Freeport-McMoRan (NYSE:FCX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Freeport is taking actions to cut mining costs which should lend support to its margins. 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 remains affected by supply-related issues and slowdown in China. Moreover, the company still faces uncertainties surrounding the Grasberg mine. It is also exposed to a volatile copper pricing environment.”
A number of other equities research analysts have also commented on FCX. B. Riley restated a “neutral” rating on shares of Freeport-McMoRan in a research report on Wednesday, November 1st. Royal Bank of Canada set a $14.00 price objective on Freeport-McMoRan and gave the stock a “hold” rating in a research report on Wednesday, October 11th. FBR & Co restated a “neutral” rating and set a $12.00 price objective (down from $13.00) on shares of Freeport-McMoRan in a research report on Thursday, September 14th. Scotiabank restated a “hold” rating and set a $19.00 price objective on shares of Freeport-McMoRan in a research report on Monday, January 8th. Finally, UBS Group raised their price objective on Freeport-McMoRan from $13.50 to $14.00 and gave the stock a “neutral” rating in a research report on Monday, October 30th. Two research analysts have rated the stock with a sell rating, sixteen have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $15.80.
Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Wednesday, October 25th. The natural resource company reported $0.34 EPS for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.03. Freeport-McMoRan had a return on equity of 13.35% and a net margin of 6.20%. The firm had revenue of $4.31 billion during the quarter, compared to analyst estimates of $4.06 billion. During the same period last year, the company posted $0.13 EPS. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. equities research analysts forecast that Freeport-McMoRan will post 1.09 EPS for the current fiscal year.
Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Freeport-McMoRan by 4.9% during the 2nd quarter. Vanguard Group Inc. now owns 139,502,519 shares of the natural resource company’s stock valued at $1,675,425,000 after buying an additional 6,510,840 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Freeport-McMoRan by 18.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 24,292,902 shares of the natural resource company’s stock valued at $341,073,000 after buying an additional 3,724,271 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Freeport-McMoRan by 5.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 12,110,654 shares of the natural resource company’s stock valued at $170,081,000 after buying an additional 589,638 shares during the last quarter. TIAA CREF Investment Management LLC lifted its holdings in Freeport-McMoRan by 18.8% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 8,810,911 shares of the natural resource company’s stock worth $105,819,000 after purchasing an additional 1,391,459 shares during the last quarter. Finally, BT Investment Management Ltd lifted its holdings in Freeport-McMoRan by 6.4% in the 3rd quarter. BT Investment Management Ltd now owns 8,402,905 shares of the natural resource company’s stock worth $118,048,000 after purchasing an additional 507,722 shares during the last quarter. Institutional investors and hedge funds own 68.07% of the company’s stock.
TRADEMARK VIOLATION WARNING: “Freeport-McMoRan (FCX) Rating Lowered to Hold at Zacks Investment Research” was first published by Markets Daily and is the property of of Markets Daily. If you are accessing this article on another domain, it was illegally copied and republished in violation of United States & international copyright and trademark legislation. The correct version of this article can be read at https://www.themarketsdaily.com/2018/01/13/freeport-mcmoran-fcx-rating-lowered-to-hold-at-zacks-investment-research.html.
Freeport-McMoRan Company Profile
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Freeport-McMoRan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoRan and related companies with MarketBeat.com's FREE daily email newsletter.