Freeport-McMoRan (NYSE:FCX) Announces Earnings Results, Beats Expectations By $0.06 EPS

Freeport-McMoRan (NYSE:FCX) posted its quarterly earnings data on Tuesday. The natural resource company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.06, FiscalAI reports. The company had revenue of $7.55 billion during the quarter, compared to analyst estimates of $7.36 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%. The firm’s quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter last year, the company earned $0.50 earnings per share.

Freeport-McMoRan Trading Down 0.6%

NYSE FCX opened at $64.77 on Tuesday. The firm has a market capitalization of $93.01 billion, a PE ratio of 31.91, a P/E/G ratio of 0.58 and a beta of 1.39. 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 $38.54 and a twelve month high of $80.24. The stock’s 50 day moving average is $71.87 and its 200 day moving average is $65.06.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Thursday, October 15th will be given a dividend of $0.0750 per share. The ex-dividend date is Thursday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s payout ratio is currently 14.78%.

Analyst Upgrades and Downgrades

FCX has been the subject of several research reports. Wells Fargo & Company upped their target price on shares of Freeport-McMoRan from $70.00 to $87.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 6th. Sanford C. Bernstein cut their target price on Freeport-McMoRan from $50.00 to $47.00 and set a “market perform” rating for the company in a research note on Wednesday, September 9th. Erste Group Bank initiated coverage on shares of Freeport-McMoRan in a research report on Thursday, August 27th. They set a “buy” rating on the stock. Stifel Nicolaus lifted their target price on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Finally, Freedom Broker downgraded shares of Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 3rd. One investment 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’s stock. According to data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus target price of $76.27.

Insider Buying and Selling

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

About Freeport-McMoRan

Freeport-McMoRan Inc (NYSE: FCX) is a global mining company primarily engaged in the exploration, development, and production of copper. Copper is used extensively in electrical wiring, construction, transportation, renewable energy systems, and other industrial applications. The company also produces gold and molybdenum, a metal used in steelmaking and other industrial processes, as well as certain other byproducts.

Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America, and Indonesia.