Analysts Set Freeport-McMoRan Inc. (NYSE:FCX) Target Price at $38.72

Shares of Freeport-McMoRan Inc. (NYSE:FCX) have been given an average recommendation of “Hold” by the eighteen research firms that are presently covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a sell recommendation, five have issued a hold recommendation, eight have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $38.72.

Several brokerages recently commented on FCX. Royal Bank of Canada upped their price target on shares of Freeport-McMoRan from $39.00 to $42.00 and gave the company a “sector perform” rating in a research report on Friday, July 23rd. Barclays downgraded shares of Freeport-McMoRan from an “equal weight” rating to an “underweight” rating and set a $29.00 price target for the company. in a research report on Thursday, July 8th. BNP Paribas downgraded shares of Freeport-McMoRan from an “outperform” rating to a “neutral” rating and set a $40.30 price target for the company. in a research report on Friday, June 4th. Raymond James set a $47.00 price target on shares of Freeport-McMoRan and gave the company an “outperform” rating in a research report on Friday, July 23rd. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of Freeport-McMoRan from $47.00 to $46.00 and set a “buy” rating for the company in a research report on Thursday, September 16th.

Large investors have recently bought and sold shares of the stock. HWG Holdings LP bought a new stake in Freeport-McMoRan in the 2nd quarter valued at $25,000. Mizuho Securities Co. Ltd. boosted its holdings in Freeport-McMoRan by 120.4% in the 1st quarter. Mizuho Securities Co. Ltd. now owns 787 shares of the natural resource company’s stock valued at $26,000 after purchasing an additional 430 shares during the period. Joseph P. Lucia & Associates LLC boosted its holdings in Freeport-McMoRan by 250.0% in the 2nd quarter. Joseph P. Lucia & Associates LLC now owns 700 shares of the natural resource company’s stock valued at $26,000 after purchasing an additional 500 shares during the period. Liberty Wealth Management LLC bought a new stake in Freeport-McMoRan in the 2nd quarter valued at $26,000. Finally, Solstein Capital LLC bought a new stake in Freeport-McMoRan in the 1st quarter valued at $37,000. Institutional investors and hedge funds own 76.90% of the company’s stock.

FCX stock traded up $0.55 on Thursday, hitting $32.11. 20,072,684 shares of the company’s stock traded hands, compared to its average volume of 22,786,740. Freeport-McMoRan has a 1-year low of $14.67 and a 1-year high of $46.10. The stock has a market cap of $47.14 billion, a price-to-earnings ratio of 16.81 and a beta of 2.08. The stock has a fifty day moving average of $35.30 and a 200-day moving average of $36.87. The company has a current ratio of 2.28, a quick ratio of 1.52 and a debt-to-equity ratio of 0.41.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, July 22nd. The natural resource company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.75 by $0.02. The business had revenue of $5.75 billion during the quarter, compared to analyst estimates of $5.83 billion. Freeport-McMoRan had a net margin of 14.98% and a return on equity of 15.07%. The business’s quarterly revenue was up 88.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.03 earnings per share. On average, equities research analysts anticipate that Freeport-McMoRan will post 2.96 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, November 1st. Investors of record on Friday, October 15th will be paid a $0.075 dividend. The ex-dividend date is Thursday, October 14th. This represents a $0.30 dividend on an annualized basis and a yield of 0.93%. Freeport-McMoRan’s payout ratio is presently 55.56%.

Freeport-McMoRan Company Profile

Freeport-McMoRan, Inc engages in the mining of copper, gold and molybdenum. It operates through the following segments: North America Copper Mines, South America Mining; Indonesia Mining, Molybdenum Mines, Rod and Refining, Atlantic Copper Smelting and Refining and Corporate, Other and Eliminations. The North America Copper Mines segment operates open-pit copper mines in Morenci, Bagdad, Safford, Sierrita and Miami in Arizona and Chino and Tyrone in New Mexico.

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Analyst Recommendations for Freeport-McMoRan (NYSE:FCX)

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