Freeport-McMoRan Inc (NYSE:FCX) shares gapped down before the market opened on Friday . The stock had previously closed at $12.30, but opened at $11.93. Freeport-McMoRan shares last traded at $11.35, with a volume of 21436029 shares trading hands.
FCX has been the topic of a number of research analyst reports. Jefferies Financial Group reiterated a “buy” rating and set a $24.00 price objective on shares of Freeport-McMoRan in a research note on Thursday, July 26th. Barclays initiated coverage on shares of Freeport-McMoRan in a research note on Wednesday, October 10th. They set an “underweight” rating and a $12.00 price objective on the stock. Clarkson Capital downgraded shares of Freeport-McMoRan from a “buy” rating to a “neutral” rating and set a $15.00 price objective on the stock. in a research note on Tuesday, September 11th. Citigroup reduced their price objective on shares of Freeport-McMoRan from $18.00 to $14.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 17th. Finally, ValuEngine downgraded shares of Freeport-McMoRan from a “hold” rating to a “sell” rating in a research note on Wednesday, July 25th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $16.67.
The firm has a market capitalization of $17.87 billion, a price-to-earnings ratio of 9.70 and a beta of 2.40. The company has a current ratio of 2.84, a quick ratio of 1.78 and a debt-to-equity ratio of 0.83.
Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Wednesday, October 24th. The natural resource company reported $0.35 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.02. The company had revenue of $4.91 billion for the quarter, compared to analysts’ expectations of $4.50 billion. Freeport-McMoRan had a net margin of 15.80% and a return on equity of 22.63%. The firm’s revenue was up 13.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.34 earnings per share. On average, research analysts anticipate that Freeport-McMoRan Inc will post 1.71 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, November 1st. Shareholders of record on Monday, October 15th were issued a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, October 12th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.76%. Freeport-McMoRan’s dividend payout ratio (DPR) is 17.09%.
In other Freeport-McMoRan news, Director Courtney Mather sold 75,000 shares of the stock in a transaction on Tuesday, October 30th. The shares were sold at an average price of $11.15, for a total transaction of $836,250.00. Following the sale, the director now directly owns 152,133 shares of the company’s stock, valued at $1,696,282.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.05% of the stock is currently owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in FCX. Fisher Asset Management LLC increased its holdings in shares of Freeport-McMoRan by 122.8% in the 3rd quarter. Fisher Asset Management LLC now owns 32,256,568 shares of the natural resource company’s stock worth $449,011,000 after acquiring an additional 17,780,072 shares during the period. Iridian Asset Management LLC CT acquired a new stake in shares of Freeport-McMoRan in the 2nd quarter worth about $190,933,000. BlackRock Inc. increased its holdings in shares of Freeport-McMoRan by 8.9% in the 3rd quarter. BlackRock Inc. now owns 102,252,475 shares of the natural resource company’s stock worth $1,423,352,000 after acquiring an additional 8,364,557 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Freeport-McMoRan by 28.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 27,267,197 shares of the natural resource company’s stock worth $470,631,000 after acquiring an additional 6,041,164 shares during the period. Finally, Janus Henderson Group PLC increased its holdings in shares of Freeport-McMoRan by 199.8% in the 2nd quarter. Janus Henderson Group PLC now owns 3,392,200 shares of the natural resource company’s stock worth $58,557,000 after acquiring an additional 2,260,711 shares during the period. 73.10% of the stock is currently owned by institutional investors and hedge funds.
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About Freeport-McMoRan (NYSE:FCX)
Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. 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 and El Abra mines in South America.
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