Freeport-McMoRan Inc (NYSE:FCX) – Analysts at Gabelli issued their FY2018 EPS estimates for shares of Freeport-McMoRan in a report released on Wednesday, November 7th, Zacks Investment Research reports. Gabelli analyst C. Mancini expects that the natural resource company will post earnings of $1.96 per share for the year. Gabelli also issued estimates for Freeport-McMoRan’s FY2019 earnings at $0.82 EPS and FY2020 earnings at $1.13 EPS.
FCX has been the topic of several other reports. TheStreet downgraded Freeport-McMoRan from a “b-” rating to a “c+” rating in a report on Monday, November 19th. ValuEngine upgraded Freeport-McMoRan from a “strong sell” rating to a “sell” rating in a report on Friday, September 21st. Deutsche Bank set a $15.00 price target on Freeport-McMoRan and gave the stock a “hold” rating in a report on Tuesday, October 2nd. Barclays initiated coverage on Freeport-McMoRan in a report on Wednesday, October 10th. They issued an “underweight” rating and a $12.00 price target on the stock. Finally, B. Riley reduced their price target on Freeport-McMoRan from $19.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, September 19th. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $16.71.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Wednesday, October 24th. The natural resource company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. Freeport-McMoRan had a return on equity of 22.63% and a net margin of 15.80%. The business had revenue of $4.91 billion for the quarter, compared to the consensus estimate of $4.50 billion. During the same period in the prior year, the business posted $0.34 earnings per share. The company’s quarterly revenue was up 13.9% compared to the same quarter last year.
A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in Freeport-McMoRan by 3.6% during the 3rd quarter. Vanguard Group Inc. now owns 154,818,850 shares of the natural resource company’s stock valued at $2,155,078,000 after acquiring an additional 5,375,340 shares in the last quarter. BlackRock Inc. boosted its position in Freeport-McMoRan by 8.9% during the 3rd quarter. BlackRock Inc. now owns 102,252,475 shares of the natural resource company’s stock valued at $1,423,352,000 after acquiring an additional 8,364,557 shares in the last quarter. Fisher Asset Management LLC boosted its position in Freeport-McMoRan by 122.8% during the 3rd quarter. Fisher Asset Management LLC now owns 32,256,568 shares of the natural resource company’s stock valued at $449,011,000 after acquiring an additional 17,780,072 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Freeport-McMoRan by 28.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 27,267,197 shares of the natural resource company’s stock valued at $470,631,000 after acquiring an additional 6,041,164 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Freeport-McMoRan by 1.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 14,003,759 shares of the natural resource company’s stock valued at $194,922,000 after acquiring an additional 211,789 shares in the last quarter. 70.43% of the stock is currently owned by institutional investors.
In related news, Director Courtney Mather sold 75,000 shares of the stock in a transaction that occurred on Tuesday, October 30th. The stock was sold at an average price of $11.15, for a total value of $836,250.00. Following the transaction, the director now owns 152,133 shares of the company’s stock, valued at $1,696,282.95. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.05% of the stock is owned by corporate insiders.
Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.
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