Freeport-McMoRan Inc (NYSE:FCX) has earned a consensus recommendation of “Hold” from the twenty-two brokerages that are currently covering the stock, Marketbeat Ratings reports. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $16.26.
FCX has been the topic of several recent research reports. Citigroup lowered their price objective on Freeport-McMoRan from $18.00 to $14.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 17th. Raymond James set a $16.00 price objective on Freeport-McMoRan and gave the stock a “hold” rating in a research report on Wednesday, October 24th. ValuEngine lowered Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a research report on Wednesday, October 24th. B. Riley lowered their price objective on Freeport-McMoRan from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Thursday, October 25th. Finally, Royal Bank of Canada lowered Freeport-McMoRan from a “sector perform” rating to an “underperform” rating and set a $12.20 price objective on the stock. in a research report on Tuesday, November 6th. They noted that the move was a valuation call.
Several large investors have recently made changes to their positions in the company. Schroder Investment Management Group boosted its stake in Freeport-McMoRan by 28.3% in the second quarter. Schroder Investment Management Group now owns 209,758 shares of the natural resource company’s stock valued at $3,522,000 after acquiring an additional 46,265 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Freeport-McMoRan by 28.5% in the second quarter. Bank of New York Mellon Corp now owns 27,267,197 shares of the natural resource company’s stock valued at $470,631,000 after acquiring an additional 6,041,164 shares during the last quarter. Fox Run Management L.L.C. purchased a new position in Freeport-McMoRan in the third quarter valued at about $145,000. Atria Investments LLC boosted its stake in Freeport-McMoRan by 108.4% in the third quarter. Atria Investments LLC now owns 25,736 shares of the natural resource company’s stock valued at $358,000 after acquiring an additional 13,384 shares during the last quarter. Finally, State of Alaska Department of Revenue boosted its stake in Freeport-McMoRan by 7.2% in the third quarter. State of Alaska Department of Revenue now owns 273,472 shares of the natural resource company’s stock valued at $3,806,000 after acquiring an additional 18,446 shares during the last quarter. Hedge funds and other institutional investors own 70.49% of the company’s stock.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, January 24th. The natural resource company reported $0.11 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by ($0.07). Freeport-McMoRan had a return on equity of 15.88% and a net margin of 12.12%. The business had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.86 billion. During the same quarter last year, the company posted $0.51 EPS. Freeport-McMoRan’s quarterly revenue was down 26.9% compared to the same quarter last year. Equities research analysts predict that Freeport-McMoRan will post 0.5 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, February 1st. Stockholders of record on Tuesday, January 15th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Monday, January 14th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.73%. Freeport-McMoRan’s dividend payout ratio (DPR) is 13.16%.
Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.
Further Reading: Return on Equity (ROE)
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