Freeport-McMoRan Inc. (NYSE:FCX) has earned a consensus recommendation of “Buy” from the twenty brokerages that are covering the firm, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $26.38.
Several equities analysts recently commented on FCX shares. Argus raised Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $30.00 target price on the stock in a report on Tuesday, January 5th. BMO Capital Markets started coverage on Freeport-McMoRan in a report on Friday. They issued a “buy” rating and a $45.00 target price on the stock. Deutsche Bank Aktiengesellschaft increased their target price on Freeport-McMoRan from $20.00 to $33.00 and gave the company a “buy” rating in a report on Wednesday, January 13th. B. Riley lifted their target price on Freeport-McMoRan from $32.00 to $42.00 and gave the stock a “buy” rating in a research report on Tuesday, February 23rd. Finally, Citigroup raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $36.00 target price for the company in a report on Tuesday, February 16th.
Shares of Freeport-McMoRan stock traded up $2.51 during trading hours on Monday, reaching $39.05. 25,915,842 shares of the company were exchanged, compared to its average volume of 24,142,387. Freeport-McMoRan has a 1 year low of $7.80 and a 1 year high of $39.10. The stock’s fifty day moving average is $34.96 and its 200 day moving average is $28.04. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.35 and a current ratio of 2.61. The firm has a market cap of $56.95 billion, a PE ratio of -433.84 and a beta of 2.27.
The company also recently declared a quarterly dividend, which will be paid on Monday, May 3rd. Investors of record on Thursday, April 15th will be issued a $0.075 dividend. The ex-dividend date is Wednesday, April 14th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.77%. This is a boost from Freeport-McMoRan’s previous quarterly dividend of $0.05. Freeport-McMoRan’s dividend payout ratio is currently 1,500.00%.
In other Freeport-McMoRan news, Director Gerald J. Ford sold 55,554 shares of the stock in a transaction on Monday, March 8th. The stock was sold at an average price of $35.04, for a total transaction of $1,946,612.16. Following the transaction, the director now owns 21,622 shares of the company’s stock, valued at approximately $757,634.88. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Gerald J. Ford sold 2,020,000 shares of the stock in a transaction on Wednesday, March 3rd. The stock was sold at an average price of $34.93, for a total value of $70,558,600.00. In the last 90 days, insiders sold 2,128,794 shares of company stock worth $74,168,434. Insiders own 1.00% of the company’s stock.
Several institutional investors have recently modified their holdings of FCX. Hudock Inc. raised its position in shares of Freeport-McMoRan by 76.5% in the 1st quarter. Hudock Inc. now owns 962 shares of the natural resource company’s stock worth $31,000 after buying an additional 417 shares during the period. CVA Family Office LLC acquired a new position in shares of Freeport-McMoRan during the first quarter worth about $37,000. Capstone Triton Financial Group LLC acquired a new position in shares of Freeport-McMoRan during the fourth quarter worth about $35,000. Arkadios Wealth Advisors acquired a new position in shares of Freeport-McMoRan during the fourth quarter worth about $35,000. Finally, Joseph P. Lucia & Associates LLC acquired a new position in shares of Freeport-McMoRan during the fourth quarter worth about $39,000. 72.30% of the stock is currently owned by institutional investors.
Freeport-McMoRan Company Profile
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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