Freeport-McMoRan Inc (NYSE:FCX)’s share price gapped down before the market opened on Monday . The stock had previously closed at $9.90, but opened at $9.55. Freeport-McMoRan shares last traded at $9.50, with a volume of 23,946,877 shares.
A number of research analysts have weighed in on FCX shares. Deutsche Bank raised Freeport-McMoRan from a “hold” rating to a “buy” rating and increased their price target for the stock from $12.50 to $13.50 in a research note on Wednesday, July 10th. B. Riley dropped their price objective on Freeport-McMoRan from $14.00 to $13.00 and set a “buy” rating for the company in a report on Tuesday, October 8th. JPMorgan Chase & Co. dropped their price objective on Freeport-McMoRan from $14.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday. Raymond James restated a “market perform” rating and set a $13.00 price objective on shares of Freeport-McMoRan in a report on Thursday, July 25th. Finally, Clarkson Capital restated a “neutral” rating on shares of Freeport-McMoRan in a report on Monday, September 23rd. Nine analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Freeport-McMoRan has an average rating of “Hold” and a consensus price target of $13.38.
The stock has a market capitalization of $13.86 billion, a price-to-earnings ratio of 6.25 and a beta of 2.40. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.32 and a current ratio of 2.66. The firm has a fifty day moving average of $9.53 and a 200-day moving average of $10.90.
Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Wednesday, July 24th. The natural resource company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.01. Freeport-McMoRan had a return on equity of 4.08% and a net margin of 4.11%. The firm had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.54 billion. During the same period in the prior year, the firm earned $0.59 EPS. The firm’s quarterly revenue was down 31.4% compared to the same quarter last year. On average, analysts predict that Freeport-McMoRan Inc will post 0.07 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be paid a dividend of $0.05 per share. The ex-dividend date is Friday, October 11th. This represents a $0.20 annualized dividend and a dividend yield of 2.11%. Freeport-McMoRan’s dividend payout ratio is presently 13.16%.
Institutional investors have recently made changes to their positions in the company. Rational Advisors LLC grew its stake in shares of Freeport-McMoRan by 107.0% during the second quarter. Rational Advisors LLC now owns 3,261 shares of the natural resource company’s stock valued at $38,000 after acquiring an additional 1,686 shares in the last quarter. Doyle Wealth Management bought a new position in shares of Freeport-McMoRan during the second quarter worth about $42,000. Valeo Financial Advisors LLC lifted its position in shares of Freeport-McMoRan by 92.3% during the second quarter. Valeo Financial Advisors LLC now owns 4,684 shares of the natural resource company’s stock worth $54,000 after purchasing an additional 2,248 shares during the last quarter. HM Payson & Co. bought a new position in shares of Freeport-McMoRan during the second quarter worth about $62,000. Finally, Stonebridge Capital Advisors LLC bought a new position in shares of Freeport-McMoRan during the second quarter worth about $84,000. Institutional investors own 72.65% of the company’s stock.
Freeport-McMoRan Company Profile (NYSE:FCX)
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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