Freeport-McMoRan (NYSE:FCX) Given New $24.00 Price Target at Barclays

Freeport-McMoRan (NYSE:FCXGet Rating) had its price target reduced by Barclays from $29.00 to $24.00 in a research note released on Tuesday, The Fly reports. They currently have an underweight rating on the natural resource company’s stock.

A number of other research analysts have also recently issued reports on FCX. Jefferies Financial Group boosted their price objective on shares of Freeport-McMoRan from $58.00 to $65.00 and gave the company a buy rating in a report on Thursday, March 24th. Citigroup cut shares of Freeport-McMoRan from a buy rating to a neutral rating and decreased their price objective for the company from $48.00 to $28.00 in a report on Wednesday, July 13th. BMO Capital Markets decreased their price objective on shares of Freeport-McMoRan from $62.00 to $56.00 and set an outperform rating for the company in a report on Friday, April 22nd. Exane BNP Paribas upgraded shares of Freeport-McMoRan from a neutral rating to an outperform rating and set a $34.00 price objective for the company in a report on Wednesday, July 13th. Finally, Clarkson Capital reaffirmed a neutral rating on shares of Freeport-McMoRan in a research note on Tuesday, June 14th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan currently has an average rating of Hold and a consensus target price of $42.33.

Freeport-McMoRan Stock Up 3.9 %

Shares of NYSE:FCX opened at $28.50 on Tuesday. Freeport-McMoRan has a one year low of $24.80 and a one year high of $51.99. The company has a 50 day moving average of $34.12 and a 200-day moving average of $40.86. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.37 and a quick ratio of 1.68. The stock has a market cap of $41.30 billion, a price-to-earnings ratio of 8.26, a P/E/G ratio of 0.24 and a beta of 2.08.

Freeport-McMoRan (NYSE:FCXGet Rating) last issued its quarterly earnings data on Thursday, April 21st. The natural resource company reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.19. The firm had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.29 billion. Freeport-McMoRan had a net margin of 20.79% and a return on equity of 24.06%. The business’s revenue for the quarter was up 36.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.51 earnings per share. On average, sell-side analysts forecast that Freeport-McMoRan will post 3.62 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 1st. Stockholders of record on Friday, July 15th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date is Thursday, July 14th. Freeport-McMoRan’s dividend payout ratio is presently 8.70%.

Insider Transactions at Freeport-McMoRan

In related news, Director Dustan E. Mccoy sold 8,200 shares of the business’s stock in a transaction on Tuesday, May 31st. The shares were sold at an average price of $39.24, for a total transaction of $321,768.00. Following the transaction, the director now directly owns 134,400 shares in the company, valued at $5,273,856. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, Director Dustan E. Mccoy sold 8,200 shares of the business’s stock in a transaction on Tuesday, May 31st. The shares were sold at an average price of $39.24, for a total transaction of $321,768.00. Following the transaction, the director now directly owns 134,400 shares in the company, valued at $5,273,856. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Hugh Grant bought 12,300 shares of the stock in a transaction that occurred on Monday, April 25th. The shares were purchased at an average price of $40.75 per share, for a total transaction of $501,225.00. Following the completion of the acquisition, the director now owns 15,776 shares of the company’s stock, valued at approximately $642,872. The disclosure for this purchase can be found here. 0.72% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Freeport-McMoRan

Several institutional investors and hedge funds have recently modified their holdings of FCX. Capital Research Global Investors increased its holdings in shares of Freeport-McMoRan by 19.5% in the fourth quarter. Capital Research Global Investors now owns 73,817,050 shares of the natural resource company’s stock valued at $3,080,385,000 after purchasing an additional 12,060,475 shares during the last quarter. Eubel Brady & Suttman Asset Management Inc. acquired a new position in shares of Freeport-McMoRan in the first quarter valued at $7,657,000. 1832 Asset Management L.P. increased its holdings in shares of Freeport-McMoRan by 652,966.4% in the first quarter. 1832 Asset Management L.P. now owns 6,582,909 shares of the natural resource company’s stock valued at $322,939,000 after purchasing an additional 6,581,901 shares during the last quarter. First Trust Advisors LP increased its holdings in shares of Freeport-McMoRan by 795.2% in the first quarter. First Trust Advisors LP now owns 6,026,228 shares of the natural resource company’s stock valued at $299,745,000 after purchasing an additional 5,353,074 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of Freeport-McMoRan in the fourth quarter valued at $206,632,000. 77.37% of the stock is currently owned by institutional investors and hedge funds.

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.

Read More

The Fly logo

Analyst Recommendations for Freeport-McMoRan (NYSE:FCX)

Receive News & Ratings for Freeport-McMoRan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoRan and related companies with MarketBeat.com's FREE daily email newsletter.