Freeport-McMoRan (NYSE:FCX) Sets New 52-Week Low - Here's Why

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.

Wall Street Analyst Weigh In

Several brokerages have commented on FCX. StockNews.com raised Freeport-McMoRan from a "hold" rating to a "buy" rating in a report on Monday, March 31st. Argus cut shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Friday, January 31st. JPMorgan Chase & Co. raised shares of Freeport-McMoRan from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $48.00 to $52.00 in a report on Thursday, March 20th. BMO Capital Markets decreased their price objective on shares of Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating on the stock in a report on Friday, January 24th. Finally, Dbs Bank raised shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. Five equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $51.61.

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Freeport-McMoRan Stock Down 13.0 %

The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. The business has a 50 day simple moving average of $37.75 and a 200-day simple moving average of $41.73. The firm has a market capitalization of $41.88 billion, a price-to-earnings ratio of 22.59, a P/E/G ratio of 0.87 and a beta of 1.71.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 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 analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

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

Hedge Funds Weigh In On Freeport-McMoRan

Several large investors have recently modified their holdings of FCX. Continuum Advisory LLC raised its holdings in Freeport-McMoRan by 46.8% in the 3rd quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company's stock valued at $37,000 after buying an additional 236 shares during the period. Coppell Advisory Solutions LLC increased its position in shares of Freeport-McMoRan by 47.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock valued at $32,000 after acquiring an additional 268 shares during the last quarter. PFG Investments LLC raised its stake in shares of Freeport-McMoRan by 1.3% in the 4th quarter. PFG Investments LLC now owns 22,910 shares of the natural resource company's stock valued at $872,000 after acquiring an additional 283 shares during the period. Palogic Value Management L.P. lifted its holdings in shares of Freeport-McMoRan by 1.5% in the 4th quarter. Palogic Value Management L.P. now owns 20,277 shares of the natural resource company's stock worth $772,000 after acquiring an additional 292 shares during the last quarter. Finally, SeaCrest Wealth Management LLC increased its holdings in Freeport-McMoRan by 1.6% in the 4th quarter. SeaCrest Wealth Management LLC now owns 19,104 shares of the natural resource company's stock valued at $727,000 after purchasing an additional 307 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

About Freeport-McMoRan

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.