Freeport-McMoRan Inc. (NYSE:FCX) Director Sara Grootwassink Lewis Buys 3,000 Shares

Defense World · Aug 5, 2022 08:31

Freeport-McMoRan Inc. (NYSE:FCX – Get Rating) Director Sara Grootwassink Lewis acquired 3,000 shares of Freeport-McMoRan stock in a transaction on Wednesday, August 3rd. The stock was acquired at an average cost of $28.79 per share, for a total transaction of $86,370.00. Following the completion of the purchase, the director now owns 13,800 shares of the company's stock, valued at approximately $397,302. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock traded up $0.07 during midday trading on Thursday, hitting $28.76. The stock had a trading volume of 12,429,849 shares, compared to its average volume of 19,925,039. Freeport-McMoRan Inc. has a 52-week low of $24.80 and a 52-week high of $51.99. The company has a current ratio of 2.73, a quick ratio of 1.94 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $41.68 billion, a PE ratio of 8.74, a P/E/G ratio of 0.31 and a beta of 2.01. The firm's fifty day moving average is $32.52 and its two-hundred day moving average is $39.84.

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Freeport-McMoRan (NYSE:FCX – Get Rating) last posted its earnings results on Thursday, July 21st. The natural resource company reported $0.58 EPS for the quarter, missing analysts' consensus estimates of $0.89 by ($0.31). The firm had revenue of $5.42 billion for the quarter, compared to the consensus estimate of $6.20 billion. Freeport-McMoRan had a net margin of 20.08% and a return on equity of 22.04%. The firm's revenue was down 5.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.77 earnings per share. On average, research analysts forecast that Freeport-McMoRan Inc. will post 3.24 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, August 1st. Stockholders of record on Friday, July 15th were paid a dividend of $0.15 per share. The ex-dividend date was Thursday, July 14th. This represents a $0.60 annualized dividend and a dividend yield of 2.09%. Freeport-McMoRan's dividend payout ratio is currently 9.12%.

Hedge Funds Weigh In On Freeport-McMoRan

Institutional investors have recently made changes to their positions in the company. St. Johns Investment Management Company LLC purchased a new position in Freeport-McMoRan during the 1st quarter worth approximately $25,000. Fairfield Bush & CO. purchased a new position in Freeport-McMoRan in the first quarter valued at $26,000. GHP Investment Advisors Inc. purchased a new position in Freeport-McMoRan in the first quarter valued at $26,000. FNY Investment Advisers LLC grew its position in shares of Freeport-McMoRan by 1,250.0% in the first quarter. FNY Investment Advisers LLC now owns 540 shares of the natural resource company's stock valued at $26,000 after purchasing an additional 500 shares during the period. Finally, Core Alternative Capital grew its position in shares of Freeport-McMoRan by 444.7% in the first quarter. Core Alternative Capital now owns 561 shares of the natural resource company's stock valued at $28,000 after purchasing an additional 458 shares during the period. Hedge funds and other institutional investors own 77.37% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on FCX. Exane BNP Paribas upgraded shares of Freeport-McMoRan from a "neutral" rating to an "outperform" rating and set a $34.00 price objective on the stock in a research note on Wednesday, July 13th. Morgan Stanley reiterated an "equal weight" rating on shares of Freeport-McMoRan in a research report on Thursday, June 23rd. The Goldman Sachs Group decreased their price target on shares of Freeport-McMoRan from $54.00 to $46.00 and set a "buy" rating for the company in a research report on Thursday, July 14th. BMO Capital Markets reduced their price objective on shares of Freeport-McMoRan from $62.00 to $56.00 and set an "outperform" rating on the stock in a research note on Friday, April 22nd. Finally, Wolfe Research lowered shares of Freeport-McMoRan from an "outperform" rating to a "peer perform" rating in a research note on Thursday, July 7th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $42.00.

Freeport-McMoRan Company Profile

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Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. 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 in Peru and El Abra in Chile.