Freeport-McMoRan (NYSE:FCX) Sees Unusually-High Trading Volume

Freeport-McMoRan Inc. (NYSE:FCX) saw unusually-strong trading volume on Thursday . Approximately 1,101,140 shares traded hands during mid-day trading, a decline of 95% from the previous session’s volume of 22,699,998 shares.The stock last traded at $37.67 and had previously closed at $35.82.

Several equities analysts have recently weighed in on FCX shares. Credit Suisse Group downgraded shares of Freeport-McMoRan from a “neutral” rating to an “underperform” rating and set a $29.00 target price for the company. in a research note on Friday, September 10th. Morgan Stanley cut their price objective on shares of Freeport-McMoRan from $36.50 to $32.00 and set an “equal weight” rating for the company in a research report on Tuesday, September 28th. BNP Paribas upgraded shares of Freeport-McMoRan from a “neutral” rating to an “outperform” rating and set a $39.50 price objective for the company in a research report on Wednesday, October 6th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Freeport-McMoRan from $47.00 to $46.00 and set a “buy” rating for the company in a research report on Thursday, September 16th. Finally, Royal Bank of Canada raised their price objective on shares of Freeport-McMoRan from $39.00 to $42.00 and gave the company a “sector perform” rating in a research report on Friday, July 23rd. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Freeport-McMoRan has an average rating of “Buy” and an average target price of $38.25.

The company has a current ratio of 2.28, a quick ratio of 1.52 and a debt-to-equity ratio of 0.41. The firm has a market cap of $55.04 billion, a P/E ratio of 19.81 and a beta of 2.08. The company’s 50 day simple moving average is $34.72 and its 200-day simple moving average is $36.77.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, July 22nd. The natural resource company reported $0.77 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.02. The business had revenue of $5.75 billion for the quarter, compared to analysts’ expectations of $5.83 billion. Freeport-McMoRan had a net margin of 14.98% and a return on equity of 15.07%. The business’s revenue for the quarter was up 88.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.03 EPS. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 2.96 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, November 1st. Shareholders of record on Friday, October 15th will be paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.80%. The ex-dividend date is Thursday, October 14th. Freeport-McMoRan’s dividend payout ratio is currently 55.56%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Brighton Jones LLC increased its position in shares of Freeport-McMoRan by 4.0% during the 2nd quarter. Brighton Jones LLC now owns 6,973 shares of the natural resource company’s stock valued at $259,000 after purchasing an additional 271 shares during the last quarter. Tradition Wealth Management LLC increased its holdings in Freeport-McMoRan by 10.2% in the 1st quarter. Tradition Wealth Management LLC now owns 3,253 shares of the natural resource company’s stock worth $107,000 after acquiring an additional 300 shares in the last quarter. Gradient Investments LLC increased its holdings in Freeport-McMoRan by 16.7% in the 2nd quarter. Gradient Investments LLC now owns 2,100 shares of the natural resource company’s stock worth $78,000 after acquiring an additional 300 shares in the last quarter. Nvwm LLC grew its holdings in Freeport-McMoRan by 1.2% during the 2nd quarter. Nvwm LLC now owns 25,704 shares of the natural resource company’s stock valued at $954,000 after buying an additional 300 shares in the last quarter. Finally, WealthShield Partners LLC grew its holdings in Freeport-McMoRan by 22.8% during the 2nd quarter. WealthShield Partners LLC now owns 1,613 shares of the natural resource company’s stock valued at $60,000 after buying an additional 300 shares in the last quarter. 76.90% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Company Profile (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. The North America Copper Mines segment operates open-pit copper mines in Morenci, Bagdad, Safford, Sierrita and Miami in Arizona and Chino and Tyrone in New Mexico.

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