Freeport-McMoRan (NYSE:FCX) Posts Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Freeport-McMoRan (NYSE:FCX) released its quarterly earnings data on Tuesday. The natural resource company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.06, FiscalAI reports. The business had revenue of $7.55 billion during the quarter, compared to analysts’ expectations of $7.36 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.

Freeport-McMoRan Stock Up 0.1%

Shares of NYSE FCX opened at $65.24 on Tuesday. Freeport-McMoRan has a 12-month low of $38.54 and a 12-month high of $80.24. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92. The firm’s 50-day moving average is $71.87 and its two-hundred day moving average is $65.06. The company has a market capitalization of $93.69 billion, a PE ratio of 32.14, a price-to-earnings-growth ratio of 0.58 and a beta of 1.39.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Thursday, October 15th will be given a $0.0750 dividend. The ex-dividend date is Thursday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s payout ratio is currently 14.78%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Barclays raised their target price on Freeport-McMoRan from $83.00 to $84.00 and gave the stock an “overweight” rating in a research report on Monday, October 19th. UBS Group upped their price target on Freeport-McMoRan from $77.00 to $88.00 and gave the company a “buy” rating in a report on Thursday, October 8th. Citigroup increased their price target on shares of Freeport-McMoRan from $66.00 to $84.00 and gave the company a “buy” rating in a research note on Monday, October 5th. Morgan Stanley upped their price objective on shares of Freeport-McMoRan from $70.00 to $75.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 7th. Finally, Freedom Broker lowered shares of Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $76.27.

Insider Activity

In other Freeport-McMoRan news, Director Lydia Kennard sold 3,798 shares of Freeport-McMoRan stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $79.11, for a total value of $300,459.78. Following the completion of the sale, the director directly owned 122,702 shares of the company’s stock, valued at approximately $9,706,955.22. The trade was a 3.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Stephen Higgins sold 14,277 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total value of $992,251.50. Following the transaction, the chief accounting officer directly owned 54,618 shares in the company, valued at approximately $3,795,951. This represents a 20.72% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 110,398 shares of company stock valued at $8,387,271 over the last quarter. 0.73% of the stock is currently owned by company insiders.

About Freeport-McMoRan

Freeport-McMoRan Inc (NYSE: FCX) is a global mining company primarily engaged in the exploration, development, and production of copper. Copper is used extensively in electrical wiring, construction, transportation, renewable energy systems, and other industrial applications. The company also produces gold and molybdenum, a metal used in steelmaking and other industrial processes, as well as certain other byproducts.

Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America, and Indonesia.