Freeport-McMoRan (NYSE:FCX) Downgraded by Freedom Broker to “Hold”

Freedom Broker downgraded shares of Freeport-McMoRan (NYSE:FCX) from a strong-buy rating to a hold rating in a research report report published on Thursday morning,Zacks reports.

A number of other research firms also recently issued reports on FCX. Wall Street Zen lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Morgan Stanley increased their target price on shares of Freeport-McMoRan from $66.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 8th. Barclays boosted their price target on shares of Freeport-McMoRan from $80.00 to $82.00 and gave the company an “overweight” rating in a research report on Monday, July 27th. The Goldman Sachs Group reduced their price objective on shares of Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating for the company in a research note on Wednesday, July 8th. Finally, Citigroup reissued a “positive” rating on shares of Freeport-McMoRan in a report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.27.

Freeport-McMoRan Trading Down 1.6%

FCX opened at $72.78 on Thursday. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. Freeport-McMoRan has a twelve month low of $35.15 and a twelve month high of $80.24. The company has a fifty day moving average of $66.19 and a 200-day moving average of $64.31. The stock has a market cap of $104.51 billion, a PE ratio of 35.85, a price-to-earnings-growth ratio of 0.73 and a beta of 1.41.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.12. The company had revenue of $7.03 billion for the quarter, compared to analysts’ expectations of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.Freeport-McMoRan’s quarterly revenue was down 7.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.54 earnings per share. On average, sell-side analysts predict that Freeport-McMoRan will post 2.81 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th were given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.4%. The ex-dividend date was Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio is presently 14.78%.

Insider Buying and Selling

In other Freeport-McMoRan news, EVP Douglas N. Currault II sold 80,000 shares of Freeport-McMoRan stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $78.56, for a total value of $6,284,800.00. Following the transaction, the executive vice president directly owned 211,016 shares of the company’s stock, valued at $16,577,416.96. The trade was a 27.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lydia H. Kennard sold 3,798 shares of the stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $79.11, for a total value of $300,459.78. Following the sale, the director directly owned 122,702 shares of the company’s stock, valued at approximately $9,706,955.22. This trade represents a 3.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 110,398 shares of company stock worth $8,387,271. Insiders own 0.73% of the company’s stock.

Institutional Investors Weigh In On Freeport-McMoRan

Several institutional investors have recently added to or reduced their stakes in FCX. NBH Bank purchased a new stake in Freeport-McMoRan during the 2nd quarter valued at $28,000. Steph & Co. boosted its position in shares of Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 150 shares during the period. Cassaday & Co Wealth Management LLC purchased a new position in shares of Freeport-McMoRan during the 1st quarter valued at $29,000. Strategic Investment Solutions Inc. IL purchased a new stake in Freeport-McMoRan in the 4th quarter worth $25,000. Finally, Kemnay Advisory Services Inc. bought a new stake in Freeport-McMoRan during the fourth quarter valued at about $29,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.