Goldman Sachs assumed coverage on shares of Freeport-McMoRan (NYSE:FCX) in a research note published on Tuesday, March 20th, Marketbeat Ratings reports. The firm issued a buy rating and a $23.00 price objective on the natural resource company’s stock.
Other equities research analysts have also recently issued reports about the company. TheStreet upgraded Freeport-McMoRan from a c rating to a b- rating in a research note on Thursday, January 25th. Stifel Nicolaus lifted their target price on Freeport-McMoRan from $16.00 to $18.00 and gave the stock a hold rating in a research note on Tuesday, February 6th. Bank of America reiterated an underperform rating and set a $16.00 target price (up from $15.00) on shares of Freeport-McMoRan in a research note on Friday, January 26th. Zacks Investment Research cut Freeport-McMoRan from a buy rating to a hold rating in a research note on Tuesday, January 9th. Finally, CIBC cut Freeport-McMoRan from a sector outperform rating to a neutral rating in a research note on Monday, January 22nd. Three equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Freeport-McMoRan currently has an average rating of Hold and an average target price of $17.41.
NYSE:FCX traded down $0.12 during trading hours on Tuesday, hitting $17.86. 12,851,774 shares of the company traded hands, compared to its average volume of 18,812,703. The company has a current ratio of 2.14, a quick ratio of 1.37 and a debt-to-equity ratio of 1.04. Freeport-McMoRan has a one year low of $11.05 and a one year high of $20.25. The stock has a market cap of $26,350.76, a PE ratio of 15.26 and a beta of 2.42.
Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, January 25th. The natural resource company reported $0.51 EPS for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.02. The company had revenue of $5.04 billion for the quarter, compared to analysts’ expectations of $4.89 billion. Freeport-McMoRan had a return on equity of 16.57% and a net margin of 11.08%. The business’s revenue for the quarter was up 15.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.25 EPS. sell-side analysts forecast that Freeport-McMoRan will post 2.35 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 1st. Shareholders of record on Friday, April 13th will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.12%. The ex-dividend date is Thursday, April 12th.
In other Freeport-McMoRan news, VP C Donald Whitmire, Jr. sold 21,500 shares of Freeport-McMoRan stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $19.49, for a total transaction of $419,035.00. Following the completion of the transaction, the vice president now owns 70,239 shares of the company’s stock, valued at approximately $1,368,958.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.29% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp grew its holdings in Freeport-McMoRan by 7.5% during the 4th quarter. Bank of New York Mellon Corp now owns 26,119,382 shares of the natural resource company’s stock valued at $495,222,000 after buying an additional 1,826,480 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Freeport-McMoRan by 5.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 12,110,654 shares of the natural resource company’s stock valued at $170,081,000 after buying an additional 589,638 shares in the last quarter. Schwab Charles Investment Management Inc. grew its holdings in shares of Freeport-McMoRan by 1.6% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 6,061,699 shares of the natural resource company’s stock worth $114,930,000 after purchasing an additional 97,798 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. grew its holdings in shares of Freeport-McMoRan by 141.7% during the fourth quarter. Los Angeles Capital Management & Equity Research Inc. now owns 4,152,745 shares of the natural resource company’s stock worth $78,736,000 after purchasing an additional 2,434,376 shares in the last quarter. Finally, California Public Employees Retirement System grew its holdings in shares of Freeport-McMoRan by 4.2% during the fourth quarter. California Public Employees Retirement System now owns 3,974,342 shares of the natural resource company’s stock worth $75,354,000 after purchasing an additional 161,343 shares in the last quarter. 70.14% of the stock is owned by institutional investors and hedge funds.
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Freeport-McMoRan Company Profile
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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