Freeport-McMoRan Inc (NYSE:FCX) has been given a consensus rating of “Hold” by the seventeen brokerages that are currently covering the firm, Marketbeat Ratings reports. Ten research analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $13.65.
FCX has been the topic of several analyst reports. Royal Bank of Canada raised shares of Freeport-McMoRan from an “underperform” rating to a “sector perform” rating and lifted their price target for the company from $12.00 to $14.00 in a report on Wednesday, July 24th. Barclays raised shares of Freeport-McMoRan from an “underweight” rating to an “equal weight” rating and set a $12.00 price target on the stock in a report on Tuesday, July 16th. UBS Group set a $13.00 price target on shares of Freeport-McMoRan and gave the company a “hold” rating in a report on Wednesday, June 26th. Clarkson Capital reaffirmed a “neutral” rating on shares of Freeport-McMoRan in a report on Monday. Finally, JPMorgan Chase & Co. lowered their price target on shares of Freeport-McMoRan from $15.00 to $13.00 and set a “neutral” rating on the stock in a report on Tuesday, July 9th.
Large investors have recently modified their holdings of the stock. TCG Advisors LP acquired a new position in Freeport-McMoRan in the 1st quarter worth approximately $33,000. Rational Advisors LLC boosted its position in Freeport-McMoRan by 107.0% in the 2nd quarter. Rational Advisors LLC now owns 3,261 shares of the natural resource company’s stock worth $38,000 after purchasing an additional 1,686 shares in the last quarter. Doyle Wealth Management purchased a new stake in Freeport-McMoRan in the 2nd quarter worth approximately $42,000. Bremer Bank National Association purchased a new stake in Freeport-McMoRan in the 1st quarter worth approximately $53,000. Finally, Valeo Financial Advisors LLC boosted its position in Freeport-McMoRan by 92.3% in the 2nd quarter. Valeo Financial Advisors LLC now owns 4,684 shares of the natural resource company’s stock worth $54,000 after purchasing an additional 2,248 shares in the last quarter. Institutional investors own 72.60% of the company’s stock.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Wednesday, July 24th. The natural resource company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.01. Freeport-McMoRan had a net margin of 4.11% and a return on equity of 4.08%. The business had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.54 billion. During the same quarter in the previous year, the firm earned $0.59 earnings per share. The company’s revenue for the quarter was down 31.4% on a year-over-year basis. Analysts expect that Freeport-McMoRan will post 0.15 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.97%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 13.16%.
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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