Freeport-McMoRan (NYSE:FCX) Issues Earnings Results

Freeport-McMoRan (NYSE:FCX) issued its quarterly earnings data on Thursday. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.09, Zacks reports. The business had revenue of $6.97 billion for the quarter, compared to the consensus estimate of $6.74 billion. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The company’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.38 EPS.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $41.34 on Friday. The firm’s 50 day moving average price is $42.55 and its 200-day moving average price is $40.97. Freeport-McMoRan has a twelve month low of $27.66 and a twelve month high of $49.21. The company has a quick ratio of 1.21, a current ratio of 2.45 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $59.36 billion, a PE ratio of 29.12, a price-to-earnings-growth ratio of 0.96 and a beta of 1.58.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be paid a dividend of $0.15 per share. The ex-dividend date is Wednesday, October 15th. This represents a $0.60 annualized dividend and a yield of 1.5%. Freeport-McMoRan’s dividend payout ratio is currently 22.73%.

Analyst Ratings Changes

A number of analysts have recently weighed in on FCX shares. Dbs Bank reduced their target price on shares of Freeport-McMoRan from $51.00 to $48.00 in a research report on Thursday, October 2nd. Royal Bank Of Canada reduced their target price on shares of Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating on the stock in a research report on Wednesday, October 1st. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 target price on the stock in a research report on Tuesday, September 30th. Stifel Nicolaus started coverage on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. They issued a “buy” rating and a $56.00 target price on the stock. Finally, BMO Capital Markets reduced their target price on shares of Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 24th. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average price target of $46.92.

Hedge Funds Weigh In On Freeport-McMoRan

Several institutional investors have recently made changes to their positions in the business. WealthCollab LLC lifted its holdings in shares of Freeport-McMoRan by 17.1% during the second quarter. WealthCollab LLC now owns 1,820 shares of the natural resource company’s stock worth $79,000 after purchasing an additional 266 shares during the period. Geneos Wealth Management Inc. lifted its holdings in shares of Freeport-McMoRan by 3.0% during the second quarter. Geneos Wealth Management Inc. now owns 11,933 shares of the natural resource company’s stock worth $517,000 after purchasing an additional 345 shares during the period. Bison Wealth LLC lifted its holdings in shares of Freeport-McMoRan by 5.6% during the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after purchasing an additional 507 shares during the period. Keel Point LLC lifted its holdings in Freeport-McMoRan by 17.1% in the second quarter. Keel Point LLC now owns 7,715 shares of the natural resource company’s stock valued at $334,000 after acquiring an additional 1,127 shares during the period. Finally, Transamerica Financial Advisors LLC lifted its holdings in Freeport-McMoRan by 77.4% in the second quarter. Transamerica Financial Advisors LLC now owns 3,130 shares of the natural resource company’s stock valued at $136,000 after acquiring an additional 1,366 shares during the period. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Company Profile

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