Freeport-McMoRan Copper and Gold, Inc. (NYSE:FCX) gets strong buy rating

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Dallas, Texas 07/11/2013 (Financialstrend) – The share price of the company experienced a decline of more than 19% so far this year.  Barclays initiated a tepid “market weight” rating on the stock. Despite the equity’s technical weakness, the majority of covering analysts hold Freeport-McMoRan Copper and Gold, Inc. in high regard. The security boasts two “buy” and nine “strong buy” ratings, compared to four “holds” and not a single “sell” suggestion. The stock’s average 12-month price target of $36.38 denotes expected upside of about 31.6% from yesterday’s closing price of $27.64. This leaves plenty of room for a round of downgrades and price target cuts, which could pressure the shares lower. The company has recently announced a quarterly dividend, which was previously scheduled for August 1st, Thursday. Investors as of record on Monday, July 15th will receive a dividend of $0.31 per share, representing a dividend yield of 4.53% and an annualized dividend of $1.25. The stock of FCX has a 50-day moving average currently at $29.43. The company has a price-to-earnings ratio of 9.00; during the same quarter in the prior year, it posted $0.80 earnings per share. Analysts expect that Freeport-McMoRan Copper and Gold will post a $2.99 EPS for the current fiscal year.

Freeport-McMoRan Copper & Gold, Inc.’s (NYSE:FCX) shares dropped by 0.14% on Wednesday and closed at $27.60 per share for the day. Intraday prices for the stock touched a low of $27.51 and a high of $28.09 per share. Trading volume stood at 18.60 million shares per day of trading. Freeport-McMoRan Copper & Gold, Inc. (NYSE:FCX) currently has a 52-week low price of $26.37 and a 52-week high price of $43.65 per share. The market cap is $26.22 billion with 950 million shares outstanding and 73% of institutional ownership.

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