In yesterday’s Wall Street session, Freeport-McMoRan Inc. (NYSE:FCX) shares traded at $36.36, down -2.73% from the previous session.
22 analysts cover Freeport-McMoRan Inc. (NYSE:FCX), according to research data. The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $55.00 and a low of $23.00, we find $34.00. Given the previous closing price of $37.38, this indicates a potential downside of -9.04 percent. FCX stock price is now 17.35% away from the 50-day moving average and 0.20% away from the 200-day moving average. The market capitalization of the company currently stands at $50.21B.
The stock has received a hold rating from 11 analysts and a buy rating from 9. Brokers who have rated the stock have averaged $35.78 as their price target over the next twelve months.
With the price target maintained at $34, Scotiabank recently Downgraded its rating from Sector Outperform to Sector Perform for Freeport-McMoRan Inc. (NYSE: FCX). On October 06, 2022, Exane BNP Paribas Downgraded its previous ‘Outperform’ rating to ‘Neutral’ on the stock keeping its target price maintained at $29, while ‘Citigroup’ rates the stock as ‘Neutral’.
In other news, Lance Ryan Michael, Director bought 31,000 shares of the company’s stock on Aug 29. The stock was bought for $988,314 at an average price of $31.88. Upon completion of the transaction, the Director now directly owns 32,132 shares in the company, valued at $1.17 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Aug 03, Director Lewis Sara Grootwassink bought 3,000 shares of the business’s stock. A total of $86,355 was incurred on buying the stock at an average price of $28.79. This leaves the insider owning 13,800 shares of the company worth $0.5 million. Insiders disposed of 1,953,908 shares of company stock worth roughly $71.04 million over the past 1 year. A total of 0.52% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in FCX stock. A new stake in Freeport-McMoRan Inc. shares was purchased by CAPITAL WORLD INVESTORS during the first quarter worth $358,648,000. HOLOCENE ADVISORS, LP invested $105,564,000 in shares of FCX during the first quarter. In the first quarter, TWO SIGMA INVESTMENTS, LP acquired a new stake in Freeport-McMoRan Inc. valued at approximately $65,560,000. GREAT WEST LIFE ASSURANCE CO /CAN/ acquired a new stake in FCX for approximately $30,018,000. SCHONFELD STRATEGIC ADVISORS LLC purchased a new stake in FCX valued at around $26,710,000 in the second quarter. In total, there are 1,559 active investors with 79.90% ownership of the company’s stock.
On Thursday morning Freeport-McMoRan Inc. (NYSE: FCX) stock kicked off with the opening price of $35.80. During the past 12 months, Freeport-McMoRan Inc. has had a low of $24.74 and a high of $51.63. As of last week, the company has a debt-to-equity ratio of 0.71, a current ratio of 2.60, and a quick ratio of 1.80. The fifty day moving average price for FCX is $31.02 and a two-hundred day moving average price translates $36.46 for the stock.
The latest earnings results from Freeport-McMoRan Inc. (NYSE: FCX) was released for Sep, 2022. According to the Copper Company, earnings per share came in at $0.26, beating analysts’ expectations of $0.24 by 0.02. This compares to $1.16 EPS in the same period last year. The net profit margin was 16.70% and return on equity was 26.30% for FCX. The company reported revenue of $5.0 billion for the quarter, compared to $6.08 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -17.75 percent. For the current quarter, analysts expect FCX to generate $5.12B in revenue.
Moreover, the firm recently paid out its quarterly dividend on 11/01/2022. Investors who held shares on 10/14/2022 were paid a $0.075 dividend. On an annualized basis, this represents a $0.60 dividend and a 1.65% percent yield. There was an ex-dividend date of 10/13/2022 for this dividend. In terms of dividend payout ratio, FCX is presently at 14.10%.
Freeport-McMoRan Inc.(FCX) 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. The company also operates a portfolio of oil and gas properties primarily located in offshore California and the Gulf of Mexico. As of December 31, 2021, it operated approximately 135 wells. The company was formerly known as Freeport-McMoRan Copper & Gold Inc. and changed its name to Freeport-McMoRan Inc. in July 2014. Freeport-McMoRan Inc. was incorporated in 1987 and is headquartered in Phoenix, Arizona.