ValuEngine lowered shares of Freeport-McMoRan (NYSE:FCX) from a buy rating to a hold rating in a research note published on Saturday, ValuEngine reports.

Several other research analysts have also weighed in on FCX. Royal Bank of Canada upgraded Freeport-McMoRan from an underperform rating to a sector perform rating and increased their price objective for the stock from $12.00 to $14.00 in a research report on Wednesday, July 24th. Deutsche Bank upgraded Freeport-McMoRan from a hold rating to a buy rating and increased their price objective for the stock from $12.50 to $13.50 in a research report on Wednesday, July 10th. Raymond James reiterated a market perform rating and issued a $13.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, July 25th. JPMorgan Chase & Co. lowered their price objective on Freeport-McMoRan from $15.00 to $13.00 and set a neutral rating for the company in a research report on Tuesday, July 9th. Finally, Barclays upgraded Freeport-McMoRan from an underweight rating to an equal weight rating and set a $12.00 price objective for the company in a research report on Tuesday, July 16th. Eleven research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus price target of $13.88.

Shares of Freeport-McMoRan stock opened at $9.89 on Friday. The stock has a market capitalization of $14.38 billion, a price-to-earnings ratio of 6.51 and a beta of 2.34. Freeport-McMoRan has a fifty-two week low of $9.41 and a fifty-two week high of $15.13. The company has a quick ratio of 1.32, a current ratio of 2.66 and a debt-to-equity ratio of 0.56. The stock has a 50 day simple moving average of $11.01.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Wednesday, July 24th. The natural resource company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.01. The company had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.54 billion. Freeport-McMoRan had a return on equity of 4.08% and a net margin of 4.11%. The firm’s revenue for the quarter was down 31.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.59 earnings per share. Equities research analysts predict that Freeport-McMoRan will post 0.17 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were given a dividend of $0.05 per share. The ex-dividend date was Friday, July 12th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.02%. Freeport-McMoRan’s payout ratio is 13.16%.

In other news, Vice Chairman Richard C. Adkerson bought 172,000 shares of the stock in a transaction on Thursday, June 6th. The stock was purchased at an average cost of $10.14 per share, with a total value of $1,744,080.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Kathleen L. Quirk bought 50,000 shares of the stock in a transaction on Friday, June 7th. The stock was purchased at an average cost of $10.49 per share, with a total value of $524,500.00. Following the completion of the purchase, the chief financial officer now directly owns 920,769 shares in the company, valued at approximately $9,658,866.81. The disclosure for this purchase can be found here. 0.98% of the stock is currently owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the business. TCG Advisors LP purchased a new stake in Freeport-McMoRan in the 1st quarter worth approximately $33,000. Rational Advisors LLC grew its stake in shares of Freeport-McMoRan by 107.0% during the 2nd quarter. Rational Advisors LLC now owns 3,261 shares of the natural resource company’s stock valued at $38,000 after buying an additional 1,686 shares during the period. Truvestments Capital LLC purchased a new stake in shares of Freeport-McMoRan during the 1st quarter valued at $43,000. WP Advisors LLC purchased a new stake in shares of Freeport-McMoRan during the 1st quarter valued at $46,000. Finally, Private Capital Group LLC grew its stake in shares of Freeport-McMoRan by 99.3% during the 1st quarter. Private Capital Group LLC now owns 3,650 shares of the natural resource company’s stock valued at $47,000 after buying an additional 1,819 shares during the period. 72.04% of the stock is owned by hedge funds and other institutional investors.

About Freeport-McMoRan

Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.

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Analyst Recommendations for Freeport-McMoRan (NYSE:FCX)

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