Deutsche Bank Upgrades Freeport-McMoRan (NYSE:FCX) to “Buy”

Deutsche Bank upgraded shares of Freeport-McMoRan (NYSE:FCX) from a hold rating to a buy rating in a report released on Wednesday, BenzingaRatingsTable reports. Deutsche Bank currently has $13.50 price objective on the natural resource company’s stock, up from their prior price objective of $12.50.

FCX has been the topic of several other reports. JPMorgan Chase & Co. began coverage on Pinduoduo in a research note on Tuesday, July 9th. They issued an underweight rating and a $20.48 price objective on the stock. Zacks Investment Research lowered Hollysys Automation Technologies from a hold rating to a sell rating in a research note on Thursday, April 11th. Barclays set a $192.00 price objective on Tesla and gave the company a sell rating in a research note on Tuesday, April 9th. BMO Capital Markets set a $32.00 price objective on Axalta Coating Systems and gave the company a hold rating in a research note on Friday, April 26th. Finally, Raymond James set a $33.00 price objective on LKQ and gave the company a buy rating in a research note on Friday, April 26th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $14.71.

NYSE:FCX opened at $11.02 on Wednesday. The company has a 50-day simple moving average of $10.77. The firm has a market capitalization of $15.99 billion, a price-to-earnings ratio of 10.11 and a beta of 2.31. 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 has a twelve month low of $9.47 and a twelve month high of $17.19.



Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, April 25th. The natural resource company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.03). The business had revenue of $3.79 billion during 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%. The business’s quarterly revenue was down 22.1% compared to the same quarter last year. During the same period last year, the business earned $0.46 earnings per share. As a group, sell-side analysts anticipate that Freeport-McMoRan will post 0.24 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Monday, July 15th will be paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date is Friday, July 12th. Freeport-McMoRan’s payout ratio is 13.16%.

In other news, COO Harry M. Iv Conger sold 155,000 shares of Freeport-McMoRan stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $10.51, for a total transaction of $1,629,050.00. Following the sale, the chief operating officer now directly owns 416,382 shares of the company’s stock, valued at $4,376,174.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kathleen L. Quirk purchased 50,000 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were purchased at an average cost of $10.49 per share, for a total transaction of $524,500.00. Following the completion of the purchase, the chief financial officer now directly owns 920,769 shares of the company’s stock, valued at approximately $9,658,866.81. The disclosure for this purchase can be found here. Company insiders own 0.98% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in Freeport-McMoRan during the fourth quarter worth about $370,000. Nomura Asset Management Co. Ltd. boosted its holdings in Freeport-McMoRan by 7.1% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 248,200 shares of the natural resource company’s stock worth $2,559,000 after buying an additional 16,529 shares in the last quarter. Bessemer Group Inc. boosted its holdings in Freeport-McMoRan by 899.3% during the fourth quarter. Bessemer Group Inc. now owns 15,280 shares of the natural resource company’s stock worth $158,000 after buying an additional 13,751 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Freeport-McMoRan during the fourth quarter worth about $2,185,000. Finally, United Services Automobile Association boosted its holdings in Freeport-McMoRan by 5.3% during the fourth quarter. United Services Automobile Association now owns 555,908 shares of the natural resource company’s stock worth $5,731,000 after buying an additional 27,742 shares in the last quarter. 72.46% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Company Profile

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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Analyst Recommendations for Freeport-McMoRan (NYSE:FCX)

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