Freeport-McMoran, Inc. (FCX) Given New $13.00 Price Target at FBR & Co

Lloyd Doyle
January 13, 2018

Investors sentiment is 1 in Q3 2017. Its the same as in 2017Q2. The company's revenue was up 11.2% on a year-over-year basis. analysts predict that Freeport-McMoRan Inc will post 1.09 earnings per share for the current fiscal year. The investment professionals in our partner's database now hold: 961.13 million shares, down from 962.50 million shares in 2017Q2.

Tygh Capital Management Inc, which manages about $521.11 million and $500.47M US Long portfolio, decreased its stake in Patterson Uti Energy Com (NASDAQ:PTEN) by 18,322 shares to 89,002 shares, valued at $1.86 million in 2017Q3, according to the filing. The institutional investor held 142,082 shares of the semiconductors company at the end of 2017Q3, valued at $7.31M, up from 132,256 at the end of the previous reported quarter. Weatherly Asset Mgmt Lp stated it has 81,249 shares or 0.3% of all its holdings. Freeport-McMoRan's quarterly revenue was up 11.2% compared to the same quarter a year ago. Bennicas reported 18,806 shares stake. Kistler invested in 10 shares or 0% of the stock. First Personal Service holds 45,575 shares or 0.13% of its portfolio. Moreover, Assetmark Incorporated has 0% invested in Freeport-McMoRan Inc. (NYSE:FCX) for 52,091 shares. Wellington Management Grp Inc Ltd Liability Partnership accumulated 1.13 million shares or 0% of the stock. Winch Advisory Ltd Liability Corporation owns 365 shares.

Several institutional investors have recently modified their holdings of FCX. 141.04 million were accumulated by Vanguard Gp Inc. Maryland-based Price T Rowe Assoc Md has invested 0% in Jones Energy, Inc.

Since August 21, 2017, it had 0 insider purchases, and 1 sale for $15,435 activity. Ameriprise Financial Inc. boosted its stake in Freeport-McMoRan by 10.8% in the 3rd quarter. The stock's average target of $15.58 is -20.95% below today's ($19.71) share price. The 7 months bullish chart indicates low risk for the $28.72 billion company. The 1-year high was reported on Jan, 12 by Barchart.com. If the $20.63 price target is reached, the company will be worth $1.15 billion more.


The Stock has Weekly volatility of 2.90% and monthly volatility of 2.95%. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. The stock increased 3.33% or $0.04 during the last trading session, reaching $1.24. About 4.62 million shares traded.

Freeport-McMoRan Inc. (FCX) surprised the stock market in its last reported earnings when it earned $0.34 a piece versus the consensus-estimated $0.31. It has underperformed by 9.87% the S&P500. The natural resource company reported $0.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters' consensus estimate of $0.31 by $0.03. They expect $0.43 EPS, up 72.00% or $0.18 from last year's $0.25 per share. The firm touched its 52-Week high on Obsolete and 52-Week low on Obsolete. State Street Corp boosted its stake in shares of Freeport-McMoran by 0.6% in the second quarter. Five research analysts have rated the stock with a sell rating, ten have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company's stock. Therefore 100% are positive. The firm's 50-day moving average is $15.05 and its 200 day moving average is $12.74. The company was formerly known as Freeport-McMoRan Copper & Gold Inc. and later changed its name to Freeport-McMoRan Inc. Loop Capital Markets initiated it with "Hold" rating and $2400 target in Monday, July 24 report. Stifel Nicolaus maintained it with "Buy" rating and $1700 target in Thursday, August 3 report. Morgan Stanley downgraded the stock to "Underweight" rating in Wednesday, September 14 report. Cowen & Co maintained the shares of FCX in report on Monday, November 21 with "Outperform" rating. The stock now has an average rating of Hold and an average price target of $12.81. The firm has "Sell" rating given on Tuesday, October 17 by Deutsche Bank. (NYSE:FCX) earned "Hold" rating by Deutsche Bank on Thursday, November 17. (NYSE:FCX) has "Strong Sell" rating given on Tuesday, September 1 by Zacks. On Tuesday, August 30 the stock rating was initiated by Seaport Global with "Accumulate". Freeport-McMoran had a negative net margin of 28.09% and a positive return on equity of 3.52%. Jefferies Group reiterated a "buy" rating and set a $19.00 price objective (down previously from $23.00) on shares of Freeport-McMoRan in a research note on Wednesday, October 4th. Guardian Capital Advisors LP lifted its stake in shares of Freeport-McMoRan by 1.2% during the 2nd quarter.

The 14-day ADX for Freeport-Mcmoran Inc (FCX) is now sitting at 53.96. Tygh Capital Management Inc who had been investing in Microsemi Corp for a number of months, seems to be bullish on the $6.77 billion market cap company. It primarily explores for copper concentrate, copper cathode, copper rod, gold, molybdenum, silver, and other metals, as well as gas and oil.

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