Shares of Freeport-McMoRan Inc. (NYSE:FCX – Get Free Report) fell 1.1% during mid-day trading on Tuesday. The company traded as low as $71.51 and last traded at $72.4710. 7,095,568 shares were traded during mid-day trading, a decline of 56% from the average session volume of 16,178,953 shares. The stock had previously closed at $73.29.
Wall Street Analyst Weigh In
Several equities analysts recently commented on the company. Wells Fargo & Company boosted their target price on Freeport-McMoRan from $70.00 to $87.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 6th. Freedom Broker cut Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a report on Thursday, September 3rd. BNP Paribas Exane raised their price target on Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a report on Thursday, June 18th. Citigroup lifted their price target on Freeport-McMoRan from $66.00 to $84.00 and gave the company a “buy” rating in a research report on Monday, October 5th. Finally, Weiss Ratings raised Freeport-McMoRan from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $76.22.
Read Our Latest Stock Report on Freeport-McMoRan
Freeport-McMoRan Trading Down 1.1%
Freeport-McMoRan (NYSE:FCX – Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. The company had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%. Freeport-McMoRan’s revenue was down 7.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.54 EPS. Equities analysts expect that Freeport-McMoRan Inc. will post 2.87 earnings per share for the current year.
Freeport-McMoRan Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Thursday, October 15th will be given a dividend of $0.0750 per share. This represents a $0.30 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Thursday, October 15th. Freeport-McMoRan’s dividend payout ratio is 14.78%.
Insider Activity
In other news, EVP Douglas N. Currault II sold 80,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $78.56, for a total transaction of $6,284,800.00. Following the sale, the executive vice president owned 211,016 shares in the company, valued at $16,577,416.96. This represents a 27.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Ellie L. Mikes sold 4,773 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total transaction of $334,110.00. Following the sale, the chief accounting officer directly owned 36,000 shares in the company, valued at approximately $2,520,000. The trade was a 11.71% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 110,398 shares of company stock valued at $8,387,271 in the last quarter. 0.73% of the stock is owned by company insiders.
Institutional Investors Weigh In On Freeport-McMoRan
Hedge funds have recently added to or reduced their stakes in the stock. Sax Wealth Advisors LLC purchased a new position in Freeport-McMoRan in the third quarter worth about $2,494,000. NorthCrest Asset Manangement LLC increased its position in shares of Freeport-McMoRan by 0.5% during the 3rd quarter. NorthCrest Asset Manangement LLC now owns 371,338 shares of the natural resource company’s stock valued at $26,417,000 after purchasing an additional 1,800 shares during the last quarter. Oak Grove Capital LLC increased its position in shares of Freeport-McMoRan by 492.3% during the 3rd quarter. Oak Grove Capital LLC now owns 149,001 shares of the natural resource company’s stock valued at $10,430,000 after purchasing an additional 123,843 shares during the last quarter. Argus Investors Counsel Inc. bought a new position in shares of Freeport-McMoRan in the 3rd quarter worth approximately $259,000. Finally, Mirador Capital Partners LP lifted its stake in shares of Freeport-McMoRan by 3.7% in the 3rd quarter. Mirador Capital Partners LP now owns 135,338 shares of the natural resource company’s stock worth $9,474,000 after purchasing an additional 4,770 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.
Freeport-McMoRan Company Profile
Freeport-McMoRan Inc (NYSE: FCX) is a leading international mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Copper is its principal product and is used in electrical systems, construction, transportation, renewable energy infrastructure and other industrial applications. The company also produces copper cathodes and concentrates, gold, molybdenum products and certain quantities of silver and other byproducts.
Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America and Indonesia.
Read More
- Five stocks we like better than Freeport-McMoRan
- A Chinese Rival Just Spooked Memory Stocks—How Worried Should Micron Investors Be?
- Could T-Mobile’s Satellite Competition Fears Create a Buying Opportunity?
- Surgical Precision, Sustainable Returns: Johnson & Johnson Secures Its Cash Flow Runway
- Tesla’s Robotaxi Lands in Paris—But Europe’s Real Fight Is Over Cheap EVs
Receive News & Ratings for Freeport-McMoRan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoRan and related companies with MarketBeat.com's FREE daily email newsletter.
