Freeport-McMoRan (NYSE:FCX) Posts Earnings Results, Beats Expectations By $0.13 EPS

Freeport-McMoRan (NYSE:FCXGet Rating) released its quarterly earnings data on Thursday. The natural resource company reported $1.07 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.94 by $0.13, MarketWatch Earnings reports. The firm had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.29 billion. Freeport-McMoRan had a net margin of 18.85% and a return on equity of 21.55%. The company’s revenue for the quarter was up 36.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.51 EPS.

Shares of NYSE FCX traded down $1.45 during trading hours on Friday, hitting $43.50. 216,473 shares of the stock were exchanged, compared to its average volume of 18,522,684. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.52 and a quick ratio of 1.75. The company’s 50 day moving average is $47.59 and its 200 day moving average is $42.02. The firm has a market capitalization of $63.28 billion, a P/E ratio of 15.55, a P/E/G ratio of 0.44 and a beta of 2.00. Freeport-McMoRan has a one year low of $30.02 and a one year high of $51.99.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 2nd. Investors of record on Thursday, April 14th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.38%. The ex-dividend date is Wednesday, April 13th. Freeport-McMoRan’s dividend payout ratio is currently 10.38%.

In other news, CFO Kathleen L. Quirk sold 80,000 shares of the stock in a transaction on Wednesday, February 16th. The shares were sold at an average price of $44.02, for a total value of $3,521,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP C Donald Whitmire, Jr. sold 44,000 shares of the stock in a transaction on Wednesday, February 9th. The shares were sold at an average price of $43.44, for a total transaction of $1,911,360.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 164,670 shares of company stock valued at $7,002,730. Insiders own 0.72% of the company’s stock.

Several hedge funds have recently made changes to their positions in FCX. Morgan Stanley raised its stake in shares of Freeport-McMoRan by 22.5% in the 2nd quarter. Morgan Stanley now owns 15,548,768 shares of the natural resource company’s stock valued at $577,014,000 after buying an additional 2,859,755 shares in the last quarter. Synovus Financial Corp increased its position in shares of Freeport-McMoRan by 5.1% during the 4th quarter. Synovus Financial Corp now owns 9,633 shares of the natural resource company’s stock worth $403,000 after purchasing an additional 464 shares in the last quarter. Silvercrest Asset Management Group LLC increased its position in shares of Freeport-McMoRan by 3.5% during the 4th quarter. Silvercrest Asset Management Group LLC now owns 7,447 shares of the natural resource company’s stock worth $311,000 after purchasing an additional 250 shares in the last quarter. Advisors Asset Management Inc. increased its position in shares of Freeport-McMoRan by 45.2% during the 4th quarter. Advisors Asset Management Inc. now owns 18,204 shares of the natural resource company’s stock worth $760,000 after purchasing an additional 5,669 shares in the last quarter. Finally, Penserra Capital Management LLC acquired a new stake in shares of Freeport-McMoRan during the 4th quarter worth about $191,000. Institutional investors own 76.05% of the company’s stock.

FCX has been the topic of several research reports. BNP Paribas lowered shares of Freeport-McMoRan from an “outperform” rating to a “neutral” rating and set a $50.00 price objective on the stock. in a research note on Tuesday, April 5th. Exane BNP Paribas lowered shares of Freeport-McMoRan from an “outperform” rating to a “neutral” rating and set a $50.00 price objective on the stock. in a research note on Tuesday, April 5th. Jefferies Financial Group upped their price objective on shares of Freeport-McMoRan from $58.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, March 24th. Raymond James upped their price objective on shares of Freeport-McMoRan from $49.00 to $52.00 and gave the company an “outperform” rating in a research note on Tuesday, April 5th. Finally, Stifel Nicolaus upped their price objective on shares of Freeport-McMoRan from $49.00 to $54.00 in a research note on Thursday, March 17th. Three analysts have rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $45.67.

Freeport-McMoRan Company Profile (Get Rating)

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.

See Also

Earnings History for Freeport-McMoRan (NYSE:FCX)

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