Freeport-McMoRan (NYSE:FCX) Trading 6.7% Higher on Analyst Upgrade

Freeport-McMoRan Inc (NYSE:FCX)’s stock price traded up 6.7% on Wednesday after B. Riley raised their price target on the stock from $16.00 to $19.00. B. Riley currently has a buy rating on the stock. Freeport-McMoRan traded as high as $7.24 and last traded at $7.46, 1,693,279 shares were traded during trading. A decline of 96% from the average session volume of 38,327,376 shares. The stock had previously closed at $6.99.

FCX has been the subject of a number of other research reports. Credit Suisse Group cut shares of Freeport-McMoRan from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $11.00 to $10.00 in a research report on Tuesday, January 14th. They noted that the move was a valuation call. ValuEngine raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Friday, January 31st. CIBC reaffirmed a “buy” rating and set a $17.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, February 5th. Raymond James reissued a “market perform” rating and issued a $12.00 price target on shares of Freeport-McMoRan in a research report on Friday, January 24th. Finally, Deutsche Bank decreased their price target on shares of Freeport-McMoRan from $13.50 to $11.00 and set a “buy” rating for the company in a research report on Friday, March 20th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $13.23.

In other Freeport-McMoRan news, Director John Joseph Stephens bought 45,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The shares were purchased at an average price of $11.29 per share, with a total value of $508,050.00. Following the completion of the acquisition, the director now directly owns 12,190 shares of the company’s stock, valued at approximately $137,625.10. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.98% of the company’s stock.

A number of large investors have recently bought and sold shares of the stock. Legacy Capital Partners Inc. lifted its position in shares of Freeport-McMoRan by 1.9% during the fourth quarter. Legacy Capital Partners Inc. now owns 40,820 shares of the natural resource company’s stock worth $536,000 after purchasing an additional 780 shares during the last quarter. Thrivent Financial for Lutherans raised its stake in Freeport-McMoRan by 1.3% during the fourth quarter. Thrivent Financial for Lutherans now owns 66,131 shares of the natural resource company’s stock valued at $868,000 after buying an additional 847 shares in the last quarter. Utah Retirement Systems raised its stake in Freeport-McMoRan by 0.3% during the fourth quarter. Utah Retirement Systems now owns 276,073 shares of the natural resource company’s stock valued at $3,622,000 after buying an additional 900 shares in the last quarter. Sumitomo Life Insurance Co. lifted its holdings in Freeport-McMoRan by 2.1% during the 4th quarter. Sumitomo Life Insurance Co. now owns 49,570 shares of the natural resource company’s stock worth $650,000 after buying an additional 998 shares during the last quarter. Finally, Evoke Wealth LLC lifted its holdings in Freeport-McMoRan by 1.5% during the 4th quarter. Evoke Wealth LLC now owns 66,122 shares of the natural resource company’s stock worth $868,000 after buying an additional 998 shares during the last quarter. 72.84% of the stock is currently owned by hedge funds and other institutional investors.

The company has a current ratio of 2.47, a quick ratio of 1.20 and a debt-to-equity ratio of 0.56. The company has a market cap of $10.14 billion, a price-to-earnings ratio of -58.25 and a beta of 2.19. The firm has a 50-day moving average price of $9.64 and a 200 day moving average price of $10.83.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.03. Freeport-McMoRan had a positive return on equity of 0.18% and a negative net margin of 1.12%. The business had revenue of $3.91 billion for the quarter, compared to analyst estimates of $3.69 billion. During the same period in the prior year, the company posted $0.11 EPS. The business’s revenue was up 6.2% compared to the same quarter last year. Research analysts anticipate that Freeport-McMoRan Inc will post 0.1 earnings per share for the current fiscal year.

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.

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