Freeport-McMoRan (NYSE:FCX) Shares Down 4.5%

Freeport-McMoRan Inc. (NYSE:FCXGet Rating) traded down 4.5% during mid-day trading on Tuesday . The stock traded as low as $28.62 and last traded at $28.64. 224,786 shares traded hands during trading, a decline of 99% from the average session volume of 23,442,608 shares. The stock had previously closed at $29.98.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Freeport-McMoRan from $37.00 to $35.00 in a research report on Friday, July 22nd. The Goldman Sachs Group cut their price target on shares of Freeport-McMoRan from $54.00 to $46.00 and set a “buy” rating on the stock in a report on Thursday, July 14th. BNP Paribas upgraded shares of Freeport-McMoRan from a “neutral” rating to an “outperform” rating and set a $34.00 price target on the stock in a report on Wednesday, July 13th. Raymond James cut their price target on shares of Freeport-McMoRan from $59.00 to $52.00 and set an “outperform” rating on the stock in a report on Monday, July 4th. Finally, Wolfe Research downgraded shares of Freeport-McMoRan from an “outperform” rating to a “peer perform” rating in a report on Thursday, July 7th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $41.20.

Freeport-McMoRan Trading Down 2.2 %

The company has a quick ratio of 1.94, a current ratio of 2.73 and a debt-to-equity ratio of 0.42. The stock’s 50 day moving average price is $32.52 and its 200-day moving average price is $39.84. The stock has a market capitalization of $41.58 billion, a P/E ratio of 8.72, a P/E/G ratio of 0.32 and a beta of 2.01.

Freeport-McMoRan (NYSE:FCXGet Rating) last released its quarterly earnings data on Thursday, July 21st. The natural resource company reported $0.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.31). Freeport-McMoRan had a net margin of 20.08% and a return on equity of 22.04%. The business had revenue of $5.42 billion for the quarter, compared to the consensus estimate of $6.20 billion. During the same quarter in the prior year, the business posted $0.77 earnings per share. Freeport-McMoRan’s revenue for the quarter was down 5.8% on a year-over-year basis. As a group, equities research analysts expect that Freeport-McMoRan Inc. will post 3.24 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 1st. Stockholders of record on Friday, July 15th were paid a dividend of $0.15 per share. The ex-dividend date was Thursday, July 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.09%. Freeport-McMoRan’s dividend payout ratio is presently 9.12%.

Insider Activity

In other news, Director Dustan E. Mccoy sold 8,200 shares of the stock in a transaction that occurred on Tuesday, May 31st. The shares were sold at an average price of $39.24, for a total transaction of $321,768.00. Following the transaction, the director now directly owns 134,400 shares in the company, valued at $5,273,856. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.72% of the company’s stock.

Institutional Investors Weigh In On Freeport-McMoRan

A number of hedge funds and other institutional investors have recently bought and sold shares of FCX. St. Johns Investment Management Company LLC purchased a new stake in Freeport-McMoRan during the first quarter valued at approximately $25,000. Charter Oak Capital Management LLC purchased a new stake in Freeport-McMoRan during the second quarter valued at approximately $25,000. FNY Investment Advisers LLC lifted its position in Freeport-McMoRan by 1,250.0% during the first quarter. FNY Investment Advisers LLC now owns 540 shares of the natural resource company’s stock valued at $26,000 after acquiring an additional 500 shares during the last quarter. GHP Investment Advisors Inc. purchased a new position in shares of Freeport-McMoRan in the first quarter worth $26,000. Finally, Fairfield Bush & CO. purchased a new position in shares of Freeport-McMoRan in the first quarter worth $26,000. Hedge funds and other institutional investors own 77.37% of the company’s stock.

About Freeport-McMoRan

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Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. 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 in Peru and El Abra in Chile.

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