Freeport-McMoRan Inc (NYSE:FCX) gapped up prior to trading on Thursday . The stock had previously closed at $8.32, but opened at $8.55. Freeport-McMoRan shares last traded at $8.96, with a volume of 60,796,593 shares.

A number of equities research analysts have recently commented on FCX shares. Royal Bank of Canada raised Freeport-McMoRan from an “underperform” rating to a “sector perform” rating and increased their target price for the stock from $12.00 to $14.00 in a research note on Wednesday, July 24th. Barclays raised Freeport-McMoRan from an “underweight” rating to an “equal weight” rating and set a $12.00 price objective on the stock in a research report on Tuesday, July 16th. JPMorgan Chase & Co. dropped their price objective on Freeport-McMoRan from $14.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday. BNP Paribas initiated coverage on Freeport-McMoRan in a research report on Friday, September 20th. They set an “outperform” rating on the stock. Finally, Deutsche Bank raised Freeport-McMoRan from a “hold” rating to a “buy” rating and increased their price objective for the company from $12.50 to $13.50 in a research report on Wednesday, July 10th. Nine equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $13.38.

The company has a debt-to-equity ratio of 0.56, a current ratio of 2.66 and a quick ratio of 1.32. The company has a market capitalization of $12.71 billion, a PE ratio of 5.89 and a beta of 2.40. The firm has a 50-day moving average of $9.53 and a 200 day moving average of $10.93.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Wednesday, July 24th. The natural resource company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.01. Freeport-McMoRan had a return on equity of 4.08% and a net margin of 4.11%. The company had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.54 billion. During the same period last year, the firm posted $0.59 earnings per share. Freeport-McMoRan’s revenue was down 31.4% compared to the same quarter last year. Equities analysts expect that Freeport-McMoRan Inc will post 0.09 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date is Friday, October 11th. Freeport-McMoRan’s dividend payout ratio is 13.16%.

A number of hedge funds have recently bought and sold shares of the business. Clearbridge Investments LLC lifted its holdings in Freeport-McMoRan by 2.4% in the first quarter. Clearbridge Investments LLC now owns 32,070,928 shares of the natural resource company’s stock valued at $413,394,000 after acquiring an additional 738,220 shares during the period. Northern Trust Corp lifted its holdings in Freeport-McMoRan by 2.2% in the second quarter. Northern Trust Corp now owns 21,091,006 shares of the natural resource company’s stock valued at $244,867,000 after acquiring an additional 446,954 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in Freeport-McMoRan by 10.6% in the second quarter. Price T Rowe Associates Inc. MD now owns 12,037,806 shares of the natural resource company’s stock valued at $139,759,000 after acquiring an additional 1,155,099 shares during the period. Nuveen Asset Management LLC lifted its holdings in Freeport-McMoRan by 14,378.6% in the second quarter. Nuveen Asset Management LLC now owns 10,964,634 shares of the natural resource company’s stock valued at $127,299,000 after acquiring an additional 10,888,904 shares during the period. Finally, Invesco Ltd. lifted its holdings in Freeport-McMoRan by 8.5% in the second quarter. Invesco Ltd. now owns 9,703,380 shares of the natural resource company’s stock valued at $112,656,000 after acquiring an additional 761,139 shares during the period. 72.60% of the stock is currently owned by institutional investors.

About Freeport-McMoRan (NYSE:FCX)

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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