Partners LLP grew its holdings in shares of Freeport-McMoran by 68.7% during the second quarter. Hosking Partners LLP now owns 809,467 shares of the natural resource company’s stock worth $9,722,000 after purchasing an additional 329,770 shares during the last quarter. AXA purchased a new position in shares of Freeport-McMoran during the second quarter worth about $15,414,000. Caxton Associates LP purchased a new position in shares of Freeport-McMoran during the second quarter worth about $7,206,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in shares of Freeport-McMoran by 6.8% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 166,437 shares of the natural resource company’s stock worth $1,999,000 after buying an additional 10,574 shares during the last quarter. 69.09% of the stock is currently owned by institutional investors.

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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