ValuEngine upgraded shares of Freeport-McMoRan (NYSE:FCX) from a strong sell rating to a sell rating in a research note published on Thursday morning.

Several other analysts have also recently issued reports on the company. Credit Suisse Group began coverage on Freeport-McMoRan in a research note on Wednesday. They issued a neutral rating and a $12.00 target price on the stock. Zacks Investment Research cut Freeport-McMoRan from a hold rating to a strong sell rating in a research note on Tuesday. Raymond James reissued a market perform rating and issued a $16.00 target price on shares of Freeport-McMoRan in a research note on Monday, December 24th. TheStreet cut Freeport-McMoRan from a b- rating to a c+ rating in a research note on Monday, November 19th. Finally, Royal Bank of Canada cut Freeport-McMoRan from a sector perform rating to an underperform rating and set a $12.20 target price on the stock. in a research note on Tuesday, November 6th. They noted that the move was a valuation call. Five equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $16.46.

Shares of NYSE:FCX traded up $0.09 on Thursday, reaching $11.60. 21,532,979 shares of the company traded hands, compared to its average volume of 20,901,109. Freeport-McMoRan has a 52 week low of $9.60 and a 52 week high of $20.25. The stock has a market capitalization of $16.68 billion, a P/E ratio of 9.91 and a beta of 2.26. 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 (NYSE:FCX) last posted its earnings results on Wednesday, October 24th. The natural resource company reported $0.35 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.02. The company had revenue of $4.91 billion for the quarter, compared to analysts’ expectations of $4.50 billion. Freeport-McMoRan had a return on equity of 22.63% and a net margin of 15.80%. Freeport-McMoRan’s quarterly revenue was up 13.9% on a year-over-year basis. During the same period last year, the firm earned $0.34 earnings per share. As a group, research analysts predict that Freeport-McMoRan will post 1.68 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 1st. Shareholders of record on Tuesday, January 15th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, January 14th. This represents a $0.20 annualized dividend and a yield of 1.72%. Freeport-McMoRan’s payout ratio is 17.09%.

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

A number of institutional investors have recently bought and sold shares of FCX. Bramshill Investments LLC purchased a new position in shares of Freeport-McMoRan during the third quarter valued at approximately $105,000. Belpointe Asset Management LLC purchased a new position in shares of Freeport-McMoRan during the third quarter valued at approximately $118,000. United Asset Strategies Inc. purchased a new position in shares of Freeport-McMoRan during the third quarter valued at approximately $142,000. Lido Advisors LLC purchased a new position in shares of Freeport-McMoRan during the third quarter valued at approximately $142,000. Finally, Fox Run Management L.L.C. purchased a new position in shares of Freeport-McMoRan during the third quarter valued at approximately $145,000. 70.32% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Company Profile

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.

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Analyst Recommendations for Freeport-McMoRan (NYSE:FCX)

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