Freeport-McMoRan (NYSE:FCX) Lifted to Buy at Deutsche Bank

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

A number of other equities analysts have also recently commented on FCX. ValuEngine cut Intersect ENT from a buy rating to a hold rating in a report on Monday, June 3rd. Raymond James set a $33.00 target price on LKQ and gave the company a buy rating in a report on Friday, April 26th. UBS Group set a $13.00 target price on Freeport-McMoRan and gave the company a hold rating in a report on Wednesday, June 26th. Barclays set a $192.00 target price on Tesla and gave the company a sell rating in a report on Tuesday, April 9th. Finally, JPMorgan Chase & Co. started coverage on Pinduoduo in a research note on Tuesday. They issued an underweight rating and a $20.48 price objective for the company. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $14.71.

Shares of Freeport-McMoRan stock opened at $11.02 on Wednesday. The firm’s 50-day moving average price is $10.77. Freeport-McMoRan has a 12 month low of $9.47 and a 12 month high of $17.19. The stock has a market cap of $16.10 billion, a PE ratio of 7.25 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 (NYSE:FCX) last announced its earnings results on Thursday, April 25th. The natural resource company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.03). Freeport-McMoRan had a net margin of 9.09% and a return on equity of 10.31%. The firm had revenue of $3.79 billion for the quarter, compared to analysts’ expectations of $3.77 billion. During the same quarter last year, the business earned $0.46 earnings per share. The business’s revenue was down 22.1% compared to the same quarter last year. Equities research analysts anticipate that Freeport-McMoRan will post 0.24 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Monday, July 15th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.81%. The ex-dividend date is Friday, July 12th. Freeport-McMoRan’s payout ratio is presently 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 value of $1,629,050.00. Following the completion of the transaction, the chief operating officer now owns 416,382 shares in the company, valued at approximately $4,376,174.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kathleen L. Quirk acquired 50,000 shares of the firm’s stock in a transaction dated Friday, June 7th. The stock was bought at an average price of $10.49 per share, with a total value of $524,500.00. Following the purchase, the chief financial officer now directly owns 920,769 shares in the company, 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.

A number of hedge funds have recently bought and sold shares of FCX. TCG Advisors LP purchased a new stake in Freeport-McMoRan during the first quarter worth approximately $33,000. Truvestments Capital LLC purchased a new stake in Freeport-McMoRan during the first quarter worth approximately $43,000. WP Advisors LLC purchased a new stake in Freeport-McMoRan during the first quarter worth approximately $46,000. Private Capital Group LLC lifted its stake in Freeport-McMoRan by 99.3% during the first quarter. Private Capital Group LLC now owns 3,650 shares of the natural resource company’s stock worth $47,000 after purchasing an additional 1,819 shares during the last quarter. Finally, Bremer Bank National Association purchased a new stake in Freeport-McMoRan during the first quarter worth approximately $53,000. Hedge funds and other institutional investors own 72.46% of the company’s stock.

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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