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

Shares of Freeport-McMoRan Inc. (NYSE:FCX) hit 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 trading hands. The stock had previously closed at $38.20.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. raised shares of Freeport-McMoRan from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $48.00 to $52.00 in a research note on Thursday, March 20th. Jefferies Financial Group raised Freeport-McMoRan from a “hold” rating to a “buy” rating and upped their price objective for the stock from $40.00 to $48.00 in a research report on Thursday, February 27th. StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Monday. Scotiabank cut their price target on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a report on Friday, January 24th. Finally, Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price objective for the company in a research note on Thursday, March 6th. Five equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $52.04.

Freeport-McMoRan Price Performance

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 stock’s fifty day moving average price is $38.03 and its 200-day moving average price is $41.89. The firm has a market cap of $48.08 billion, a PE ratio of 25.93, a P/E/G ratio of 0.87 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) 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 net margin of 7.42% and a return on equity of 7.50%. As a group, equities analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Tuesday, April 15th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $0.60 annualized dividend and a yield of 1.79%. Freeport-McMoRan’s dividend payout ratio is presently 23.26%.

Institutional Trading of Freeport-McMoRan

Several large investors have recently bought and sold shares of the company. Versant Capital Management Inc raised its stake in shares of Freeport-McMoRan by 234.4% during the 1st quarter. Versant Capital Management Inc now owns 3,484 shares of the natural resource company’s stock worth $132,000 after buying an additional 2,442 shares during the last quarter. First Hawaiian Bank increased its holdings in Freeport-McMoRan by 5.0% during the 1st quarter. First Hawaiian Bank now owns 30,192 shares of the natural resource company’s stock valued at $1,143,000 after acquiring an additional 1,442 shares in the last quarter. Confluence Investment Management LLC raised its position in Freeport-McMoRan by 3.3% during the first quarter. Confluence Investment Management LLC now owns 14,630 shares of the natural resource company’s stock worth $554,000 after acquiring an additional 463 shares during the last quarter. 111 Capital acquired a new position in Freeport-McMoRan during the fourth quarter worth about $503,000. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Freeport-McMoRan by 14.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 180,623 shares of the natural resource company’s stock valued at $6,878,000 after purchasing an additional 22,206 shares in the last quarter. Institutional investors and hedge funds 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.