Freeport-McMoRan (FCX) Cut to “Underperform” at Royal Bank of Canada

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Royal Bank of Canada lowered shares of Freeport-McMoRan (NYSE:FCX) from a sector perform rating to an underperform rating in a report issued on Tuesday, Marketbeat Ratings reports. The firm currently has $12.20 price target on the natural resource company’s stock. The analysts noted that the move was a valuation call.

A number of other equities analysts also recently issued reports on the company. B. Riley lowered their price target on Freeport-McMoRan from $18.00 to $16.00 and set a buy rating on the stock in a research report on Thursday, October 25th. BMO Capital Markets set a $13.00 price target on Freeport-McMoRan and gave the stock a hold rating in a research report on Thursday, October 25th. ValuEngine downgraded Freeport-McMoRan from a sell rating to a strong sell rating in a research report on Wednesday, October 24th. Raymond James set a $16.00 price target on Freeport-McMoRan and gave the stock a hold rating in a research report on Wednesday, October 24th. Finally, Citigroup lowered their price target on Freeport-McMoRan from $18.00 to $14.00 and set a neutral rating on the stock in a research report on Wednesday, October 17th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $16.67.

FCX stock traded down $0.58 during mid-day trading on Tuesday, reaching $11.35. 21,437,925 shares of the company’s stock were exchanged, compared to its average volume of 22,813,720. The company has a market capitalization of $17.87 billion, a P/E ratio of 9.70 and a beta of 2.40. The company has a current ratio of 2.84, a quick ratio of 1.78 and a debt-to-equity ratio of 0.83. Freeport-McMoRan has a 12-month low of $10.59 and a 12-month high of $20.25.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Wednesday, October 24th. The natural resource company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.02. The company had revenue of $4.91 billion for the quarter, compared to the consensus estimate of $4.50 billion. Freeport-McMoRan had a return on equity of 22.63% and a net margin of 15.80%. Freeport-McMoRan’s revenue for the quarter was up 13.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.34 earnings per share. On average, research analysts predict that Freeport-McMoRan will post 1.71 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, November 1st. Stockholders of record on Monday, October 15th were given a $0.05 dividend. The ex-dividend date was Friday, October 12th. This represents a $0.20 annualized dividend and a dividend yield of 1.76%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 17.09%.

In other news, Director Courtney Mather sold 75,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 30th. The stock was sold at an average price of $11.15, for a total value of $836,250.00. Following the transaction, the director now owns 152,133 shares in the company, valued at $1,696,282.95. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.05% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. United Asset Strategies Inc. purchased a new position in Freeport-McMoRan during the third quarter worth approximately $142,000. Fox Run Management L.L.C. purchased a new position in Freeport-McMoRan during the third quarter worth approximately $145,000. St. Johns Investment Management Company LLC lifted its position in Freeport-McMoRan by 243.2% during the second quarter. St. Johns Investment Management Company LLC now owns 8,665 shares of the natural resource company’s stock worth $150,000 after buying an additional 6,140 shares in the last quarter. Greenleaf Trust purchased a new position in Freeport-McMoRan during the third quarter worth approximately $154,000. Finally, Parallel Advisors LLC lifted its position in Freeport-McMoRan by 165.5% during the second quarter. Parallel Advisors LLC now owns 9,015 shares of the natural resource company’s stock worth $155,000 after buying an additional 5,619 shares in the last quarter. Institutional investors and hedge funds own 73.10% of the company’s stock.

About Freeport-McMoRan

Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its 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 and El Abra mines in South America.

See Also: Diversification

Analyst Recommendations for Freeport-McMoRan (NYSE:FCX)

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