Freeport-McMoRan (NYSE:FCX) Stock Price Down 0.6% - Here's Why

Shares of Freeport-McMoRan Inc. (NYSE:FCX - Get Free Report) dropped 0.6% during mid-day trading on Monday . The stock traded as low as $37.17 and last traded at $37.36. Approximately 1,883,713 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 13,701,470 shares. The stock had previously closed at $37.60.

Wall Street Analysts Forecast Growth

FCX has been the subject of a number of research reports. Argus lowered shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Friday, January 31st. Hsbc Global Res raised Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Monday, April 14th. UBS Group dropped their target price on Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Raymond James reaffirmed an "outperform" rating and set a $52.00 price target on shares of Freeport-McMoRan in a research report on Friday, April 25th. Finally, Wolfe Research raised shares of Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 price objective on the stock in a report on Wednesday, April 16th. Five 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. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $48.09.

Freeport-McMoRan Trading Up 0.7 %

The stock has a fifty day simple moving average of $36.29 and a 200 day simple moving average of $39.23. The firm has a market capitalization of $54.26 billion, a P/E ratio of 29.27, a PEG ratio of 0.87 and a beta of 1.65. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.01. Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. The company had revenue of $5.73 billion for the quarter, compared to the consensus estimate of $5.36 billion. During the same quarter last year, the company earned $0.32 EPS. The firm's quarterly revenue was down 9.4% on a year-over-year basis. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Tuesday, April 15th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, April 15th. This represents a $0.60 annualized dividend and a yield of 1.59%. Freeport-McMoRan's payout ratio is 24.79%.

Institutional Trading of Freeport-McMoRan

Several hedge funds have recently bought and sold shares of the stock. Asset Planning Inc purchased a new stake in shares of Freeport-McMoRan in the fourth quarter worth about $25,000. Mizuho Bank Ltd. bought a new position in shares of Freeport-McMoRan during the 4th quarter valued at approximately $26,000. Vision Financial Markets LLC bought a new position in shares of Freeport-McMoRan during the 4th quarter valued at approximately $27,000. Laurel Wealth Advisors LLC grew its holdings in shares of Freeport-McMoRan by 487.8% in the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company's stock valued at $28,000 after purchasing an additional 600 shares in the last quarter. Finally, Roxbury Financial LLC bought a new stake in Freeport-McMoRan in the fourth quarter worth $28,000. Hedge funds and other institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Company Profile

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.