Freeport-McMoRan (NYSE:FCX) Trading Down 2% - Here's What Happened

Key Points

• Freeport-McMoRan shares experienced a 2% drop, trading as low as $40.66, while average trading volume decreased by 23% compared to previous sessions.
• Analysts have revised their price targets, with Royal Bank of Canada lowering it from $54.00 to $48.00, while Citigroup upgraded the stock and set a target of $48.00, reflecting a mix of ratings among analysts.
• The company declared a quarterly dividend of $0.15 per share, payable on November 3rd, representing a 1.5% dividend yield with an annualized total of $0.60.

Freeport-McMoRan Inc. (NYSE:FCX - Get Free Report) shares traded down 2% on Tuesday . The company traded as low as $40.66 and last traded at $41.36. 12,892,984 shares traded hands during trading, a decline of 23% from the average session volume of 16,743,717 shares. The stock had previously closed at $42.19.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Royal Bank Of Canada dropped their price target on Freeport-McMoRan from $54.00 to $48.00 and set a "sector perform" rating on the stock in a research note on Wednesday, October 1st. Deutsche Bank Aktiengesellschaft dropped their target price on Freeport-McMoRan from $47.00 to $45.00 and set a "buy" rating on the stock in a research report on Thursday, October 2nd. Citigroup raised shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $48.00 price target for the company in a research report on Wednesday, October 8th. Dbs Bank dropped their price objective on shares of Freeport-McMoRan from $51.00 to $48.00 in a report on Thursday, October 2nd. Finally, HSBC upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating and lifted their price target for the company from $43.00 to $50.00 in a research report on Friday. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $46.92.

Freeport-McMoRan Price Performance

The stock has a 50 day moving average price of $42.65 and a 200-day moving average price of $40.80. 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 market capitalization of $59.38 billion, a price-to-earnings ratio of 31.33, a price-to-earnings-growth ratio of 0.96 and a beta of 1.58.

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

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan's payout ratio is currently 22.73%.

Institutional Investors Weigh In On Freeport-McMoRan

Hedge funds and other institutional investors have recently bought and sold shares of the company. Twin Peaks Wealth Advisors LLC purchased a new stake in shares of Freeport-McMoRan during the 2nd quarter valued at approximately $28,000. Salomon & Ludwin LLC raised its position in Freeport-McMoRan by 1,962.9% in the third quarter. Salomon & Ludwin LLC now owns 722 shares of the natural resource company's stock valued at $29,000 after purchasing an additional 687 shares during the period. Dagco Inc. acquired a new position in shares of Freeport-McMoRan in the 1st quarter valued at $37,000. Beacon Capital Management LLC grew its holdings in shares of Freeport-McMoRan by 59.6% during the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company's stock worth $38,000 after purchasing an additional 327 shares during the period. Finally, Proffitt & Goodson Inc. grew its holdings in shares of Freeport-McMoRan by 39.8% during the 3rd quarter. Proffitt & Goodson Inc. now owns 977 shares of the natural resource company's stock worth $38,000 after purchasing an additional 278 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

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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