Stock Update (NYSE:FCX): Freeport-McMoRan Inc Files Prospectus Supplement for At-the-Market Offering of Common Stock
Freeport-McMoRan Inc (NYSE:FCX) announced that it has filed with the Securities and Exchange Commission a prospectus supplement under which it may offer and sell shares of common stock having aggregate gross proceeds of up to $1 billion from time to time through J.P. Morgan Securities LLC, as its sales agent. 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 agent.
FCX intends to use the net proceeds from this offering for general corporate purposes, which may include, among other things, the repayment of amounts outstanding under its revolving credit facility and other bank borrowings and the financing of working capital and capital expenditures. (Original Source)
Shares of Freeport-McMoRan closed last Friday at $10.53. FCX has a 1-year high of $37.10 and a 1-year low of $10.48. The stock’s 50-day moving average is $15.48 and its 200-day moving average is $18.81.
On the ratings front, Freeport-McMoRan has been the subject of a number of recent research reports. In a report issued on July 28, Morgan Stanley analyst Paretosh Misra maintained a Buy rating on FCX. Separately, on July 24, Cowen’s Anthony Rizzuto reiterated a Buy rating on the stock and has a price target of $20.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Paretosh Misra and Anthony Rizzuto have a total average return of -11.0% and -5.6% respectively. Misra has a success rate of 36.0% and is ranked #3510 out of 3728 analysts, while Rizzuto has a success rate of 37.9% and is ranked #3295.
The street is mostly Bullish on FCX stock. Out of 4 analysts who cover the stock, 2 suggest a Buy rating , 1 suggest a Sell and one recommends to Hold the stock.
Freeport-McMoRan Inc, formerly Freeport-McMoRan Copper & Gold, deals in the mining of copper, gold and molybdenum.