Freeport-McMoRan Inc. (NYSE:FCX - Get Free Report)'s share price gapped down prior to trading on Tuesday . The stock had previously closed at $48.95, but opened at $47.45. Freeport-McMoRan shares last traded at $47.82, with a volume of 4,282,287 shares changing hands.
Analyst Upgrades and Downgrades
Several brokerages have recently issued reports on FCX. Scotiabank upped their target price on shares of Freeport-McMoRan from $48.00 to $55.00 and gave the company a "sector outperform" rating in a report on Tuesday, April 9th. Bernstein Bank upped their target price on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the company an "overweight" rating in a report on Tuesday. JPMorgan Chase & Co. upped their target price on shares of Freeport-McMoRan from $43.00 to $52.00 and gave the company a "neutral" rating in a report on Wednesday, April 17th. Sanford C. Bernstein upgraded shares of Freeport-McMoRan from a "market perform" rating to an "outperform" rating and upped their target price for the company from $41.00 to $48.50 in a report on Monday, January 8th. Finally, Bank of America upgraded shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $59.00 price target for the company in a research note on Tuesday, April 9th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $49.15.
View Our Latest Analysis on Freeport-McMoRan
Freeport-McMoRan Stock Performance
The company has a current ratio of 2.42, a quick ratio of 1.38 and a debt-to-equity ratio of 0.32. The stock's 50 day moving average is $43.80 and its 200 day moving average is $40.06. The stock has a market capitalization of $68.85 billion, a price-to-earnings ratio of 37.64, a PEG ratio of 2.28 and a beta of 2.04.
Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, topping analysts' consensus estimates of $0.27 by $0.05. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The business had revenue of $6.32 billion during the quarter, compared to analysts' expectations of $5.70 billion. During the same period last year, the company posted $0.52 EPS. The company's revenue was up 17.3% on a year-over-year basis. On average, analysts predict that Freeport-McMoRan Inc. will post 1.57 earnings per share for the current year.
Freeport-McMoRan Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a yield of 1.25%. Freeport-McMoRan's dividend payout ratio (DPR) is 23.62%.
Institutional Investors Weigh In On Freeport-McMoRan
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Bruce G. Allen Investments LLC purchased a new position in shares of Freeport-McMoRan during the 4th quarter worth $27,000. BluePath Capital Management LLC acquired a new position in Freeport-McMoRan in the third quarter valued at $28,000. Jones Financial Companies Lllp lifted its position in Freeport-McMoRan by 422.2% during the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company's stock worth $28,000 after buying an additional 532 shares during the period. Vermillion & White Wealth Management Group LLC purchased a new stake in Freeport-McMoRan in the 4th quarter valued at about $32,000. Finally, EdgeRock Capital LLC acquired a new position in shares of Freeport-McMoRan during the 4th quarter valued at about $35,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.
Freeport-McMoRan Company Profile
(
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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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