Freeport-McMoRan Inc (NYSE:FCX) gapped up prior to trading on Friday . The stock had previously closed at $10.87, but opened at $11.15. Freeport-McMoRan shares last traded at $11.49, with a volume of 29,799,033 shares trading hands.
A number of analysts have issued reports on the stock. ValuEngine cut shares of Intersect ENT from a “buy” rating to a “hold” rating in a research note on Monday, June 3rd. Deutsche Bank set a $28.00 price objective on shares of Colfax and gave the stock a “hold” rating in a research note on Wednesday, July 10th. Zacks Investment Research cut shares of Hollysys Automation Technologies from a “hold” rating to a “sell” rating in a research note on Thursday, April 11th. JPMorgan Chase & Co. started coverage on shares of Pinduoduo in a research note on Tuesday, July 9th. They issued an “underweight” rating and a $20.48 price objective for the company. Finally, BMO Capital Markets set a $32.00 price objective on shares of Axalta Coating Systems and gave the stock a “hold” rating in a research note on Friday, April 26th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $14.71.
The company has a market cap of $16.17 billion, a PE ratio of 7.56 and a beta of 2.31. The stock’s 50 day simple moving average is $10.92. The company has a quick ratio of 1.41, a current ratio of 2.79 and a debt-to-equity ratio of 0.56.
Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, April 25th. The natural resource company reported $0.05 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.08 by ($0.03). The company had revenue of $3.79 billion for the quarter, compared to analyst estimates of $3.77 billion. Freeport-McMoRan had a net margin of 9.09% and a return on equity of 10.31%. Freeport-McMoRan’s revenue for the quarter was down 22.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.46 earnings per share. As a group, equities research analysts anticipate that Freeport-McMoRan Inc will post 0.2 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Monday, July 15th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.74%. The ex-dividend date is Friday, July 12th. Freeport-McMoRan’s payout ratio is currently 13.16%.
In related news, COO Harry M. Iv Conger sold 155,000 shares of the company’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $10.51, for a total transaction of $1,629,050.00. Following the completion of the transaction, the chief operating officer now directly owns 416,382 shares in the company, valued at approximately $4,376,174.82. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Vice Chairman Richard C. Adkerson bought 172,000 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The shares were bought at an average price of $10.14 per share, with a total value of $1,744,080.00. The disclosure for this purchase can be found here. 0.98% of the stock is owned by corporate insiders.
Institutional investors have recently made changes to their positions in the business. TCG Advisors LP bought a new stake in Freeport-McMoRan in the 1st quarter valued at $33,000. Truvestments Capital LLC bought a new stake in Freeport-McMoRan in the 1st quarter valued at $43,000. WP Advisors LLC bought a new stake in Freeport-McMoRan in the 1st quarter valued at $46,000. Private Capital Group LLC increased its holdings in Freeport-McMoRan by 99.3% in the 1st quarter. Private Capital Group LLC now owns 3,650 shares of the natural resource company’s stock valued at $47,000 after buying an additional 1,819 shares during the period. Finally, Bremer Bank National Association bought a new stake in Freeport-McMoRan in the 1st quarter valued at $53,000. 72.45% of the stock is currently owned by hedge funds and other institutional investors.
About Freeport-McMoRan (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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