Freeport-McMoRan (NYSE:FCX) Trading Down 1.3% - Here's Why

Key Points

• Freeport-McMoRan Inc. experienced a stock price drop of 1.3% during trading, closing at $40.77 after reaching a low of $40.12, with trading volume down 28% from its average.
• Recent analyst reports show a mixed outlook with target prices being lowered to around $48.00, but a consensus rating of "Moderate Buy" alongside a potential price target of $46.92.
• The company announced a quarterly dividend of $0.15 per share, set to be paid on November 3rd, representing a 1.5% yield for shareholders of record.

Freeport-McMoRan Inc. (NYSE:FCX - Get Free Report)'s stock price dropped 1.3% during trading on Wednesday . The company traded as low as $40.12 and last traded at $40.77. Approximately 12,030,992 shares were traded during trading, a decline of 28% from the average daily volume of 16,728,381 shares. The stock had previously closed at $41.31.

Analyst Ratings Changes

FCX has been the topic of several recent research reports. Johnson Rice lowered their target price on shares of Freeport-McMoRan from $55.00 to $48.00 in a report on Monday, September 29th. Wall Street Zen lowered Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Friday, September 26th. Stifel Canada upgraded Freeport-McMoRan to a "strong-buy" rating in a research report on Tuesday, July 8th. BMO Capital Markets decreased their target price on shares of Freeport-McMoRan from $54.00 to $48.00 and set an "outperform" rating on the stock in a report on Wednesday, September 24th. Finally, Scotiabank boosted their target price on shares of Freeport-McMoRan from $45.00 to $49.00 and gave the stock a "sector perform" rating in a research note on Tuesday, October 14th. Four analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $46.92.

Freeport-McMoRan Stock Down 1.3%

The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. The stock has a fifty day moving average price of $42.64 and a two-hundred day moving average price of $40.81. The company has a market cap of $58.54 billion, a P/E ratio of 30.89, a price-to-earnings-growth ratio of 0.99 and a beta of 1.58.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The business had revenue of $7.58 billion for the quarter, compared to analysts' expectations of $6.85 billion. During the same period last year, the business earned $0.46 EPS. The business's revenue was up 14.5% on a year-over-year basis. On average, research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.5%. Freeport-McMoRan's dividend payout ratio (DPR) is currently 22.73%.

Institutional Trading of Freeport-McMoRan

A number of hedge funds have recently bought and sold shares of the business. Portside Wealth Group LLC raised its position in Freeport-McMoRan by 0.8% in the second quarter. Portside Wealth Group LLC now owns 30,333 shares of the natural resource company's stock worth $1,315,000 after acquiring an additional 245 shares during the period. Hollencrest Capital Management increased its position in shares of Freeport-McMoRan by 0.6% during the second quarter. Hollencrest Capital Management now owns 45,133 shares of the natural resource company's stock valued at $1,957,000 after buying an additional 250 shares during the period. Waterloo Capital L.P. increased its holdings in Freeport-McMoRan by 3.9% during the 2nd quarter. Waterloo Capital L.P. now owns 6,658 shares of the natural resource company's stock worth $289,000 after acquiring an additional 251 shares during the period. Strengthening Families & Communities LLC increased its stake in Freeport-McMoRan by 0.6% in the 2nd quarter. Strengthening Families & Communities LLC now owns 42,617 shares of the natural resource company's stock worth $1,822,000 after acquiring an additional 261 shares during the last quarter. Finally, WealthCollab LLC increased its position in shares of Freeport-McMoRan by 17.1% in the second quarter. WealthCollab LLC now owns 1,820 shares of the natural resource company's stock worth $79,000 after purchasing an additional 266 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

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.

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