Investors Buy Freeport-McMoRan (FCX) on Weakness

Traders bought shares of Freeport-McMoRan Inc. (NYSE: FCX) due to weakness during trading on Thursday. the tick-up and $ 34.71 million flowed from the stock on the tick-down, for a net flow of $ 64.46 million in the stock. All stock followed, Freeport-McMoRan had the 4th net flow the highest for the day. Freeport-McMoRan traded ($ 0.10) for the day and closed at $ 16.97

Several research analysts commented on the company: Zacks Investment Research demoted Freeport-McMoRan to a rating "Hold" to a "strong sell" rating in a search. On Monday, May 28, Morgan Stanley raised its target price on Freeport-McMoRan from $ 15.00 to $ 16.00 and awarded the title an "equal weight" rating in a research note on Friday, June 29th. issued a target price of $ 15.00 on Freeport-McMoRan shares i n a research note on Wednesday, May 23rd. Royal Bank of Canada raised its target price on Freeport-McMoRan to $ 22.00 and awarded the stock a "performing sector" rating in a research note on Monday, March 12. Finally, BMO Capital Markets set a target price of $ 17.00 on Freeport-McMoRan and awarded a "sustain" rating to the stock in a research note on Tuesday, April 24. Three equity research analysts rated the stock with a sale rating, eleven gave a reserve rating and nine gave a buy-to-action rating. The company currently has a consensus rating of "Hold" and a consensus target price of $ 17.97.

The stock has a market capitalization of $ 24.73 billion, a PE ratio of 14.45 and a beta of 2.46. The company has a quick ratio of 1.43, a ratio of 2.33 and a debt ratio of 0.93.

Freeport-McMoRan (NYSE: FCX) released its quarterly results on Tuesday, April 24. The natural resource company reported earnings per share (EPS) of $ 0.46 for the quarter, except for Zacks' consensus estimate of $ 0.56 ($ 0.10). The company achieved a turnover of 4.87 billion dollars for the quarter, against a consensus estimate of 4.92 billion dollars. Freeport-McMoRan recorded a net margin of 12.72% and a return on equity of 19.92%. The business turnover of the business is up 45.7% over the same quarter of last year. During the same quarter last year, the company posted earnings per share of $ 0.15. Equity analysts expect Freeport-McMoRan Inc. to post a profit of 2.04 per share for the current year.

The company has also recently declared a quarterly dividend, which will be paid on Wednesday, August 1. Shareholders of record on Friday, July 13 will receive a dividend of $ 0.05 per share. The ex-dividend date of this dividend is Thursday, July 12th. This represents a $ 0.20 dividend on an annualized basis and a dividend yield of 1.18%. Freeport-McMoRan's dividend payout ratio (DPR) is currently 17.09%.

Institutional investors and hedge funds have recently changed their holdings in society. Penserra Capital Management LLC increased its Freeport-McMoRan equity holdings by 281.1% in the first quarter. Penserra Capital Management LLC now holds 6,319 shares of the natural resources company valued at $ 100,000 after purchasing 4,661 additional shares in the last quarter. Princeton Capital Management LLC purchased a new position in Freeport-McMoRan shares during the first quarter valued at approximately $ 101,000. Advisors Preferred LLC purchased a new position in Freeport-McMoRan shares during the first quarter valued at approximately $ 105,000. Signaturefd LLC purchased a new position in Freeport-McMoRan shares during the first quarter valued at approximately $ 147,000. Finally, Private Trust Co. NA purchased a new position in Freeport-McMoRan shares during the second quarter valued at approximately $ 172,000. Hedge funds and other institutional investors own 71.63% of the company's shares.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc. is dedicated to mining property operations in the United States, Indonesia, Peru and the United States. Chile. The company mainly explores copper, gold, molybdenum, silver and other metals, as well as oil and gas. Its assets include the Grasberg Minerals District in Indonesia; Morenci, Baghdad, Safford, Sierrita and Miami, Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, and Cerro Verde and El Abra in South America

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