Freeport-McMoRan (NYSE:FCX) Shares Gap Up to $9.58

Freeport-McMoRan Inc (NYSE:FCX)’s share price gapped up prior to trading on Monday . The stock had previously closed at $9.36, but opened at $9.58. Freeport-McMoRan shares last traded at $9.82, with a volume of 24,007,381 shares.

FCX has been the subject of several analyst reports. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and lowered their target price for the stock from $13.00 to $12.00 in a report on Thursday, October 10th. ValuEngine raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Thursday, September 5th. Barclays raised shares of Freeport-McMoRan from an “underweight” rating to an “equal weight” rating and set a $12.00 target price on the stock in a research report on Tuesday, July 16th. BNP Paribas initiated coverage on shares of Freeport-McMoRan in a research report on Friday, September 20th. They set an “outperform” rating on the stock. Finally, Raymond James reissued a “market perform” rating and set a $13.00 target price on shares of Freeport-McMoRan in a research report on Thursday, July 25th. Nine equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Freeport-McMoRan presently has an average rating of “Hold” and a consensus price target of $13.38.

The business’s 50-day moving average price is $9.66 and its 200-day moving average price is $10.74. The company has a current ratio of 2.66, a quick ratio of 1.32 and a debt-to-equity ratio of 0.56. The stock has a market cap of $13.70 billion, a PE ratio of 6.46 and a beta of 2.40.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Wednesday, July 24th. The natural resource company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. Freeport-McMoRan had a net margin of 4.11% and a return on equity of 4.08%. The firm had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.54 billion. During the same quarter in the previous year, the firm earned $0.59 EPS. The company’s quarterly revenue was down 31.4% compared to the same quarter last year. As a group, analysts predict that Freeport-McMoRan Inc will post 0.07 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date of this dividend is Friday, October 11th. Freeport-McMoRan’s payout ratio is currently 13.16%.

Institutional investors have recently modified their holdings of the company. Guild Investment Management Inc. acquired a new stake in Freeport-McMoRan in the 2nd quarter worth approximately $971,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its stake in Freeport-McMoRan by 28.2% in the 2nd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 239,980 shares of the natural resource company’s stock worth $2,786,000 after purchasing an additional 52,719 shares in the last quarter. Public Employees Retirement Association of Colorado boosted its stake in Freeport-McMoRan by 1.4% in the 2nd quarter. Public Employees Retirement Association of Colorado now owns 263,375 shares of the natural resource company’s stock worth $3,058,000 after purchasing an additional 3,644 shares in the last quarter. Captrust Financial Advisors boosted its stake in Freeport-McMoRan by 4,709.6% in the 2nd quarter. Captrust Financial Advisors now owns 251,638 shares of the natural resource company’s stock worth $2,922,000 after purchasing an additional 246,406 shares in the last quarter. Finally, Grassi Investment Management boosted its stake in Freeport-McMoRan by 7.8% in the 3rd quarter. Grassi Investment Management now owns 193,200 shares of the natural resource company’s stock worth $1,849,000 after purchasing an additional 14,000 shares in the last quarter. 72.52% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Company Profile (NYSE:FCX)

Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.

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