Ratings Change: Freeport-McMoRan (NYSE:FCX) Hit With Downgrade by Berenberg, Is This a Concern?

November 30, 2016 - By Nellie Frank

Ratings Change: Freeport McMoRan (NYSE:FCX) Hit With Downgrade by Berenberg, Is This a Concern?

Freeport-McMoRan (NYSE:FCX) Downgrade

In a a note issued on Wednesday, 30 November, Berenberg lowered shares of Freeport-McMoRan (NYSE:FCX) to a Sell rating from a Hold rating.

Freeport-McMoRan Inc (NYSE:FCX) Ratings Coverage

Out of 18 analysts covering Freeport-McMoran Copper & Gold (NYSE:FCX), 5 rate it a “Buy”, 5 “Sell”, while 8 “Hold”. This means 28% are positive. $25 is the highest target while $5 is the lowest. The $11.88 average target is -21.58% below today’s ($15.15) stock price. Freeport-McMoran Copper & Gold has been the topic of 50 analyst reports since July 28, 2015 according to StockzIntelligence Inc. The stock of Freeport-McMoRan Inc (NYSE:FCX) has “Neutral” rating given on Thursday, May 19 by Goldman Sachs. Citigroup downgraded Freeport-McMoRan Inc (NYSE:FCX) rating on Tuesday, September 1. Citigroup has “Neutral” rating and $12 price target. The rating was downgraded by Citigroup to “Sell” on Tuesday, February 23. On Tuesday, April 19 the stock rating was downgraded by CLSA to “Sell”. The stock of Freeport-McMoRan Inc (NYSE:FCX) earned “Mkt Perform” rating by FBR Capital on Friday, September 18. The stock has “Outperform” rating given by Cowen & Co on Friday, July 24. The firm earned “Hold” rating on Tuesday, January 12 by Jefferies. The rating was maintained by FBR Capital on Wednesday, July 20 with “Mkt Perform”. RBC Capital Markets maintained it with “Sector Perform” rating and $17 target price in Tuesday, August 11 report. Deutsche Bank downgraded Freeport-McMoRan Inc (NYSE:FCX) rating on Thursday, November 17. Deutsche Bank has “Hold” rating and $13.80 price target.

About 22.17M shares traded hands. Freeport-McMoRan Inc (NYSE:FCX) has risen 18.34% since April 27, 2016 and is uptrending. It has outperformed by 13.11% the S&P500.

Analysts await Freeport-McMoRan Inc (NYSE:FCX) to report earnings on January, 24. They expect $0.26 earnings per share, up 1,400.00% or $0.28 from last year’s $-0.02 per share. FCX’s profit will be $335.68 million for 14.57 P/E if the $0.26 EPS becomes a reality. After $0.13 actual earnings per share reported by Freeport-McMoRan Inc for the previous quarter, Wall Street now forecasts 100.00% EPS growth.

Insitutional Activity: The institutional sentiment increased to 0.98 in Q2 2016. Its up 0.19, from 0.79 in 2016Q1. The ratio increased, as 87 funds sold all Freeport-McMoRan Inc shares owned while 221 reduced positions. 68 funds bought stakes while 175 increased positions. They now own 889.86 million shares or 5.15% more from 846.29 million shares in 2016Q1.

Pomelo Cap Limited Liability Corp has invested 0.02% of its portfolio in Freeport-McMoRan Inc (NYSE:FCX). Amica Pension Fund Board Of Trustees accumulated 0.12% or 79,164 shares. Fred Alger Management accumulated 201 shares or 0% of the stock. Victory Incorporated holds 0.01% of its portfolio in Freeport-McMoRan Inc (NYSE:FCX) for 134,436 shares. Norinchukin National Bank The, a Japan-based fund reported 65,676 shares. Royal London Asset Management owns 404,279 shares or 0.07% of their US portfolio. Guardian Advsrs Ltd Partnership holds 0.05% of its portfolio in Freeport-McMoRan Inc (NYSE:FCX) for 24,367 shares. Psagot Invest House Ltd owns 213 shares or 0% of their US portfolio. Park National Corp Oh holds 140,344 shares or 0.1% of its portfolio. Hbk Sorce Advisory accumulated 10,342 shares or 0.02% of the stock. Panagora Asset Management last reported 126,192 shares in the company. The Texas-based Cullen Frost Bankers Inc has invested 0.01% in Freeport-McMoRan Inc (NYSE:FCX). Systematic Fincl Management Limited Partnership owns 2.99M shares or 0.46% of their US portfolio. Rafferty Asset Mngmt Ltd Liability reported 50,455 shares or 0.04% of all its holdings. Shell Asset Management Co has 0.02% invested in the company for 89,144 shares.

Insider Transactions: Since October 27, 2016, the stock had 1 insider buy, and 0 sales for $1.61 million net activity. Shares for $1.61 million were bought by MATHER COURTNEY.

Freeport-McMoRan Inc. is a natural resource firm with a portfolio of mineral assets, and oil and natural gas resources. The company has a market cap of $19.57 billion. The Company’s divisions include the Morenci, Cerro Verde, Grasberg and Tenke Fungurume copper mines, the Rod & Refining activities and the U.S. It currently has negative earnings. Oil & Gas Operations.

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).”

FCX Company Profile

Freeport-McMoRan Inc. (FCX), incorporated on November 10, 1987, is a natural resource firm with a portfolio of mineral assets, and oil and natural gas resources. The Company’s divisions include the Morenci, Cerro Verde, Grasberg and Tenke Fungurume copper mines, the Rod & Refining activities and the U.S. Oil & Gas Operations. FCX has organized its activities into five primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining and Molybdenum mines. 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 the United States.

More news for Freeport-McMoRan Inc (NYSE:FCX) were recently published by: Fool.com, which released: “Better Buy: Freeport-McMoRan Inc. vs. Hecla Mining” on November 21, 2016. Etfdailynews.com‘s article titled: “The Freeport-McMoRan Rally Is Probably Overdone” and published on November 26, 2016 is yet another important article.

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