Freeport-McMoRan (NYSE:FCX) Hits New 52-Week Low After Analyst Downgrade

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Freeport-McMoRan Inc. (NYSE:FCXGet Rating) reached a new 52-week low during mid-day trading on Thursday after Morgan Stanley lowered their price target on the stock from $39.00 to $30.00. Morgan Stanley currently has an equal weight rating on the stock. Freeport-McMoRan traded as low as $29.81 and last traded at $29.81, with a volume of 368332 shares. The stock had previously closed at $31.32.

Several other analysts have also recently issued reports on the company. Credit Suisse Group raised Freeport-McMoRan from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $32.00 to $38.00 in a research note on Thursday, June 9th. Jefferies Financial Group raised their target price on Freeport-McMoRan from $58.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, March 24th. Stifel Nicolaus raised their target price on Freeport-McMoRan from $49.00 to $54.00 in a research note on Thursday, March 17th. StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Tuesday, April 5th. Finally, BNP Paribas lowered shares of Freeport-McMoRan from an “outperform” rating to a “neutral” rating and set a $50.00 price objective for the company. in a report on Tuesday, April 5th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Freeport-McMoRan currently has an average rating of “Hold” and an average target price of $47.31.

In other Freeport-McMoRan news, Director Hugh Grant bought 12,300 shares of the stock in a transaction dated Monday, April 25th. The stock was purchased at an average cost of $40.75 per share, for a total transaction of $501,225.00. Following the completion of the acquisition, the director now owns 15,776 shares of the company’s stock, valued at $642,872. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Dustan E. Mccoy sold 8,200 shares of Freeport-McMoRan 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 owns 134,400 shares of the company’s stock, valued at $5,273,856. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. St. Johns Investment Management Company LLC purchased a new position in Freeport-McMoRan in the 1st quarter worth approximately $25,000. Fairfield Bush & CO. bought a new stake in Freeport-McMoRan in the 1st quarter worth approximately $26,000. GHP Investment Advisors Inc. bought a new stake in Freeport-McMoRan in the 1st quarter worth approximately $26,000. FNY Investment Advisers LLC grew its position in Freeport-McMoRan by 1,250.0% in the 1st quarter. FNY Investment Advisers LLC now owns 540 shares of the natural resource company’s stock worth $26,000 after purchasing an additional 500 shares during the period. Finally, Core Alternative Capital grew its position in Freeport-McMoRan by 444.7% in the 1st quarter. Core Alternative Capital now owns 561 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 458 shares during the period. Institutional investors own 77.37% of the company’s stock.

The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.68 and a current ratio of 2.37. The firm has a market cap of $42.85 billion, a P/E ratio of 8.57, a P/E/G ratio of 0.30 and a beta of 2.02. The business’s 50-day simple moving average is $39.22 and its 200 day simple moving average is $42.26.

Freeport-McMoRan (NYSE:FCXGet Rating) last posted its earnings results on Thursday, April 21st. The natural resource company reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.19. Freeport-McMoRan had a net margin of 20.79% and a return on equity of 24.06%. The business had revenue of $6.60 billion during the quarter, compared to the consensus estimate of $6.29 billion. During the same quarter in the previous year, the firm posted $0.51 EPS. The firm’s revenue was up 36.1% on a year-over-year basis. As a group, equities research analysts expect that Freeport-McMoRan Inc. will post 3.92 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, August 1st. Shareholders of record on Friday, July 15th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.03%. The ex-dividend date is Thursday, July 14th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 8.70%.

About Freeport-McMoRan (NYSE:FCX)

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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