ValuEngine downgraded shares of Freeport-McMoRan (NYSE:FCX) from a sell rating to a strong sell rating in a research report sent to investors on Wednesday.
Other equities research analysts have also issued research reports about the company. Berenberg Bank reaffirmed a sell rating and issued a $15.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, May 23rd. Raymond James reduced their target price on Freeport-McMoRan from $19.00 to $18.00 and set a market perform rating on the stock in a research note on Wednesday, April 25th. B. Riley reduced their price target on Freeport-McMoRan from $19.00 to $18.00 and set a neutral rating on the stock in a research note on Thursday, April 26th. Alembic Global Advisors raised Freeport-McMoRan from a neutral rating to a buy rating in a research note on Wednesday, May 23rd. Finally, Cowen reduced their price target on Freeport-McMoRan from $22.00 to $19.00 and set an outperform rating on the stock in a research note on Wednesday, April 25th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have issued a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $17.97.
FCX stock traded up $0.20 on Wednesday, reaching $13.97. The company had a trading volume of 21,832,911 shares, compared to its average volume of 18,262,156. Freeport-McMoRan has a 1 year low of $13.22 and a 1 year high of $20.25. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.62 and a current ratio of 2.72. The firm has a market cap of $21.89 billion, a P/E ratio of 11.94 and a beta of 2.46.
Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Wednesday, July 25th. The natural resource company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.04. Freeport-McMoRan had a return on equity of 24.01% and a net margin of 14.87%. The firm had revenue of $5.17 billion for the quarter, compared to analyst estimates of $4.97 billion. During the same quarter in the prior year, the company earned $0.17 EPS. Freeport-McMoRan’s revenue was up 39.3% on a year-over-year basis. research analysts predict that Freeport-McMoRan will post 1.95 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 1st. Shareholders of record on Friday, July 13th were paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.43%. The ex-dividend date was Thursday, July 12th. Freeport-McMoRan’s dividend payout ratio is presently 17.09%.
Institutional investors have recently modified their holdings of the business. Alps Advisors Inc. increased its holdings in shares of Freeport-McMoRan by 27.2% during the 2nd quarter. Alps Advisors Inc. now owns 14,947 shares of the natural resource company’s stock worth $283,000 after buying an additional 3,200 shares during the last quarter. Independent Advisor Alliance increased its holdings in shares of Freeport-McMoRan by 9.6% during the 2nd quarter. Independent Advisor Alliance now owns 37,659 shares of the natural resource company’s stock worth $583,000 after buying an additional 3,311 shares during the last quarter. Advisor Partners LLC increased its holdings in shares of Freeport-McMoRan by 6.5% during the 1st quarter. Advisor Partners LLC now owns 56,253 shares of the natural resource company’s stock worth $988,000 after buying an additional 3,418 shares during the last quarter. Atlas Capital Advisors LLC increased its holdings in shares of Freeport-McMoRan by 34.2% during the 2nd quarter. Atlas Capital Advisors LLC now owns 13,510 shares of the natural resource company’s stock worth $227,000 after buying an additional 3,445 shares during the last quarter. Finally, Daiwa Securities Group Inc. increased its holdings in shares of Freeport-McMoRan by 9.1% during the 1st quarter. Daiwa Securities Group Inc. now owns 45,830 shares of the natural resource company’s stock worth $805,000 after buying an additional 3,813 shares during the last quarter. 73.05% of the stock is currently owned by institutional investors.
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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