Freeport-McMoRan (NYSE:FCX) Sets New 52-Week Low - Time to Sell?

Shares of Freeport-McMoRan Inc. (NYSE:FCX - Get Free Report) reached a new 52-week low on Thursday . The company traded as low as $33.50 and last traded at $33.80, with a volume of 21042152 shares. The stock had previously closed at $38.20.

Analyst Ratings Changes

Several research analysts have recently issued reports on FCX shares. Scotiabank lowered their target price on shares of Freeport-McMoRan from $45.00 to $40.00 and set a "sector perform" rating for the company in a report on Monday. JPMorgan Chase & Co. raised Freeport-McMoRan from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $48.00 to $52.00 in a report on Thursday, March 20th. Dbs Bank raised Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Sanford C. Bernstein downgraded Freeport-McMoRan from an "outperform" rating to a "market perform" rating and dropped their price target for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Finally, Raymond James boosted their price objective on Freeport-McMoRan from $49.00 to $51.00 and gave the company an "outperform" rating in a research note on Friday. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Freeport-McMoRan presently has an average rating of "Moderate Buy" and a consensus target price of $51.25.

Freeport-McMoRan Stock Down 4.2 %

The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $41.81 billion, a PE ratio of 22.55, a PEG ratio of 0.87 and a beta of 1.71. The firm's fifty day moving average is $37.35 and its 200-day moving average is $41.41.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. On average, equities research analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th will be given a dividend of $0.15 per share. The ex-dividend date is Tuesday, April 15th. This represents a $0.60 annualized dividend and a dividend yield of 2.06%. Freeport-McMoRan's payout ratio is currently 23.26%.

Hedge Funds Weigh In On Freeport-McMoRan

A number of large investors have recently made changes to their positions in FCX. Wellington Management Group LLP increased its holdings in Freeport-McMoRan by 237.4% in the fourth quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company's stock valued at $351,041,000 after buying an additional 6,486,011 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Freeport-McMoRan by 21.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company's stock worth $1,214,203,000 after acquiring an additional 5,735,171 shares during the period. Amundi increased its stake in Freeport-McMoRan by 30.2% in the 4th quarter. Amundi now owns 21,580,960 shares of the natural resource company's stock valued at $857,305,000 after purchasing an additional 5,001,531 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Freeport-McMoRan by 38.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,273,162 shares of the natural resource company's stock worth $619,682,000 after purchasing an additional 4,488,210 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in Freeport-McMoRan by 142.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 4,279,517 shares of the natural resource company's stock worth $162,964,000 after purchasing an additional 2,515,103 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.