Barclays assumed coverage on shares of Freeport-McMoRan (NYSE:FCX) in a report published on Wednesday, The Fly reports. The brokerage issued an underweight rating and a $12.00 target price on the natural resource company’s stock.

A number of other brokerages have also issued reports on FCX. Berenberg Bank reissued a sell rating and issued a $15.00 price target on shares of Freeport-McMoRan in a research note on Monday, July 2nd. ValuEngine lowered Freeport-McMoRan from a sell rating to a strong sell rating in a research note on Tuesday, October 2nd. Deutsche Bank raised Freeport-McMoRan from a sell rating to a hold rating in a research note on Thursday, July 26th. Bank of America raised Freeport-McMoRan from an underperform rating to a neutral rating and set a $17.00 price objective on the stock in a research note on Thursday, August 2nd. Finally, Jefferies Financial Group reaffirmed a buy rating and issued a $24.00 price objective on shares of Freeport-McMoRan in a research note on Thursday, July 26th. Three research analysts have rated the stock with a sell rating, twelve have given 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 a consensus target price of $17.50.

NYSE:FCX traded down $0.44 during mid-day trading on Wednesday, reaching $12.74. The company’s stock had a trading volume of 30,968,282 shares, compared to its average volume of 18,349,564. The company has a current ratio of 2.72, a quick ratio of 1.62 and a debt-to-equity ratio of 0.87. Freeport-McMoRan has a twelve month low of $12.18 and a twelve month high of $20.25. The firm has a market cap of $20.17 billion, a price-to-earnings ratio of 10.89 and a beta of 2.48.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Wednesday, July 25th. The natural resource company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.04. Freeport-McMoRan had a return on equity of 24.01% and a net margin of 14.87%. The firm had revenue of $5.17 billion for the quarter, compared to analyst estimates of $4.97 billion. During the same period last year, the company earned $0.17 EPS. The firm’s quarterly revenue was up 39.3% on a year-over-year basis. As a group, research analysts forecast that Freeport-McMoRan will post 1.92 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 1st. Stockholders of record on Monday, October 15th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.57%. The ex-dividend date of this dividend is Friday, October 12th. Freeport-McMoRan’s dividend payout ratio is currently 17.09%.

Several large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp raised its holdings in shares of Freeport-McMoRan by 28.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 27,267,197 shares of the natural resource company’s stock valued at $470,631,000 after buying an additional 6,041,164 shares during the period. Fisher Asset Management LLC raised its holdings in shares of Freeport-McMoRan by 33,318.4% during the 2nd quarter. Fisher Asset Management LLC now owns 14,476,496 shares of the natural resource company’s stock valued at $249,864,000 after buying an additional 14,433,177 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Freeport-McMoRan by 0.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 13,791,970 shares of the natural resource company’s stock valued at $238,008,000 after buying an additional 73,674 shares during the period. Iridian Asset Management LLC CT purchased a new stake in shares of Freeport-McMoRan during the 2nd quarter valued at about $190,933,000. Finally, Sound Shore Management Inc. CT raised its holdings in shares of Freeport-McMoRan by 13.0% during the 2nd quarter. Sound Shore Management Inc. CT now owns 8,504,488 shares of the natural resource company’s stock valued at $146,787,000 after buying an additional 978,232 shares during the period. Institutional investors and hedge funds own 71.74% of the company’s stock.

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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