Freeport-McMoRan (NYSE:FCX) Shares Up 5.6% - Here's What Happened

Key Points

• Freeport-McMoRan shares rose 5.6%, trading as high as $61.28 on Wednesday with roughly 17.5 million shares changing hands (about 10% below average).
• Analysts collectively rate the stock a "Moderate Buy" with a consensus price target of $65.14, though several firms recently trimmed targets to the mid‑$60s.
• The company beat quarterly estimates with EPS of $0.57 versus $0.47 expected and revenue of $6.23B, and it pays a quarterly dividend of $0.075 (annualized yield ~0.5%).

Freeport-McMoRan Inc. (NYSE:FCX - Get Free Report) shares were up 5.6% on Wednesday . The stock traded as high as $61.28 and last traded at $60.9280. Approximately 17,507,310 shares were traded during trading, a decline of 10% from the average daily volume of 19,537,391 shares. The stock had previously closed at $57.68.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on FCX shares. Citigroup reduced their price objective on Freeport-McMoRan from $67.00 to $66.00 and set a "buy" rating for the company in a research note on Friday, May 1st. Deutsche Bank Aktiengesellschaft reduced their price objective on Freeport-McMoRan from $72.00 to $68.00 and set a "buy" rating for the company in a research note on Friday, April 24th. Scotiabank reduced their price objective on Freeport-McMoRan from $71.00 to $67.00 and set a "sector perform" rating for the company in a research note on Friday, April 24th. Argus raised Freeport-McMoRan from a "hold" rating to a "buy" rating in a research note on Friday, February 13th. Finally, Raymond James Financial reduced their price objective on Freeport-McMoRan from $72.00 to $68.00 and set an "outperform" rating for the company in a research note on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, Freeport-McMoRan currently has an average rating of "Moderate Buy" and a consensus price target of $65.14.

Freeport-McMoRan Trading Up 5.6%

The firm has a market cap of $87.57 billion, a price-to-earnings ratio of 32.41, a PEG ratio of 0.71 and a beta of 1.32. The company has a 50-day moving average price of $61.93 and a 200 day moving average price of $54.65. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The business had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.73 billion. During the same period last year, the company earned $0.24 earnings per share. Freeport-McMoRan's quarterly revenue was up 8.8% compared to the same quarter last year. As a group, research analysts anticipate that Freeport-McMoRan Inc. will post 2.52 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Wednesday, April 15th. Freeport-McMoRan's dividend payout ratio (DPR) is currently 15.96%.

Insider Buying and Selling at Freeport-McMoRan

In related news, EVP Douglas N. Currault II sold 75,000 shares of the stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $64.52, for a total transaction of $4,839,000.00. Following the completion of the sale, the executive vice president directly owned 219,181 shares in the company, valued at approximately $14,141,558.12. This trade represents a 25.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Ellie L. Mikes sold 11,000 shares of the stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $62.03, for a total value of $682,330.00. Following the sale, the chief accounting officer owned 40,773 shares of the company's stock, valued at approximately $2,529,149.19. This represents a 21.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 565,145 shares of company stock valued at $35,839,918 in the last quarter. Corporate insiders own 0.75% of the company's stock.

Institutional Trading of Freeport-McMoRan

Hedge funds and other institutional investors have recently modified their holdings of the company. Steigerwald Gordon & Koch Inc. bought a new position in Freeport-McMoRan during the third quarter valued at about $25,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Freeport-McMoRan in the fourth quarter worth about $25,000. Salomon & Ludwin LLC increased its stake in shares of Freeport-McMoRan by 1,962.9% in the third quarter. Salomon & Ludwin LLC now owns 722 shares of the natural resource company's stock worth $29,000 after purchasing an additional 687 shares during the period. Steph & Co. increased its stake in shares of Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company's stock worth $29,000 after purchasing an additional 150 shares during the period. Finally, Kemnay Advisory Services Inc. bought a new position in shares of Freeport-McMoRan in the fourth quarter worth about $29,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.