Freeport-McMoRan (NYSE:FCX) Shares Down 6% on Disappointing Earnings

Freeport-McMoRan Inc. (NYSE:FCXGet Free Report) shares fell 6% on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $36.56 and last traded at $36.76. 4,101,134 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 12,150,418 shares. The stock had previously closed at $39.09.

The natural resource company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%.

Analyst Upgrades and Downgrades

FCX has been the subject of a number of research analyst reports. Raymond James upped their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Scotiabank reduced their target price on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating for the company in a research note on Monday, January 6th. Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, Jefferies Financial Group cut their price target on shares of Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Seven equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $52.42.

View Our Latest Report on FCX

Institutional Investors Weigh In On Freeport-McMoRan

Institutional investors and hedge funds have recently modified their holdings of the company. Sanctuary Advisors LLC raised its holdings in shares of Freeport-McMoRan by 9.7% in the 3rd quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company’s stock valued at $8,219,000 after purchasing an additional 14,501 shares during the period. Easterly Investment Partners LLC raised its holdings in shares of Freeport-McMoRan by 137.5% in the 3rd quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company’s stock valued at $7,375,000 after purchasing an additional 85,542 shares during the period. Summit Global Investments grew its stake in Freeport-McMoRan by 1,559.3% in the 3rd quarter. Summit Global Investments now owns 76,493 shares of the natural resource company’s stock valued at $3,819,000 after buying an additional 71,883 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Freeport-McMoRan in the 3rd quarter valued at about $754,000. Finally, AIA Group Ltd grew its stake in Freeport-McMoRan by 16.2% in the 3rd quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company’s stock valued at $4,604,000 after buying an additional 12,887 shares during the last quarter. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Performance

The firm has a market cap of $55.31 billion, a price-to-earnings ratio of 28.10, a price-to-earnings-growth ratio of 2.44 and a beta of 1.87. The stock’s 50 day moving average is $40.91 and its 200 day moving average is $44.04. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan Company Profile

(Get Free Report)

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.

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