Freeport-McMoRan (NYSE:FCX) had its price target trimmed by JPMorgan Chase & Co. from $15.00 to $13.00 in a research note issued to investors on Tuesday, BenzingaRatingsTable reports. The firm currently has a neutral rating on the natural resource company’s stock.
A number of other equities analysts also recently weighed in on the company. Barclays set a $192.00 target price on Tesla and gave the company a sell rating in a report on Tuesday, April 9th. Zacks Investment Research downgraded Hollysys Automation Technologies from a hold rating to a sell rating in a report on Thursday, April 11th. BMO Capital Markets set a $32.00 price objective on Axalta Coating Systems and gave the stock a hold rating in a report on Friday, April 26th. Raymond James set a $33.00 price objective on LKQ and gave the stock a buy rating in a report on Friday, April 26th. Finally, UBS Group set a $13.00 price objective on Freeport-McMoRan and gave the stock a hold rating in a report on Wednesday, June 26th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company’s stock. Freeport-McMoRan presently has an average rating of Hold and a consensus target price of $14.71.
Shares of FCX opened at $11.02 on Tuesday. The firm has a market cap of $16.10 billion, a P/E ratio of 7.25 and a beta of 2.31. Freeport-McMoRan has a fifty-two week low of $9.47 and a fifty-two week high of $17.19. The company has a quick ratio of 1.41, a current ratio of 2.79 and a debt-to-equity ratio of 0.56. The firm has a 50-day simple moving average of $10.77.
Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, April 25th. The natural resource company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.03). The business had revenue of $3.79 billion during the quarter, compared to analyst estimates of $3.77 billion. Freeport-McMoRan had a net margin of 9.09% and a return on equity of 10.31%. Freeport-McMoRan’s revenue for the quarter was down 22.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.46 EPS. On average, equities analysts predict that Freeport-McMoRan will post 0.24 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Monday, July 15th will be issued a dividend of $0.05 per share. The ex-dividend date is Friday, July 12th. This represents a $0.20 annualized dividend and a yield of 1.81%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 13.16%.
In other Freeport-McMoRan news, Vice Chairman Richard C. Adkerson acquired 172,000 shares of Freeport-McMoRan stock in a transaction dated Thursday, June 6th. The stock was bought at an average cost of $10.14 per share, with a total value of $1,744,080.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kathleen L. Quirk acquired 50,000 shares of Freeport-McMoRan stock in a transaction dated Friday, June 7th. The stock was acquired at an average cost of $10.49 per share, with a total value of $524,500.00. Following the completion of the transaction, the chief financial officer now directly owns 920,769 shares of the company’s stock, valued at approximately $9,658,866.81. The disclosure for this purchase can be found here. Company insiders own 0.98% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Evolution Wealth Advisors LLC acquired a new stake in shares of Freeport-McMoRan in the second quarter valued at $10,268,000. Xact Kapitalforvaltning AB increased its stake in shares of Freeport-McMoRan by 115.5% in the second quarter. Xact Kapitalforvaltning AB now owns 250,795 shares of the natural resource company’s stock valued at $2,912,000 after buying an additional 134,403 shares in the last quarter. Grassi Investment Management increased its stake in shares of Freeport-McMoRan by 85.2% in the second quarter. Grassi Investment Management now owns 179,200 shares of the natural resource company’s stock valued at $2,081,000 after buying an additional 82,450 shares in the last quarter. PFS Investments Inc. increased its stake in shares of Freeport-McMoRan by 208.5% in the second quarter. PFS Investments Inc. now owns 39,403 shares of the natural resource company’s stock valued at $445,000 after buying an additional 26,630 shares in the last quarter. Finally, Valeo Financial Advisors LLC increased its stake in shares of Freeport-McMoRan by 92.3% in the second quarter. Valeo Financial Advisors LLC now owns 4,684 shares of the natural resource company’s stock valued at $54,000 after buying an additional 2,248 shares in the last quarter. 72.46% of the stock is owned by institutional investors.
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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