NEW YORK (TheStreet) -- Shares of Freeport-McMoRan (FCX) are up 0.53% to $22.94 after declaring a quarterly cash dividend of 31.25 cents per share payable on February 2, 2015 to holders of record as of January 15, 2015 for its common stock.
Freeport-McMoRan, the world's largest publicly traded copper producer, continues to climb on news that BHP Billiton (BHP) and Rio Tinto (RIO) , two of the world's largest iron ore producers, are stockpiling massive copper supplies in order to take a piece of the $140 billion global copper market.
The two companies plan, in separate and joint ventures, to mine millions of additional tons of copper despite the expectations of an oversupplied market in the next few years, according to Reuters.
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This move could be an attempt to push out high-cost producers, a strategy the two companies employed previously in the iron ore market, Reuters added.
Separately, TheStreet Ratings team rates FREEPORT-MCMORAN INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate FREEPORT-MCMORAN INC (FCX) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, good cash flow from operations and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and generally higher debt management risk."