ValuEngine downgraded shares of Freeport-McMoRan (NYSE:FCX) from a buy rating to a hold rating in a research report released on Saturday, ValuEngine reports.
A number of other equities research analysts have also issued reports on the stock. Deutsche Bank upgraded shares of Freeport-McMoRan from a hold rating to a buy rating and upped their target price for the company from $12.50 to $13.50 in a research note on Wednesday, July 10th. Barclays upgraded shares of Freeport-McMoRan from an underweight rating to an equal weight rating and set a $12.00 target price on the stock in a research note on Tuesday, July 16th. Royal Bank of Canada upgraded shares of Freeport-McMoRan from an underperform rating to a sector perform rating and upped their target price for the company from $12.00 to $14.00 in a research note on Wednesday, July 24th. JPMorgan Chase & Co. cut their target price on shares of Freeport-McMoRan from $15.00 to $13.00 and set a neutral rating on the stock in a research note on Tuesday, July 9th. Finally, Raymond James restated a market perform rating and issued a $13.00 target price on shares of Freeport-McMoRan in a research note on Thursday, July 25th. Eleven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $13.88.
Shares of FCX stock opened at $9.89 on Friday. Freeport-McMoRan has a 12 month low of $9.41 and a 12 month high of $15.13. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.66 and a quick ratio of 1.32. The firm has a market cap of $14.38 billion, a price-to-earnings ratio of 6.51 and a beta of 2.34. The business has a fifty day moving average price of $11.01.
Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Wednesday, July 24th. The natural resource company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. The business had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.54 billion. Freeport-McMoRan had a net margin of 4.11% and a return on equity of 4.08%. The company’s revenue for the quarter was down 31.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.59 EPS. Research analysts predict that Freeport-McMoRan will post 0.17 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date of this dividend was Friday, July 12th. Freeport-McMoRan’s dividend payout ratio is presently 13.16%.
In other Freeport-McMoRan news, Vice Chairman Richard C. Adkerson acquired 172,000 shares of the stock in a transaction that occurred on Thursday, June 6th. The stock was acquired at an average price of $10.14 per share, with a total value of $1,744,080.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Kathleen L. Quirk acquired 50,000 shares of the stock in a transaction that occurred on Friday, June 7th. The shares were acquired at an average cost of $10.49 per share, with a total value of $524,500.00. Following the transaction, the chief financial officer now owns 920,769 shares in the company, valued at $9,658,866.81. The disclosure for this purchase can be found here. 0.98% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP lifted its holdings in shares of Freeport-McMoRan by 8.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 15,149,506 shares of the natural resource company’s stock valued at $156,232,000 after buying an additional 1,145,747 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Freeport-McMoRan by 4.7% in the 4th quarter. Geode Capital Management LLC now owns 21,269,503 shares of the natural resource company’s stock valued at $218,954,000 after buying an additional 959,745 shares during the period. American Century Companies Inc. acquired a new position in shares of Freeport-McMoRan in the 4th quarter valued at about $445,000. Calamos Advisors LLC lifted its holdings in shares of Freeport-McMoRan by 1.0% in the 1st quarter. Calamos Advisors LLC now owns 339,759 shares of the natural resource company’s stock valued at $4,379,000 after buying an additional 3,408 shares during the period. Finally, Truvestments Capital LLC acquired a new position in shares of Freeport-McMoRan in the 1st quarter valued at about $43,000. Hedge funds and other institutional investors own 72.04% of the company’s stock.
Freeport-McMoRan Company Profile
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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