Freeport-McMoRan (NYSE:FCX) Trading 2.3% Higher - Time to Buy?

Key Points

• Freeport-McMoRan's stock price increased by 2.3% on Monday, trading at $42.14, although the trading volume declined by 25% compared to its average daily volume.
• Analyst ratings are mixed, with Scotiabank raising its price target from $45.00 to $49.00, while other firms like Dbs Bank downgraded their targets, resulting in a consensus rating of "Moderate Buy."
• Freeport-McMoRan recently announced a $0.15 quarterly dividend to be paid on November 3rd, indicating a yield of 1.4% and a payout ratio of 22.73%.

Freeport-McMoRan Inc. (NYSE:FCX - Get Free Report) was up 2.3% during trading on Monday . The stock traded as high as $42.22 and last traded at $42.14. Approximately 12,536,455 shares were traded during trading, a decline of 25% from the average daily volume of 16,770,578 shares. The stock had previously closed at $41.18.

Analyst Upgrades and Downgrades

Several analysts have weighed in on FCX shares. Scotiabank boosted their price objective on Freeport-McMoRan from $45.00 to $49.00 and gave the company a "sector perform" rating in a research report on Tuesday, October 14th. Dbs Bank lowered their price objective on Freeport-McMoRan from $51.00 to $48.00 in a research report on Thursday, October 2nd. Wall Street Zen downgraded Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Friday, September 26th. Clarkson Capital reiterated a "neutral" rating and issued a $42.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, September 25th. Finally, BMO Capital Markets lowered their price objective on Freeport-McMoRan from $54.00 to $48.00 and set an "outperform" rating for the company in a research report on Wednesday, September 24th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $46.92.

Freeport-McMoRan Stock Performance

The business has a fifty day simple moving average of $42.65 and a 200-day simple moving average of $40.80. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. The firm has a market cap of $60.50 billion, a P/E ratio of 31.92, a P/E/G ratio of 0.96 and a beta of 1.58.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The firm had revenue of $7.58 billion for the quarter, compared to analysts' expectations of $6.85 billion. During the same period in the prior year, the firm posted $0.46 earnings per share. The company's quarterly revenue was up 14.5% on a year-over-year basis. On average, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan's dividend payout ratio is currently 22.73%.

Institutional Investors Weigh In On Freeport-McMoRan

Institutional investors have recently modified their holdings of the stock. Twin Peaks Wealth Advisors LLC purchased a new stake in shares of Freeport-McMoRan during the second quarter valued at $28,000. Dagco Inc. purchased a new stake in shares of Freeport-McMoRan during the first quarter valued at $37,000. Beacon Capital Management LLC boosted its position in shares of Freeport-McMoRan by 59.6% during the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company's stock valued at $38,000 after buying an additional 327 shares during the last quarter. CKW Financial Group purchased a new stake in shares of Freeport-McMoRan during the first quarter valued at $40,000. Finally, Greykasell Wealth Strategies Inc. purchased a new stake in shares of Freeport-McMoRan during the first quarter valued at $42,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

About Freeport-McMoRan

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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