Freeport-McMoRan (NYSE:FCX) Rating Reaffirmed
FBR Capital now has a $8.0 target on shares of Freeport-McMoRan (NYSE:FCX). The target suggests a potential upside of 14.45% from the price per share of Freeport-McMoRan (NYSE:FCX). This rating was shown in a recent research report on Thursday, 10 December.
From a total of 14 analysts covering Freeport-McMoran Copper & Gold (NYSE:FCX) stock, 10 rate it a ”Buy”, 0 a “Sell”, and 9 a ”Hold”. This means that 53% of the ratings are positive. The highest target price is $20 while the lowest target price is $6.5. The mean of all analyst targets is $13.43 with a 136.34% above today’s ($6.99) stock price. Freeport-McMoran Copper & Gold was the topic of 23 analyst reports since July 28, 2015 according to the firm StockzIntelligence Inc. RBC Capital Markets maintained shares on October 27 with “Sector Perform” rating. S&P Research upgraded shares to “Hold” rating and $12 target share price in a report from a September 1. FBR Capital initiated FCX stock in a recent report from September 18 with “Mkt Perform” rating. Citigroup downgraded the rating on September 1. Citigroup has a “Neutral” rating and a $12 price target on shares. Finally, Zacks upgraded the stock to “Strong Sell” rating in a report issued on a September 1.
The stock closed the day at $6.99 during the previous session. It is down 69.49% since May 7, 2015 and is downtrending. It has underperformed by 67.56% the S&P500.
The overall sentiment of institutions has increased to 1.03 in Q2 2015. Its up 0.35, from 0.68 in 2015Q2. The ratio is positive, as 110 institutions have sold all the shares of Freeport-McMoRan Inc that they owned while 236 funds have taken shares off the table. 86 funds have purchased shares for the first time while 270 added to their positions. These institutions now hold 872.60 million shares or 20.85% more than the 722.03 million shares they owned in 2015Q2.
The Fund Northern Cross Llc currently is holding shares equating to 6.91% of its total portfolio in Freeport-McMoRan Inc representing a total of 27.13 million shares. Another fund,Stuyvesant Capital Management, is holding a total of 270,124 shares equating to 6.61% of their holdings. Additionally, Long Oar Global Investors Llc has a 125,000 share stake in Freeport-McMoRan Inc which represents 5.59% of their total portfolio. The Fund, Washington State Investment Board, based out of Washington, has also built up a stake in the stock, which represents a total of 3.8% of their total portfolio. Finally Pacific Heights Asset Management Llc, a fund which is based in the state of California reported a total holdings of 4.58 million shares.
Freeport-McMoRan Inc. is a natural resource firm with an industry portfolio of mineral assets, oil and natural gas resources, and a production profile. The company has a market cap of $8.08 billion. FCX has organized its activities into six primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining, Molybdenum mines, and United States gas and oil operations. It currently has negative earnings. The Company’s portfolio of assets includes the Grasberg minerals district in Indonesia, mining activities in North and South America, the Tenke Fungurume (Tenke) minerals district in the Democratic Republic of Congo (DRC) in Africa, and oil and natural gas assets in North America.
According to Zacks Investment Research, “Freeport-McMoRan is engaged in mineral exploration and development, mining and milling of copper, gold, and silver in Indonesia, and the smelting and refining of copper concentrates in Spain and Indonesia. They are the world’s lowest-cost copper producer and one of the world’s largest producers of copper and gold. FCX’s operations are conducted through its subsidiaries, P.T. Freeport Indonesia (PT-FI), P.T. IRJA Eastern Minerals Corporation (Eastern Mining) and through Atlantic Copper, S.A. (Atlantic).” Get a free copy of the Zacks research report on Freeport-McMoRan Inc (FCX).