Deutsche Bank upgraded shares of Freeport-McMoRan (NYSE:FCX) from a hold rating to a buy rating in a report issued on Wednesday, BenzingaRatingsTable reports. The brokerage currently has $13.50 target price on the natural resource company’s stock, up from their previous target price of $12.50.
Several other equities analysts have also commented on the stock. UBS Group set a $13.00 price target on shares of Freeport-McMoRan and gave the stock a hold rating in a research report on Wednesday, June 26th. ValuEngine lowered shares of Intersect ENT from a buy rating to a hold rating in a research report on Monday, June 3rd. BMO Capital Markets set a $32.00 price objective on shares of Axalta Coating Systems and gave the stock a hold rating in a research report on Friday, April 26th. Zacks Investment Research lowered shares of Hollysys Automation Technologies from a hold rating to a sell rating in a research report on Thursday, April 11th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Pinduoduo in a research report on Tuesday, July 9th. They issued an underweight rating and a $20.48 price objective for the company. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company. Freeport-McMoRan currently has a consensus rating of Hold and a consensus price target of $14.71.
Shares of FCX stock opened at $11.02 on Wednesday. Freeport-McMoRan has a one year low of $9.47 and a one year 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 stock’s 50 day moving average is $10.77. The firm has a market capitalization of $15.99 billion, a price-to-earnings ratio of 10.11 and a beta of 2.31.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, April 25th. The natural resource company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.08 by ($0.03). Freeport-McMoRan had a return on equity of 10.31% and a net margin of 9.09%. The company had revenue of $3.79 billion for the quarter, compared to analyst estimates of $3.77 billion. During the same period last year, the company posted $0.46 EPS. The business’s revenue for the quarter was down 22.1% on a year-over-year basis. Sell-side analysts anticipate that Freeport-McMoRan will post 0.24 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Monday, July 15th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.81%. The ex-dividend date of this dividend is Friday, July 12th. Freeport-McMoRan’s payout ratio is currently 13.16%.
In other Freeport-McMoRan news, Vice Chairman Richard C. Adkerson acquired 172,000 shares of the company’s stock in a transaction dated Thursday, June 6th. The stock was bought at an average price of $10.14 per share, with a total value of $1,744,080.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Harry M. Iv Conger sold 155,000 shares of the stock in a transaction on Friday, June 7th. The stock was sold at an average price of $10.51, for a total transaction of $1,629,050.00. Following the completion of the sale, the chief operating officer now directly owns 416,382 shares of the company’s stock, valued at approximately $4,376,174.82. The disclosure for this sale can be found here. 0.98% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in FCX. Hexavest Inc. acquired a new stake in Freeport-McMoRan during the 1st quarter valued at $64,964,000. Brandywine Global Investment Management LLC grew its holdings in Freeport-McMoRan by 181,362.5% during the 4th quarter. Brandywine Global Investment Management LLC now owns 3,215,516 shares of the natural resource company’s stock valued at $33,152,000 after purchasing an additional 3,213,744 shares in the last quarter. Two Sigma Investments LP grew its holdings in Freeport-McMoRan by 2,683.4% during the 4th quarter. Two Sigma Investments LP now owns 3,105,016 shares of the natural resource company’s stock valued at $32,013,000 after purchasing an additional 2,993,462 shares in the last quarter. Two Sigma Advisers LP grew its holdings in Freeport-McMoRan by 60.5% during the 4th quarter. Two Sigma Advisers LP now owns 4,954,802 shares of the natural resource company’s stock valued at $51,084,000 after purchasing an additional 1,868,604 shares in the last quarter. Finally, PM CAPITAL Ltd grew its holdings in Freeport-McMoRan by 287.1% during the 2nd quarter. PM CAPITAL Ltd now owns 2,321,720 shares of the natural resource company’s stock valued at $26,955,000 after purchasing an additional 1,722,000 shares in the last quarter. 72.46% of the stock is owned by institutional investors and hedge funds.
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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