Several other brokerages also recently weighed in on FCX. Jefferies Financial Group lifted their target price on Freeport-McMoRan from $58.00 to $65.00 and gave the company a buy rating in a research note on Thursday, March 24th. Wolfe Research downgraded Freeport-McMoRan from an outperform rating to a peer perform rating in a research note on Thursday, July 7th. BNP Paribas raised Freeport-McMoRan from a neutral rating to an outperform rating and set a $34.00 price objective on the stock in a research note on Wednesday, July 13th. Exane BNP Paribas raised Freeport-McMoRan from a neutral rating to an outperform rating and set a $34.00 price objective on the stock in a research note on Wednesday, July 13th. Finally, The Goldman Sachs Group dropped their price objective on Freeport-McMoRan from $54.00 to $46.00 and set a buy rating on the stock in a research note on Thursday, July 14th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $41.20.
Freeport-McMoRan Trading Down 4.0 %
NYSE:FCX opened at $27.76 on Friday. Freeport-McMoRan has a 12-month low of $24.80 and a 12-month high of $51.99. The firm has a market capitalization of $40.23 billion, a P/E ratio of 8.44, a P/E/G ratio of 0.29 and a beta of 2.08. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.73 and a quick ratio of 1.68. The business has a 50 day simple moving average of $33.72 and a 200 day simple moving average of $40.58.
Freeport-McMoRan Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, August 1st. Stockholders of record on Friday, July 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date is Thursday, July 14th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 9.12%.
Insider Transactions at Freeport-McMoRan
In other news, Director Dustan E. Mccoy sold 8,200 shares of Freeport-McMoRan stock in a transaction on Tuesday, May 31st. The stock was sold at an average price of $39.24, for a total transaction of $321,768.00. Following the transaction, the director now owns 134,400 shares in the company, valued at $5,273,856. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.72% of the stock is owned by insiders.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently modified their holdings of the business. Rice Partnership LLC grew its holdings in shares of Freeport-McMoRan by 3.2% during the second quarter. Rice Partnership LLC now owns 93,574 shares of the natural resource company’s stock valued at $2,738,000 after buying an additional 2,942 shares in the last quarter. Stratos Wealth Partners LTD. grew its holdings in shares of Freeport-McMoRan by 2.9% during the second quarter. Stratos Wealth Partners LTD. now owns 37,754 shares of the natural resource company’s stock valued at $1,105,000 after buying an additional 1,054 shares in the last quarter. Granite Investment Partners LLC grew its holdings in shares of Freeport-McMoRan by 77.9% during the second quarter. Granite Investment Partners LLC now owns 18,500 shares of the natural resource company’s stock valued at $541,000 after buying an additional 8,100 shares in the last quarter. American Research & Management Co. grew its stake in Freeport-McMoRan by 14,037.6% in the second quarter. American Research & Management Co. now owns 65,033 shares of the natural resource company’s stock valued at $1,903,000 after purchasing an additional 64,573 shares in the last quarter. Finally, Aaron Wealth Advisors LLC grew its stake in Freeport-McMoRan by 106.4% in the second quarter. Aaron Wealth Advisors LLC now owns 155,216 shares of the natural resource company’s stock valued at $4,541,000 after purchasing an additional 80,010 shares in the last quarter. Hedge funds and other institutional investors own 77.37% of the company’s stock.
Freeport-McMoRan Company Profile
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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