Freeport-McMoRan Inc. (NYSE:FCX - Get Free Report) Director Lydia Kennard sold 3,798 shares of the business's stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $79.11, for a total value of $300,459.78. Following the transaction, the director directly owned 122,702 shares in the company, valued at $9,706,955.22. This trade represents a 3.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.
Freeport-McMoRan Trading Down 2.4%
NYSE FCX opened at $76.54 on Friday. The company has a market cap of $109.91 billion, a PE ratio of 37.70, a PEG ratio of 0.78 and a beta of 1.37. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $80.24. The stock has a 50 day moving average of $65.46 and a 200-day moving average of $64.02.
Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, topping analysts' consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The business had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. During the same period in the previous year, the company earned $0.54 earnings per share. The firm's revenue for the quarter was down 7.3% on a year-over-year basis. On average, equities research analysts anticipate that Freeport-McMoRan Inc. will post 2.79 EPS for the current fiscal year.
Freeport-McMoRan Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th were given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Wednesday, July 15th. Freeport-McMoRan's dividend payout ratio (DPR) is 14.78%.
Analysts Set New Price Targets
FCX has been the subject of a number of research analyst reports. Wall Street Zen cut Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Wells Fargo & Company upped their price objective on Freeport-McMoRan from $68.00 to $70.00 and gave the company an "overweight" rating in a research note on Friday, July 24th. HSBC raised their price objective on Freeport-McMoRan from $72.00 to $75.00 in a research report on Friday, June 12th. Royal Bank Of Canada lifted their target price on Freeport-McMoRan from $70.00 to $73.00 and gave the stock a "sector perform" rating in a research note on Friday, July 24th. Finally, Bank of America boosted their target price on Freeport-McMoRan from $74.00 to $80.00 and gave the stock a "buy" rating in a report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, Freeport-McMoRan presently has a consensus rating of "Moderate Buy" and an average price target of $70.27.
Read Our Latest Research Report on FCX
Institutional Trading of Freeport-McMoRan
Hedge funds and other institutional investors have recently modified their holdings of the stock. Fifth Third Bancorp grew its position in shares of Freeport-McMoRan by 34.5% in the first quarter. Fifth Third Bancorp now owns 1,062,916 shares of the natural resource company's stock valued at $62,478,000 after purchasing an additional 272,726 shares during the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new position in shares of Freeport-McMoRan during the fourth quarter worth approximately $8,857,000. Franklin Resources Inc. lifted its holdings in Freeport-McMoRan by 31.2% during the 4th quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company's stock worth $1,897,202,000 after purchasing an additional 8,891,743 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in Freeport-McMoRan by 205.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 317,429 shares of the natural resource company's stock worth $16,122,000 after purchasing an additional 213,477 shares during the last quarter. Finally, Applied Finance Capital Management LLC bought a new stake in Freeport-McMoRan in the 4th quarter valued at $868,000. Institutional investors own 80.77% of the company's stock.
Trending Headlines about Freeport-McMoRan
Here are the key news stories impacting Freeport-McMoRan this week:
- Positive Sentiment: Recent performance data shows strong momentum, with FCX gaining significantly over the past month, quarter, and year. Zacks also identifies the stock as a strong momentum name, which may continue attracting trend-focused investors. Freeport McMoRan On Smelter Optimism And Whether The Stock Is Already Priced In Here's Why Freeport-McMoRan Is a Strong Momentum Stock
- Positive Sentiment: Optimism surrounding Freeport-McMoRan’s smelter operations and favorable copper prices supports the company’s growth outlook. A new Erste Group Bank coverage initiation with a “buy” rating also adds positive analyst sentiment. Erste Group Bank coverage
- Positive Sentiment: FCX recently exceeded quarterly earnings and revenue expectations, reporting $0.74 in earnings per share versus a $0.62 consensus estimate and revenue of $7.03 billion versus $6.62 billion expected. Analysts broadly maintain a “Moderate Buy” view, although the average published price target is below the current trading range.
- Neutral Sentiment: Analysts comparing FCX with BHP Group point to strong copper prices, healthy finances, and ongoing growth projects at both miners. The comparison supports the sector outlook but does not provide a clear company-specific catalyst. FCX versus BHP
- Negative Sentiment: Valuation concerns are weighing on the stock after its copper-fueled rally. While a discounted-cash-flow analysis suggests potential upside, market-multiple measures indicate FCX may be expensive following its strong run. Freeport-McMoRan Stock May Be Pricey After Record Copper Rally
- Negative Sentiment: Executive Vice President Douglas Currault II sold 80,000 shares worth approximately $6.3 million, reducing his holdings by 27.5%. Although the sale may be personal or scheduled, it can reinforce profit-taking concerns when the stock is near record levels. Freeport-McMoRan Insider Selling
About Freeport-McMoRan
(
Get Free Report)
Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.
Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.
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