JPMorgan Chase & Co. Cuts Freeport-McMoRan (NYSE:FCX) Price Target to $13.00

Freeport-McMoRan (NYSE:FCX) had its target price decreased by JPMorgan Chase & Co. from $15.00 to $13.00 in a report released on Tuesday morning, BenzingaRatingsTable reports. JPMorgan Chase & Co. currently has a neutral rating on the natural resource company’s stock.

Other equities research analysts have also issued reports about the stock. BMO Capital Markets set a $32.00 target price on shares of Axalta Coating Systems and gave the stock a hold rating in a report on Friday, April 26th. UBS Group set a $13.00 price objective on shares of Freeport-McMoRan and gave the stock a hold rating in a report on Wednesday, June 26th. Zacks Investment Research lowered shares of Hollysys Automation Technologies from a hold rating to a sell rating in a report on Thursday, April 11th. ValuEngine lowered shares of Intersect ENT from a buy rating to a hold rating in a report on Monday, June 3rd. Finally, Raymond James set a $33.00 price objective on shares of LKQ and gave the stock a buy rating in a report on Friday, April 26th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company. Freeport-McMoRan currently has an average rating of Hold and an average target price of $14.71.

Shares of FCX stock opened at $11.10 on Tuesday. Freeport-McMoRan has a 52-week low of $9.47 and a 52-week high of $17.80. The company has a market capitalization of $15.88 billion, a PE ratio of 7.30 and a beta of 2.31. The company has a current ratio of 2.79, a quick ratio of 1.41 and a debt-to-equity ratio of 0.56. The firm has a 50 day simple moving average of $10.74.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, April 25th. The natural resource company reported $0.05 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.08 by ($0.03). The firm had revenue of $3.79 billion during the quarter, compared to analyst estimates of $3.77 billion. Freeport-McMoRan had a return on equity of 10.31% and a net margin of 9.09%. The company’s revenue for the quarter was down 22.1% on a year-over-year basis. During the same quarter last year, the business posted $0.46 earnings per share. As a group, analysts forecast that Freeport-McMoRan will post 0.24 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Monday, July 15th will be given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date of this dividend is Friday, July 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 13.16%.

In related news, COO Harry M. Iv Conger sold 155,000 shares of the firm’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $10.51, for a total value of $1,629,050.00. Following the completion of the transaction, the chief operating officer now owns 416,382 shares of the company’s stock, valued at $4,376,174.82. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Richard C. Adkerson bought 172,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The stock was acquired at an average cost of $10.14 per share, with a total value of $1,744,080.00. The disclosure for this purchase can be found here. 0.98% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Grassi Investment Management grew its position in shares of Freeport-McMoRan by 85.2% in the 2nd quarter. Grassi Investment Management now owns 179,200 shares of the natural resource company’s stock valued at $2,081,000 after acquiring an additional 82,450 shares during the period. PFS Investments Inc. grew its position in shares of Freeport-McMoRan by 208.5% in the 2nd quarter. PFS Investments Inc. now owns 39,403 shares of the natural resource company’s stock valued at $445,000 after acquiring an additional 26,630 shares during the period. Valeo Financial Advisors LLC grew its position in shares of Freeport-McMoRan by 92.3% in the 2nd quarter. Valeo Financial Advisors LLC now owns 4,684 shares of the natural resource company’s stock valued at $54,000 after acquiring an additional 2,248 shares during the period. Investors Asset Management of Georgia Inc. GA ADV grew its position in shares of Freeport-McMoRan by 7.3% in the 2nd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 17,550 shares of the natural resource company’s stock valued at $204,000 after acquiring an additional 1,200 shares during the period. Finally, PM CAPITAL Ltd grew its position in shares of Freeport-McMoRan by 287.1% in the 2nd quarter. PM CAPITAL Ltd now owns 2,321,720 shares of the natural resource company’s stock valued at $26,955,000 after acquiring an additional 1,722,000 shares during the period. 72.46% of the stock is owned by institutional investors.

About Freeport-McMoRan

Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.

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