Freeport-McMoRan Inc (FCX) was Downgraded by Morgan Stanley to ” Underweight”. Earlier the firm had a rating of “Equal-Weight ” on the company shares. Morgan Stanley advised their investors in a research report released on Sep 14, 2016.
Many Wall Street Analysts have commented on Freeport-McMoRan Inc. Company shares were Reiterated by FBR Capital on Jul 20, 2016 to “Mkt Perform”, Firm has raised the Price Target to $ 11 from a previous price target of $9 .
On the company’s financial health, Freeport-McMoRan Inc reported $-0.02 EPS for the quarter, missing the analyst consensus estimate by $ -0.01 based on the information available during the earnings call on Jul 26, 2016. Analyst had a consensus of $-0.01. The company had revenue of $3334.00 million for the quarter, compared to analysts expectations of $3684.28 million. The company’s revenue was down -15.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.14 EPS.
Freeport-McMoRan Inc opened for trading at $10.01 and hit $11.14 on the upside on Monday, eventually ending the session at $11.08, with a gain of 7.89% or 0.81 points. The heightened volatility saw the trading volume jump to 59,990,538 shares. Company has a market cap of $14,717 M.
In a different news, on Sep 8, 2015, James C Flores (Vice Chairman of the Board) purchased 2,200,000 shares at $9.70 per share price. According to the SEC, on Aug 31, 2015, James R Moffett (Chairman of the Board) purchased 100,000 shares at $10.57 per share price.
Freeport-McMoRan Inc. (FCX) is a natural resource company with an industry portfolio of mineral assets oil and natural gas resources and a production profile. FCX has organized its operations into six primary divisions: North America copper mines South America mining Indonesia mining Africa mining Molybdenum mines and United States oil and gas operations. The Companys portfolio of assets includes the Grasberg minerals district in Indonesia mining operations 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. The Company is also engaged in operating copper conversion facilities located in North America and a refinery three rod mills and a specialty copper products facility. The Companys Atlantic Copper smelts and refines copper concentrates and markets refined copper and precious metals in slimes.