Freeport-McMoRan Inc. (NYSE:FCX – Get Rating) was down 6.8% on Tuesday after Raymond James lowered their price target on the stock from $59.00 to $52.00. Raymond James currently has an outperform rating on the stock. Freeport-McMoRan traded as low as $26.84 and last traded at $27.22. Approximately 294,733 shares were traded during trading, a decline of 99% from the average daily volume of 20,607,778 shares. The stock had previously closed at $29.20.
A number of other equities analysts have also recently weighed in on the stock. BMO Capital Markets reduced their price target on shares of Freeport-McMoRan from $62.00 to $56.00 and set an “outperform” rating on the stock in a research report on Friday, April 22nd. BNP Paribas downgraded shares of Freeport-McMoRan from an “outperform” rating to a “neutral” rating and set a $50.00 target price for the company. in a report on Tuesday, April 5th. Exane BNP Paribas downgraded shares of Freeport-McMoRan from an “outperform” rating to a “neutral” rating and set a $50.00 price target for the company. in a report on Tuesday, April 5th. StockNews.com upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Tuesday, April 5th. Finally, Stifel Nicolaus upped their price target on shares of Freeport-McMoRan from $49.00 to $54.00 in a research report on Thursday, March 17th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Freeport-McMoRan currently has an average rating of “Hold” and a consensus price target of $46.08.
In other Freeport-McMoRan news, Director Dustan E. Mccoy sold 8,200 shares of the firm’s stock in a transaction on Tuesday, May 31st. The shares were sold at an average price of $39.24, for a total value of $321,768.00. Following the transaction, the director now directly owns 134,400 shares of the company’s stock, valued at $5,273,856. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Hugh Grant acquired 12,300 shares of the company’s stock in a transaction on Monday, April 25th. The stock was acquired at an average cost of $40.75 per share, for a total transaction of $501,225.00. Following the completion of the purchase, the director now directly owns 15,776 shares of the company’s stock, valued at approximately $642,872. The disclosure for this purchase can be found here. 0.72% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Tompkins Financial Corp increased its holdings in Freeport-McMoRan by 195.5% during the fourth quarter. Tompkins Financial Corp now owns 591 shares of the natural resource company’s stock worth $25,000 after buying an additional 391 shares during the last quarter. St. Johns Investment Management Company LLC purchased a new stake in Freeport-McMoRan during the first quarter worth about $25,000. Key Financial Inc increased its holdings in Freeport-McMoRan by 526.0% during the fourth quarter. Key Financial Inc now owns 626 shares of the natural resource company’s stock worth $26,000 after buying an additional 526 shares during the last quarter. FNY Investment Advisers LLC increased its holdings in Freeport-McMoRan by 1,250.0% during the first quarter. FNY Investment Advisers LLC now owns 540 shares of the natural resource company’s stock worth $26,000 after buying an additional 500 shares during the last quarter. Finally, GHP Investment Advisors Inc. purchased a new stake in Freeport-McMoRan during the first quarter worth about $26,000. Institutional investors and hedge funds own 77.37% of the company’s stock.
The business’s fifty day moving average is $36.86 and its 200-day moving average is $41.92. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.37 and a quick ratio of 1.68. The firm has a market cap of $38.91 billion, a PE ratio of 8.46, a P/E/G ratio of 0.26 and a beta of 2.08.
Freeport-McMoRan (NYSE:FCX – Get Rating) last posted its earnings results on Thursday, April 21st. The natural resource company reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.19. Freeport-McMoRan had a net margin of 20.79% and a return on equity of 24.06%. The firm had revenue of $6.60 billion during the quarter, compared to the consensus estimate of $6.29 billion. During the same quarter last year, the company earned $0.51 earnings per share. The company’s revenue was up 36.1% on a year-over-year basis. Analysts forecast that Freeport-McMoRan Inc. will post 3.88 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, August 1st. Shareholders of record on Friday, July 15th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, July 14th. This represents a $0.60 annualized dividend and a yield of 2.23%. Freeport-McMoRan’s payout ratio is presently 8.70%.
Freeport-McMoRan Company Profile (NYSE:FCX)
Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.