Freeport-McMoRan (NYSE:FCX - Get Free Report) issued its quarterly earnings data on Wednesday. The natural resource company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.45 by $0.09, Briefing.com reports. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The business had revenue of $7.58 billion during the quarter, compared to analyst estimates of $6.85 billion. During the same period in the prior year, the business earned $0.46 EPS. The company's revenue for the quarter was up 14.5% on a year-over-year basis.
Freeport-McMoRan Stock Performance
Shares of NYSE FCX traded up $0.29 during trading on Friday, reaching $44.87. 16,007,915 shares of the company traded hands, compared to its average volume of 15,786,993. The firm has a 50 day simple moving average of $42.17 and a 200-day simple moving average of $38.90. The company has a quick ratio of 1.13, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $64.48 billion, a PE ratio of 33.99, a P/E/G ratio of 0.83 and a beta of 1.64. Freeport-McMoRan has a 52-week low of $27.66 and a 52-week high of $52.61.
Freeport-McMoRan Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.34%. Freeport-McMoRan's payout ratio is presently 24.79%.
Wall Street Analysts Forecast Growth
FCX has been the subject of several research reports. Hsbc Global Res upgraded shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 14th. Wolfe Research upgraded shares of Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 price target for the company in a research note on Wednesday, April 16th. JPMorgan Chase & Co. increased their price target on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 9th. Jefferies Financial Group reiterated a "buy" rating and issued a $50.00 price target (up from $48.00) on shares of Freeport-McMoRan in a research note on Friday, April 25th. Finally, BMO Capital Markets decreased their price target on shares of Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating for the company in a research note on Thursday. Eight equities research analysts have rated the stock with a hold rating, eight have given a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $51.00.
Read Our Latest Stock Report on FCX
Insider Activity
In other news, CAO Ellie L. Mikes sold 8,584 shares of the firm's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $40.02, for a total transaction of $343,531.68. Following the sale, the chief accounting officer owned 48,333 shares of the company's stock, valued at $1,934,286.66. This trade represents a 15.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.75% of the stock is currently owned by insiders.
Institutional Trading of Freeport-McMoRan
A hedge fund recently raised its stake in Freeport-McMoRan stock. Bison Wealth LLC increased its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 5.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,616 shares of the natural resource company's stock after buying an additional 507 shares during the quarter. Bison Wealth LLC's holdings in Freeport-McMoRan were worth $366,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 80.77% of the company's stock.
About Freeport-McMoRan
(
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Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.
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