Freeport-McMoRan (FCX) Shares Gap Down to $19.36

Shares of Freeport-McMoRan (NYSE:FCX) gapped down prior to trading on Monday . The stock had previously closed at $19.76, but opened at $19.36. Freeport-McMoRan shares last traded at $18.81, with a volume of 14918578 shares.

Several analysts have commented on FCX shares. Clarkson Capital upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating in a report on Wednesday, January 17th. Scotiabank restated a “hold” rating and issued a $19.00 price objective on shares of Freeport-McMoRan in a report on Monday, January 8th. Morgan Stanley raised their price objective on shares of Freeport-McMoRan from $14.00 to $15.00 and gave the stock a “hold” rating in a report on Monday, March 26th. Zacks Investment Research lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Tuesday, January 9th. Finally, CIBC lowered shares of Freeport-McMoRan from a “sector outperform” rating to a “neutral” rating in a report on Monday, January 22nd. Three analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Freeport-McMoRan has a consensus rating of “Hold” and an average price target of $17.41.

The firm has a market capitalization of $27,233.95, a price-to-earnings ratio of 13.14 and a beta of 2.42. The company has a current ratio of 2.14, a quick ratio of 1.37 and a debt-to-equity ratio of 1.04.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, April 24th. The natural resource company reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.10). Freeport-McMoRan had a return on equity of 16.57% and a net margin of 11.08%. The firm had revenue of $4.87 billion during the quarter, compared to analysts’ expectations of $4.92 billion. During the same quarter in the previous year, the firm earned $0.15 earnings per share. Freeport-McMoRan’s revenue was up 45.7% on a year-over-year basis. analysts forecast that Freeport-McMoRan will post 2.32 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 1st. Investors of record on Friday, April 13th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Thursday, April 12th. This represents a $0.20 dividend on an annualized basis and a yield of 1.30%. Freeport-McMoRan’s payout ratio is currently 17.09%.

In related news, VP C Donald Whitmire, Jr. sold 21,500 shares of the business’s stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $19.49, for a total value of $419,035.00. Following the completion of the transaction, the vice president now directly owns 70,239 shares in the company, valued at approximately $1,368,958.11. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.29% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp raised its holdings in Freeport-McMoRan by 7.5% in the 4th quarter. Bank of New York Mellon Corp now owns 26,119,382 shares of the natural resource company’s stock worth $495,222,000 after acquiring an additional 1,826,480 shares during the last quarter. Schwab Charles Investment Management Inc. grew its position in Freeport-McMoRan by 1.6% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 6,061,699 shares of the natural resource company’s stock worth $114,930,000 after purchasing an additional 97,798 shares during the period. Los Angeles Capital Management & Equity Research Inc. grew its position in Freeport-McMoRan by 141.7% in the 4th quarter. Los Angeles Capital Management & Equity Research Inc. now owns 4,152,745 shares of the natural resource company’s stock worth $78,736,000 after purchasing an additional 2,434,376 shares during the period. California Public Employees Retirement System grew its position in Freeport-McMoRan by 4.2% in the 4th quarter. California Public Employees Retirement System now owns 3,974,342 shares of the natural resource company’s stock worth $75,354,000 after purchasing an additional 161,343 shares during the period. Finally, Amundi Pioneer Asset Management Inc. grew its position in Freeport-McMoRan by 69.2% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 3,427,931 shares of the natural resource company’s stock worth $64,992,000 after purchasing an additional 1,402,040 shares during the period. Institutional investors own 70.13% of the company’s stock.

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Freeport-McMoRan Company Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.

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