Shares of Freeport-McMoRan closed yesterday at $12.05. The business had revenue of $4.25 billion for the quarter, compared to the consensus estimate of $4.30 billion. Over the last 12 months, a return on equity of 5.00 percent was realized due to the financial situation and earnings per share reached a value of $0.50. The rating by the firm was issued on September 1, 2015.
Phoenix-based Freeport announced in August that it would slash 2016 capital spending by 29%, cut about 10% of its { U.S. | US }workforce-or more than 1,500 jobs-and reduce output. In a research note released to the investors, Citigroup downgrades its rating on Freeport-McMoran, Inc. Following the completion of the purchase, the insider now directly owns 4,332,934 shares in the company, valued at $42,029,459.80.
The stock for Freeport went down following the announcement of share issuance. Alcoa Inc (NYSE:AA) closed at $9.96, up 0.10 points or 1.01% from previous close and at a distance of +8.03% from 20-day simple moving average.
Other equities research analysts have also recently issued reports about the stock. Freeport-McMoRan Inc are listed in the Basic Industries sector within NYSE. FBR & Co. initiated coverage on Freeport-McMoRan in a research report on Friday. The company has a market cap of $12,535 million. Sales of the common stock, if any, would be made by means of ordinary brokers’ transactions or block trades on the New York Stock Exchange at market prices or as otherwise agreed with its agents.
UBS reiterated their Buy stance on August 26, and decreased their price target from $21 to $19. Finally, Zacks raised Freeport-McMoRan from a “sell” rating to a “hold” rating in a report on Friday, July 17th. The stock presently has an average rating of “Hold” and a consensus price target of $20.09. FCXs portfolio of assets includes the Grasberg minerals district in Indonesia; mining operations in the Americas, including the large-scale Morenci minerals district in North America and the Cerro Verde operation in South America; the Tenke Fungurume minerals district in the Democratic Republic of Congo, and oil and natural gas assets in North America, including reserves in the Deepwater GOM, onshore and offshore California and in the Haynesville natural gas shale play, and a position in the water Inboard Lower Tertiary/Cretaceous natural gas trend on the Shelf of the GOM and onshore in South Louisiana. 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 Company’s Atlantic Copper smelts and refines copper concentrates and markets precious metals and processed copper in slimes.