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

ValuEngine upgraded shares of Freeport-McMoRan (NYSE:FCX) from a hold rating to a buy rating in a report released on Thursday morning, ValuEngine reports.

A number of other equities research analysts have also recently issued reports on the stock. Barclays raised shares of Freeport-McMoRan from an underweight rating to an equal weight rating and set a $12.00 target price on the stock in a report on Tuesday, July 16th. Zacks Investment Research cut shares of Freeport-McMoRan from a buy rating to a hold rating in a report on Thursday, April 11th. JPMorgan Chase & Co. dropped their target price 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. UBS Group set a $13.00 target price on shares of Freeport-McMoRan and gave the company a hold rating in a report on Wednesday, June 26th. Finally, Raymond James reaffirmed a market perform rating and issued a $13.00 target price on shares of Freeport-McMoRan in a report on Thursday, July 25th. Ten analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $13.88.

Shares of FCX stock traded down $0.40 on Thursday, reaching $10.30. The stock had a trading volume of 25,812,133 shares, compared to its average volume of 17,686,654. The company has a quick ratio of 1.32, a current ratio of 2.66 and a debt-to-equity ratio of 0.56. The stock’s 50-day moving average price is $11.25. The stock has a market capitalization of $15.52 billion, a price-to-earnings ratio of 6.78 and a beta of 2.34. Freeport-McMoRan has a 12 month low of $9.47 and a 12 month high of $15.85.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Wednesday, July 24th. The natural resource company reported ($0.04) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.01. The company had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.54 billion. Freeport-McMoRan had a net margin of 4.11% and a return on equity of 4.08%. Freeport-McMoRan’s quarterly revenue was down 31.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.59 EPS. Research analysts forecast that Freeport-McMoRan will post 0.19 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were issued a $0.05 dividend. The ex-dividend date of this dividend was Friday, July 12th. This represents a $0.20 annualized dividend and a yield of 1.94%. Freeport-McMoRan’s dividend payout ratio is currently 13.16%.

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

A number of institutional investors have recently added to or reduced their stakes in FCX. Clearbridge Investments LLC increased its holdings in shares of Freeport-McMoRan by 2.4% during the first quarter. Clearbridge Investments LLC now owns 32,070,928 shares of the natural resource company’s stock worth $413,394,000 after purchasing an additional 738,220 shares during the period. Geode Capital Management LLC increased its holdings in shares of Freeport-McMoRan by 4.7% during the fourth quarter. Geode Capital Management LLC now owns 21,269,503 shares of the natural resource company’s stock worth $218,954,000 after purchasing an additional 959,745 shares during the period. Northern Trust Corp increased its holdings in shares of Freeport-McMoRan by 0.5% during the first quarter. Northern Trust Corp now owns 20,644,052 shares of the natural resource company’s stock worth $266,103,000 after purchasing an additional 93,686 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Freeport-McMoRan by 8.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 15,149,506 shares of the natural resource company’s stock worth $156,232,000 after purchasing an additional 1,145,747 shares during the period. Finally, TCW Group Inc. increased its holdings in shares of Freeport-McMoRan by 8.6% during the first quarter. TCW Group Inc. now owns 6,458,680 shares of the natural resource company’s stock worth $83,252,000 after purchasing an additional 510,599 shares during the period. 72.64% of the stock is currently owned by hedge funds and other institutional investors.

About Freeport-McMoRan

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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