Freeport-McMoran, Inc. (FCX) Bond Prices Rise 0.9%

An issue of Freeport-McMoran, Inc. (NYSE:FCX) debt rose 0.9% against its face value during trading on Monday. The debt issue has a 3.875% coupon and will mature on March 15, 2023. The debt is now trading at $93.13 and was trading at $93.50 last week. Price changes in a company’s debt in credit markets often predict parallel changes in its share price.

Several research firms have recently weighed in on FCX. Cowen and Company restated a “buy” rating on shares of Freeport-McMoran in a research note on Tuesday, April 11th. FBR & Co restated a “hold” rating and issued a $13.00 price target on shares of Freeport-McMoran in a research note on Wednesday, April 5th. Vetr cut Freeport-McMoran from a “strong-buy” rating to a “buy” rating and set a $14.64 price target for the company. in a research note on Monday, April 10th. Deutsche Bank AG upgraded Freeport-McMoran from a “sell” rating to a “hold” rating and boosted their price target for the stock from $12.50 to $14.00 in a research note on Tuesday, March 21st. Finally, Berenberg Bank upgraded Freeport-McMoran from a “sell” rating to a “hold” rating and set a $12.00 price target for the company in a research note on Wednesday, March 22nd. Four analysts have rated the stock with a sell rating, eight have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Freeport-McMoran presently has a consensus rating of “Hold” and an average target price of $13.59.

Freeport-McMoran, Inc. (NYSE:FCX) traded up 5.21% during mid-day trading on Monday, reaching $12.52. The company’s stock had a trading volume of 24,245,156 shares. Freeport-McMoran, Inc. has a one year low of $9.24 and a one year high of $17.06. The stock has a 50-day moving average price of $11.71 and a 200-day moving average price of $13.34. The company has a market capitalization of $18.11 billion, a price-to-earnings ratio of 66.95 and a beta of 2.55. Freeport-McMoran also was the target of unusually large options trading activity on Monday. Stock traders acquired 26,905 call options on the company. This is an increase of 117% compared to the typical daily volume of 12,393 call options.

Freeport-McMoran (NYSE:FCX) last released its earnings results on Tuesday, April 25th. The natural resource company reported $0.15 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.16 by $0.01. Freeport-McMoran had a return on equity of 7.97% and a net margin of 1.11%. The business had revenue of $3.34 billion during the quarter, compared to analysts’ expectations of $3.51 billion. During the same period last year, the business earned ($0.16) earnings per share. The company’s revenue for the quarter was down 5.3% compared to the same quarter last year. Equities research analysts forecast that Freeport-McMoran, Inc. will post $1.02 EPS for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC raised its position in Freeport-McMoran by 104.4% in the first quarter. FMR LLC now owns 42,399,057 shares of the natural resource company’s stock worth $566,451,000 after buying an additional 21,652,647 shares during the period. Vanguard Group Inc. raised its position in Freeport-McMoran by 10.7% in the first quarter. Vanguard Group Inc. now owns 132,991,679 shares of the natural resource company’s stock worth $1,776,769,000 after buying an additional 12,897,514 shares during the period. Westpac Banking Corp raised its position in Freeport-McMoran by 1,493.6% in the first quarter. Westpac Banking Corp now owns 7,038,887 shares of the natural resource company’s stock worth $102,454,000 after buying an additional 6,597,176 shares during the period. Manning & Napier Advisors LLC acquired a new position in Freeport-McMoran during the first quarter worth $84,644,000. Finally, Capital Growth Management LP acquired a new position in Freeport-McMoran during the first quarter worth $71,743,000. 69.84% of the stock is currently owned by institutional investors and hedge funds.

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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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