Freeport-McMoRan Inc (NYSE:FCX)’s stock price was down 5.9% on Monday . The stock traded as low as $11.02 and last traded at $11.24, approximately 24,473,099 shares traded hands during mid-day trading. A decline of 4% from the average daily volume of 25,569,020 shares. The stock had previously closed at $11.94.
Several equities analysts have weighed in on FCX shares. BMO Capital Markets upgraded shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $12.00 to $17.00 in a report on Tuesday, December 17th. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $14.00 target price on the stock in a report on Wednesday, November 13th. ValuEngine upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Friday, January 31st. Credit Suisse Group lowered shares of Freeport-McMoRan from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $11.00 to $10.00 in a report on Tuesday, January 14th. They noted that the move was a valuation call. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $13.30 target price on shares of Freeport-McMoRan in a report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $13.60.
The business’s 50 day moving average price is $12.21 and its 200-day moving average price is $11.00. The firm has a market capitalization of $17.32 billion, a PE ratio of -93.66 and a beta of 2.43. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.20 and a current ratio of 2.47.
Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.03. The business had revenue of $3.91 billion for the quarter, compared to the consensus estimate of $3.69 billion. Freeport-McMoRan had a negative net margin of 1.12% and a positive return on equity of 0.18%. The business’s revenue was up 6.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.11 EPS. As a group, analysts anticipate that Freeport-McMoRan Inc will post 0.33 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Wednesday, January 15th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date of this dividend was Tuesday, January 14th. Freeport-McMoRan’s dividend payout ratio (DPR) is 1,000.00%.
In related news, Director John Joseph Stephens purchased 45,000 shares of Freeport-McMoRan stock in a transaction dated Tuesday, January 28th. The shares were acquired at an average cost of $11.29 per share, with a total value of $508,050.00. Following the purchase, the director now owns 12,190 shares of the company’s stock, valued at $137,625.10. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.98% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Fisher Asset Management LLC increased its position in shares of Freeport-McMoRan by 31.9% in the 3rd quarter. Fisher Asset Management LLC now owns 38,822,910 shares of the natural resource company’s stock valued at $371,535,000 after purchasing an additional 9,381,370 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Freeport-McMoRan by 10.5% in the 4th quarter. Geode Capital Management LLC now owns 23,597,585 shares of the natural resource company’s stock valued at $308,993,000 after purchasing an additional 2,239,244 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Freeport-McMoRan by 13.1% in the 4th quarter. Bank of New York Mellon Corp now owns 21,375,236 shares of the natural resource company’s stock valued at $280,443,000 after purchasing an additional 2,474,127 shares during the last quarter. Ruffer LLP increased its position in shares of Freeport-McMoRan by 1,425.9% in the 4th quarter. Ruffer LLP now owns 16,724,976 shares of the natural resource company’s stock valued at $219,628,000 after purchasing an additional 15,628,927 shares during the last quarter. Finally, Janus Henderson Group PLC increased its position in shares of Freeport-McMoRan by 54.1% in the 4th quarter. Janus Henderson Group PLC now owns 7,138,053 shares of the natural resource company’s stock valued at $93,658,000 after purchasing an additional 2,505,972 shares during the last quarter. 66.69% of the stock is currently owned by hedge funds and other institutional investors.
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.
