Freeport-McMoRan (NYSE:FCX) Shares Gap Down to $11.45

Freeport-McMoRan Inc (NYSE:FCX) shares gapped down prior to trading on Tuesday . The stock had previously closed at $11.86, but opened at $11.45. Freeport-McMoRan shares last traded at $10.92, with a volume of 30,372,961 shares.

FCX has been the subject of several recent research reports. BNP Paribas began coverage on Freeport-McMoRan in a research report on Friday, September 20th. They set an “outperform” rating for the company. Raymond James set a $11.50 target price on shares of Freeport-McMoRan and gave the stock a “market perform” rating in a research report on Friday. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $13.00 to $12.00 in a research note on Thursday, October 10th. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $14.00 price target for the company in a research report on Wednesday, November 13th. Finally, Morgan Stanley reissued an “overweight” rating and set a $13.30 price objective on shares of Freeport-McMoRan in a research note on Thursday, November 7th. Eight investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $13.25.

The firm has a fifty day moving average price of $10.68 and a two-hundred day moving average price of $10.35. The company has a quick ratio of 1.16, a current ratio of 2.47 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $15.81 billion, a P/E ratio of 7.18 and a beta of 2.50.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Wednesday, October 23rd. The natural resource company reported ($0.01) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.01). Freeport-McMoRan had a negative net margin of 0.22% and a positive return on equity of 0.91%. The company had revenue of $3.31 billion for the quarter, compared to analysts’ expectations of $3.49 billion. During the same quarter in the previous year, the business posted $0.35 EPS. Freeport-McMoRan’s revenue was down 32.6% compared to the same quarter last year. Sell-side analysts anticipate that Freeport-McMoRan Inc will post 0.02 earnings per share for the current fiscal year.

A number of institutional investors have recently modified their holdings of FCX. Nuveen Asset Management LLC lifted its stake in shares of Freeport-McMoRan by 14,378.6% in the second quarter. Nuveen Asset Management LLC now owns 10,964,634 shares of the natural resource company’s stock worth $127,299,000 after buying an additional 10,888,904 shares in the last quarter. Fisher Asset Management LLC boosted its stake in Freeport-McMoRan by 31.9% during the 3rd quarter. Fisher Asset Management LLC now owns 38,822,910 shares of the natural resource company’s stock valued at $371,535,000 after purchasing an additional 9,381,370 shares during the last quarter. Polaris Greystone Financial Group LLC purchased a new stake in Freeport-McMoRan during the 2nd quarter valued at $25,470,000. Phoenix Holdings Ltd. bought a new stake in shares of Freeport-McMoRan in the 3rd quarter worth $18,259,000. Finally, Delek Group Ltd. bought a new stake in shares of Freeport-McMoRan in the 2nd quarter worth $21,551,000. 71.25% of the stock is owned by institutional investors and hedge funds.

About Freeport-McMoRan (NYSE:FCX)

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.

Featured Story: Initial Public Offering (IPO)

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.