Freeport-McMoRan (NYSE:FCX) Stock Price Up 7.2%

Freeport-McMoRan Inc (NYSE:FCX)’s share price rose 7.2% on Friday . The stock traded as high as $9.66 and last traded at $9.55, approximately 45,688,016 shares were traded during mid-day trading. An increase of 115% from the average daily volume of 21,205,760 shares. The stock had previously closed at $8.91.

FCX has been the subject of several analyst reports. Exane BNP Paribas initiated coverage on Freeport-McMoRan in a research report on Friday, September 20th. They issued an “outperform” rating for the company. ValuEngine upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Thursday, September 5th. Royal Bank of Canada upgraded Freeport-McMoRan from an “underperform” rating to a “sector perform” rating and increased their price objective for the stock from $12.00 to $14.00 in a research report on Wednesday, July 24th. BNP Paribas initiated coverage on Freeport-McMoRan in a research report on Friday, September 20th. They issued an “outperform” rating for the company. Finally, Clarkson Capital reiterated a “neutral” rating on shares of Freeport-McMoRan in a research report on Monday, September 23rd. Nine investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Freeport-McMoRan currently has a consensus rating of “Hold” and an average price target of $13.38.

The firm has a 50-day moving average price of $9.53 and a 200 day moving average price of $10.90. The firm has a market capitalization of $13.00 billion, a PE ratio of 6.28 and a beta of 2.40. The company has a quick ratio of 1.32, a current ratio of 2.66 and a debt-to-equity ratio of 0.56.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Wednesday, July 24th. The natural resource company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.01. Freeport-McMoRan had a return on equity of 4.08% and a net margin of 4.11%. The business had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.54 billion. During the same period last year, the business posted $0.59 earnings per share. The company’s quarterly revenue was down 31.4% on a year-over-year basis. Equities research analysts expect that Freeport-McMoRan Inc will post 0.07 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be given a dividend of $0.05 per share. The ex-dividend date is Friday, October 11th. This represents a $0.20 annualized dividend and a dividend yield of 2.09%. Freeport-McMoRan’s dividend payout ratio is currently 13.16%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wetherby Asset Management Inc. raised its stake in Freeport-McMoRan by 3.8% in the second quarter. Wetherby Asset Management Inc. now owns 26,033 shares of the natural resource company’s stock valued at $302,000 after buying an additional 963 shares in the last quarter. FLC Capital Advisors raised its stake in Freeport-McMoRan by 7.5% in the second quarter. FLC Capital Advisors now owns 14,248 shares of the natural resource company’s stock valued at $160,000 after buying an additional 1,000 shares in the last quarter. LS Investment Advisors LLC raised its stake in Freeport-McMoRan by 2.8% in the second quarter. LS Investment Advisors LLC now owns 36,637 shares of the natural resource company’s stock valued at $425,000 after buying an additional 1,007 shares in the last quarter. MML Investors Services LLC raised its stake in Freeport-McMoRan by 2.1% in the first quarter. MML Investors Services LLC now owns 55,449 shares of the natural resource company’s stock valued at $715,000 after buying an additional 1,146 shares in the last quarter. Finally, Intellectus Partners LLC raised its stake in Freeport-McMoRan by 1.4% in the second quarter. Intellectus Partners LLC now owns 82,532 shares of the natural resource company’s stock valued at $958,000 after buying an additional 1,155 shares in the last quarter. Institutional investors and hedge funds own 72.60% of the company’s stock.

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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