Jefferies Group Comments on Freeport-McMoRan Inc’s FY2018 Earnings (FCX)

Freeport-McMoRan Inc (NYSE:FCX) – Equities research analysts at Jefferies Group boosted their FY2018 earnings per share estimates for shares of Freeport-McMoRan in a report issued on Wednesday, Zacks Investment Research reports. Jefferies Group analyst C. Lafemina now expects that the natural resource company will post earnings of $1.96 per share for the year, up from their prior estimate of $1.75. Jefferies Group currently has a “Buy” rating and a $16.00 target price on the stock.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, April 25th. The natural resource company reported $0.15 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.16 by $0.01. The firm had revenue of $3.34 billion for the quarter, compared to analysts’ expectations of $3.51 billion. Freeport-McMoRan had a positive return on equity of 3.52% and a negative net margin of 28.09%. Freeport-McMoRan’s revenue was down 5.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.16) earnings per share.

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Earnings History and Estimates for Freeport-McMoRan (NYSE:FCX)

Several other equities analysts also recently weighed in on the company. FBR & Co raised their price target on Freeport-McMoRan from $12.00 to $13.00 and gave the company a “mkt perform” rating in a report on Friday, February 3rd. Vetr raised Freeport-McMoRan from a “buy” rating to a “strong-buy” rating and set a $14.75 price objective on the stock in a research report on Wednesday, April 12th. Citigroup Inc began coverage on Freeport-McMoRan in a research report on Tuesday, February 21st. They set a “neutral” rating and a $16.00 price objective on the stock. Deutsche Bank AG raised Freeport-McMoRan from a “sell” rating to a “hold” rating and increased their price objective for the company from $12.50 to $14.00 in a research report on Tuesday, March 21st. Finally, Berenberg Bank raised Freeport-McMoRan from a “sell” rating to a “hold” rating and set a $12.00 price objective on the stock in a research report on Wednesday, March 22nd. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $13.65.

Freeport-McMoRan (NYSE:FCX) opened at 11.63 on Friday. The firm’s 50-day moving average is $12.78 and its 200-day moving average is $13.79. Freeport-McMoRan has a 12-month low of $9.24 and a 12-month high of $17.06. The stock has a market capitalization of $16.83 billion, a P/E ratio of 62.19 and a beta of 2.49.

In related news, VP C Donald Whitmire, Jr. sold 57,620 shares of Freeport-McMoRan stock in a transaction that occurred on Thursday, February 9th. The stock was sold at an average price of $15.42, for a total transaction of $888,500.40. Following the sale, the vice president now owns 64,896 shares of the company’s stock, valued at approximately $1,000,696.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP C Donald Whitmire, Jr. sold 2,525 shares of Freeport-McMoRan stock in a transaction that occurred on Thursday, February 16th. The shares were sold at an average price of $15.22, for a total value of $38,430.50. Following the sale, the vice president now directly owns 60,989 shares in the company, valued at approximately $928,252.58. The disclosure for this sale can be found here. Insiders sold 137,645 shares of company stock worth $2,108,031 in the last ninety days. Corporate insiders own 1.40% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. Advantage Investment Management LLC purchased a new stake in Freeport-McMoRan during the fourth quarter worth about $117,000. Acrospire Investment Management LLC purchased a new stake in Freeport-McMoRan during the first quarter worth about $122,000. Ancora Advisors LLC purchased a new stake in Freeport-McMoRan during the fourth quarter worth about $126,000. Atria Investments LLC purchased a new stake in Freeport-McMoRan during the first quarter worth about $134,000. Finally, Leavell Investment Management Inc. purchased a new stake in Freeport-McMoRan during the first quarter worth about $134,000. 66.80% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Company Profile

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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