F Stock – Freeport-McMoRan Inc. (NYSE:FCX) Receives Average Rating of “Buy” from Analysts
Freeport-McMoRan Inc. (NYSE:FCX) has been given an average rating of “Buy” by the nineteen research firms that are currently covering the stock, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $28.31.
A number of research analysts have weighed in on FCX shares. TheStreet upgraded shares of Freeport-McMoRan from a “c” rating to a “b-” rating in a research report on Tuesday, January 26th. Zacks Investment Research upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating and set a $49.00 price target for the company in a research report on Tuesday. UBS Group upped their price target on shares of Freeport-McMoRan from $30.00 to $36.00 and gave the stock a “neutral” rating in a research report on Monday, April 26th. B. Riley upped their price target on shares of Freeport-McMoRan from $32.00 to $42.00 and gave the stock a “buy” rating in a research report on Tuesday, February 23rd. Finally, Morgan Stanley restated an “equal weight” rating on shares of Freeport-McMoRan in a research report on Tuesday, March 30th.
Shares of Freeport-McMoRan stock opened at $41.97 on Friday. The firm has a 50-day simple moving average of $36.74 and a two-hundred day simple moving average of $30.02. The company has a market cap of $61.21 billion, a P/E ratio of -466.28 and a beta of 2.27. Freeport-McMoRan has a fifty-two week low of $7.80 and a fifty-two week high of $46.10. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.35 and a current ratio of 2.61.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, April 22nd. The natural resource company reported $0.51 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.51. The business had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.74 billion. Freeport-McMoRan had a negative net margin of 0.73% and a positive return on equity of 1.56%. The company’s revenue was up 73.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.18) earnings per share. Equities research analysts forecast that Freeport-McMoRan will post 0.56 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 3rd. Investors of record on Thursday, April 15th were paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.71%. The ex-dividend date of this dividend was Wednesday, April 14th. This is a boost from Freeport-McMoRan’s previous quarterly dividend of $0.05. Freeport-McMoRan’s dividend payout ratio is currently 1,500.00%.
In other news, Director Gerald J. Ford sold 3,422 shares of the stock in a transaction that occurred on Monday, April 26th. The shares were sold at an average price of $38.82, for a total value of $132,842.04. Following the completion of the sale, the director now owns 18,200 shares of the company’s stock, valued at approximately $706,524. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Gerald J. Ford sold 2,020,000 shares of the stock in a transaction that occurred on Wednesday, March 3rd. The shares were sold at an average price of $34.93, for a total transaction of $70,558,600.00. In the last three months, insiders sold 2,126,476 shares of company stock valued at $74,570,929. Corporate insiders own 1.00% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Itau Unibanco Holding S.A. boosted its position in shares of Freeport-McMoRan by 736,350.9% during the 4th quarter. Itau Unibanco Holding S.A. now owns 53,760,919 shares of the natural resource company’s stock worth $2,731,000 after purchasing an additional 53,753,619 shares during the period. BlackRock Inc. boosted its position in shares of Freeport-McMoRan by 12.4% during the 1st quarter. BlackRock Inc. now owns 136,810,440 shares of the natural resource company’s stock worth $4,505,168,000 after purchasing an additional 15,067,867 shares during the period. price T Rowe Associates Inc. MD boosted its position in shares of Freeport-McMoRan by 45.6% during the 4th quarter. price T Rowe Associates Inc. MD now owns 34,978,663 shares of the natural resource company’s stock worth $910,145,000 after purchasing an additional 10,954,358 shares during the period. FMR LLC boosted its position in shares of Freeport-McMoRan by 15.4% during the 4th quarter. FMR LLC now owns 56,365,482 shares of the natural resource company’s stock worth $1,466,630,000 after purchasing an additional 7,504,643 shares during the period. Finally, Ceredex Value Advisors LLC purchased a new position in shares of Freeport-McMoRan during the 1st quarter worth approximately $146,627,000. 72.30% of the stock is owned by institutional investors and hedge funds.
Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. 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 in Peru and El Abra in Chile.
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