Equity research analysts at Raymond James reduced their price objective for Freeport-McMoRan (NYSE: FCX) from $40.00 to $35.00 in a research note sent to clients and investors on Friday. The company presently assigns the shares of the resource company an “outperform” rating. According to Raymond James, a gain of 9.82% from the stock’s present price would increase its value.

Recently, numerous more professionals have also published reports on FCX. Exane Freeport-McMoRan was downgraded from “outperform” to “neutral” and given a $29.00 price objective by BNP Paribas in a report on Thursday, October 6. On Thursday, July 7, Wolfe Research lowered Freeport-rating McMoRan’s from “outperform” to “peer perform.” On Thursday, October 6, BNP Paribas downgraded the company from “outperform” to “neutral” and set the stock price objective for Freeport-McMoRan at $29.00. In a research report on Thursday, Barclays decreased their target price for Freeport-McMoRan to $23.00. Not to mention, Deutsche Bank Aktiengesellschaft reduced its “hold” rating and target price for Freeport-McMoRan from $35 to $30 in a research note released on October 5. The company has received buy recommendations from six research analysts, hold recommendations from ten, and sell recommendations from one analyst. According to Bloomberg, the company has a consensus “Hold” rating and a $39.33 price target.
NYSE FCX gained $2.75 in Friday’s trading to hit $31.87. One million one hundred fifty-six thousand three hundred twenty shares of the company’s stock were traded as compared to its usual volume of 15,991,890. The 50-day and 200-day moving averages of the company’s stock are $29.59 and $33.98, respectively. The company’s debt-to-equity ratio is 0.42, its quick ratio is 1.94, and its current ratio is 2.73. The year’s low and high points for Freeport-Low McMoRan were $24.80 and $51.99. The firm has a $45.55 billion market value, a price-to-earnings ratio of 9.66, a PEG ratio of 0.40, and a beta of 1.94.

Freeport-McMoRan (NYSE: FCX) announced its most recent quarterly results report on Thursday, October 20. The company’s $0.26 per share quarterly earnings fell $0.14 short of the $0.40 consensus projection. Analysts expected the corporation to generate $4.91 billion in sales during the quarter, but it generated $5 billion. With a net margin of 20.08% and a return on equity of 22.04%, Freeport-McMoRan performed admirably. However, the company’s revenue fell by 17.8% from the prior year. In the same quarter the previous year, the company’s profits per share came to $0.89. Freeport-EPS McMoRan’s is expected to be $2.43 on average by stock research analysts for the current fiscal year.

The purchase of 31,000 shares of the company’s stock by Director Ryan Michael Lance on Monday, August 29, is another piece of information. The shares were purchased at an average price of $31.88, with a market value of $988,280,000. The director now owns 32,132 company shares, valued at $1,024,368.16 on the open market due to the acquisition. A court document submitted to the SEC and made available on the SEC website made the transaction public. Related news includes the purchase of 3,000 shares of company stock on August 3 by director Sara Grootwassink Lewis. The stock was acquired for $86,370.00, or an average price of $28.79 per share. After the purchase, the director owns 13,800 company shares, valued at approximately $397,302. An electronic copy of the paperwork that disclosed the transaction is available on the Securities & Exchange Commission website. Ryan Michael Lance, a director, also purchased 31,000 additional shares of the company’s stock on Monday, August 29. The average price paid for the shares during the acquisition process was $31.88, for a total cost of $988,280.00. After the deal was completed, the director now directly owns 32,132 company shares with a market value of $1,024,368.16. The disclosure for this transaction can be read here. At present, insiders of the company own 0.72% of the stock.

Several hedge funds recently changed their stock positions in their portfolios. Freeport-McMoRan grew its stake in Freeport-McMoRan by 1.6% during the first quarter. Compared to three months ago, Vanguard Group Inc. now owns 1,808,548 more shares of the natural resource company’s stock, with a total market value of $5,797,206,000. Freeport-McMoRan boosted its stake in Freeport-McMoRan by 3.9% during the first quarter. Fisher Asset Management LLC has grown its share count by 2,524,330,000, or $1,897,056, in the three months since its purchase. The Public Investment Fund increased its holding in Freeport-McMoRan by about $377,321,000 during the second quarter. Clearbridge Investments Llc boosted its share of Freeport-McMoRan by 25.3% during the second quarter. Clearbridge Investments LLC increased its stock holdings in the firm by 2,385,605 shares during the most recent quarter. Clearbridge Investments LLC now owns 11,827,474 shares, which is worth $346,072,000. Last, Dimensional Fund Advisors LP grew its stake in Freeport-McMoRan by 0.9% during the first quarter. After acquiring an additional 107,372 shares during the most recent quarter, Dimensional Fund Advisors LP now owns 11,446,463 shares of the natural resource company’s stock valued at $569,436,000. Hedge funds and institutional investors presently hold 77.38% of the stock.

Freeport-McMoRan Inc. mines properties in North America, South America, and Indonesia for mineral resources. The company generally searches for oil and gas in addition to other commodities, including copper, gold, molybdenum, silver, and others. It also influences the Grasberg mining district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; Henderson and Climax in Colorado; and Morenci, Bagdad, and Climax in Arizona; in addition to Cerro Verde in Peru and El Abra in Chile.

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