Freeport-McMoRan (FCX) Lowered to “Sell” at ValuEngine

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ValuEngine downgraded shares of Freeport-McMoRan (NYSE:FCX) from a hold rating to a sell rating in a research report sent to investors on Thursday, ValuEngine reports.

Several other equities research analysts have also issued reports on FCX. Raymond James dropped their price target on Freeport-McMoRan from $14.50 to $14.00 and set a market perform rating for the company in a research note on Friday, January 25th. Morgan Stanley raised Freeport-McMoRan from an equal weight rating to an overweight rating and dropped their price target for the stock from $16.00 to $14.00 in a research note on Tuesday, February 12th. Zacks Investment Research raised Freeport-McMoRan from a strong sell rating to a hold rating in a research note on Thursday, February 14th. Citigroup raised Freeport-McMoRan from a neutral rating to a buy rating and lifted their price target for the stock from $14.00 to $16.00 in a research note on Tuesday, February 19th. Finally, UBS Group set a $14.00 price target on Freeport-McMoRan and gave the stock a hold rating in a research note on Friday, April 5th. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the stock. Freeport-McMoRan has an average rating of Hold and a consensus price target of $15.01.

Freeport-McMoRan stock opened at $10.08 on Thursday. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.79 and a quick ratio of 1.41. Freeport-McMoRan has a 52 week low of $9.60 and a 52 week high of $18.38. The stock has a market cap of $14.62 billion, a P/E ratio of 6.63 and a beta of 2.21.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, April 25th. The natural resource company reported $0.05 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.08 by ($0.03). Freeport-McMoRan had a return on equity of 10.31% and a net margin of 9.09%. The firm had revenue of $3.79 billion for the quarter, compared to the consensus estimate of $3.77 billion. During the same period last year, the firm earned $0.46 EPS. The company’s revenue for the quarter was down 22.1% on a year-over-year basis. As a group, equities research analysts predict that Freeport-McMoRan will post 0.46 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date was Friday, April 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 13.16%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Clearbridge Investments LLC lifted its stake in shares of Freeport-McMoRan by 2.4% in the 1st quarter. Clearbridge Investments LLC now owns 32,070,928 shares of the natural resource company’s stock valued at $413,394,000 after acquiring an additional 738,220 shares during the last quarter. Advisory Services Network LLC lifted its stake in shares of Freeport-McMoRan by 10.2% in the 1st quarter. Advisory Services Network LLC now owns 79,290 shares of the natural resource company’s stock valued at $1,022,000 after acquiring an additional 7,365 shares during the last quarter. Horizon Investments LLC lifted its stake in shares of Freeport-McMoRan by 76.7% in the 1st quarter. Horizon Investments LLC now owns 17,815 shares of the natural resource company’s stock valued at $229,000 after acquiring an additional 7,734 shares during the last quarter. Kore Private Wealth LLC bought a new stake in shares of Freeport-McMoRan in the 1st quarter valued at about $43,000. Finally, IHT Wealth Management LLC lifted its stake in shares of Freeport-McMoRan by 20.1% in the 1st quarter. IHT Wealth Management LLC now owns 17,154 shares of the natural resource company’s stock valued at $221,000 after acquiring an additional 2,871 shares during the last quarter. 69.28% of the stock is owned by 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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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Freeport-McMoRan (NYSE:FCX)

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