Freeport-McMoRan Inc. (NYSE:FCX - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $80.24 and last traded at $79.05, with a volume of 18321404 shares trading hands. The stock had previously closed at $79.91.
Analyst Upgrades and Downgrades
FCX has been the subject of several analyst reports. Wall Street Zen cut shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Weiss Ratings upgraded Freeport-McMoRan from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, July 31st. Bank of America boosted their price target on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the company a "buy" rating in a research report on Thursday, July 9th. JPMorgan Chase & Co. increased their price target on shares of Freeport-McMoRan from $73.00 to $77.00 and gave the stock an "overweight" rating in a research note on Thursday, July 9th. Finally, Wells Fargo & Company raised their price target on shares of Freeport-McMoRan from $68.00 to $70.00 and gave the company an "overweight" rating in a report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $70.27.
Check Out Our Latest Stock Report on Freeport-McMoRan
Freeport-McMoRan Stock Down 1.1%
The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92. The company's 50-day simple moving average is $65.11 and its 200 day simple moving average is $63.80. The firm has a market cap of $113.52 billion, a P/E ratio of 38.94, a price-to-earnings-growth ratio of 0.79 and a beta of 1.37.
Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.12. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The company had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.62 billion. During the same quarter in the prior year, the firm posted $0.54 EPS. Freeport-McMoRan's quarterly revenue was down 7.3% compared to the same quarter last year. Research analysts anticipate that Freeport-McMoRan Inc. will post 2.79 EPS for the current fiscal year.
Freeport-McMoRan Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Wednesday, July 15th were issued a dividend of $0.075 per share. The ex-dividend date was Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 14.78%.
Insider Activity
In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 14,277 shares of the stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total transaction of $992,251.50. Following the transaction, the chief accounting officer directly owned 54,618 shares in the company, valued at $3,795,951. This represents a 20.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Ellie L. Mikes sold 4,773 shares of Freeport-McMoRan stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total value of $334,110.00. Following the completion of the transaction, the chief accounting officer owned 36,000 shares in the company, valued at $2,520,000. This represents a 11.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 106,600 shares of company stock valued at $8,086,812. Corporate insiders own 0.73% of the company's stock.
Institutional Inflows and Outflows
Several large investors have recently modified their holdings of the company. California State Teachers Retirement System grew its position in Freeport-McMoRan by 6,434.3% during the 2nd quarter. California State Teachers Retirement System now owns 142,181,964 shares of the natural resource company's stock worth $8,941,824,000 after purchasing an additional 140,006,047 shares during the last quarter. Fisher Asset Management LLC lifted its position in Freeport-McMoRan by 1.0% during the 4th quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company's stock worth $3,244,504,000 after acquiring an additional 622,343 shares during the period. State Street Corp grew its stake in Freeport-McMoRan by 0.6% during the 4th quarter. State Street Corp now owns 62,873,136 shares of the natural resource company's stock valued at $3,193,327,000 after purchasing an additional 395,226 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Freeport-McMoRan by 20.0% in the first quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company's stock valued at $2,489,069,000 after purchasing an additional 7,044,775 shares during the period. Finally, Franklin Resources Inc. increased its holdings in shares of Freeport-McMoRan by 31.2% in the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company's stock valued at $1,897,202,000 after purchasing an additional 8,891,743 shares during the period. Institutional investors own 80.77% of the company's stock.
Freeport-McMoRan Company Profile
(
Get Free Report)
Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.
Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.
Further Reading
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