Freeport-McMoRan (NYSE:FCX) Issues Earnings Results

Freeport-McMoRan (NYSE:FCXGet Free Report) issued its earnings results on Wednesday. The natural resource company reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.04, MarketWatch Earnings reports. The business had revenue of $5.91 billion during the quarter, compared to analysts’ expectations of $5.85 billion. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.09%. Freeport-McMoRan’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.52 EPS.

Freeport-McMoRan Stock Up 0.2 %

Shares of FCX traded up $0.06 during mid-day trading on Friday, reaching $39.50. The company had a trading volume of 4,716,218 shares, compared to its average volume of 12,422,600. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.67 and a current ratio of 2.90. The company has a market capitalization of $56.64 billion, a price-to-earnings ratio of 31.15 and a beta of 2.05. The firm has a 50-day moving average price of $39.61 and a 200 day moving average price of $38.85. Freeport-McMoRan has a 52 week low of $32.83 and a 52 week high of $45.54.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Investors of record on Friday, January 12th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Thursday, January 11th. This represents a $0.60 annualized dividend and a dividend yield of 1.52%. Freeport-McMoRan’s payout ratio is 23.62%.

Institutional Trading of Freeport-McMoRan

A number of hedge funds have recently bought and sold shares of FCX. Creative Planning lifted its holdings in Freeport-McMoRan by 2.6% during the third quarter. Creative Planning now owns 109,644 shares of the natural resource company’s stock valued at $4,089,000 after purchasing an additional 2,799 shares in the last quarter. Orion Portfolio Solutions LLC lifted its position in shares of Freeport-McMoRan by 46.3% in the second quarter. Orion Portfolio Solutions LLC now owns 22,886 shares of the natural resource company’s stock valued at $915,000 after acquiring an additional 7,244 shares in the last quarter. Quilter Plc boosted its stake in shares of Freeport-McMoRan by 1,498.0% in the second quarter. Quilter Plc now owns 16,252 shares of the natural resource company’s stock worth $650,000 after acquiring an additional 15,235 shares during the period. Sunbelt Securities Inc. grew its position in shares of Freeport-McMoRan by 22.8% during the second quarter. Sunbelt Securities Inc. now owns 3,405 shares of the natural resource company’s stock worth $136,000 after purchasing an additional 633 shares in the last quarter. Finally, Neo Ivy Capital Management bought a new stake in Freeport-McMoRan during the 2nd quarter valued at approximately $360,000. Hedge funds and other institutional investors own 77.96% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. JPMorgan Chase & Co. started coverage on Freeport-McMoRan in a research note on Tuesday, October 17th. They set a “neutral” rating and a $42.00 price objective for the company. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Tuesday, October 24th. UBS Group reduced their price objective on shares of Freeport-McMoRan from $42.00 to $41.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 13th. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 price target on shares of Freeport-McMoRan in a report on Thursday. Finally, Sanford C. Bernstein raised shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $41.00 to $48.50 in a research note on Monday, January 8th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $45.04.

Get Our Latest Stock Analysis on Freeport-McMoRan

About Freeport-McMoRan

(Get Free Report)

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, as well as oil and gas. The company's 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.

Further Reading

Earnings History for Freeport-McMoRan (NYSE:FCX)

Receive News & Ratings for Freeport-McMoRan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoRan and related companies with MarketBeat.com's FREE daily email newsletter.