Freeport-McMoRan (NYSE:FCX) Given New $54.00 Price Target at Raymond James

Freeport-McMoRan (NYSE:FCX) had its price target raised by Raymond James from $49.50 to $54.00 in a research note released on Wednesday, Benzinga reports. They currently have an outperform rating on the natural resource company’s stock. Raymond James also issued estimates for Freeport-McMoRan’s Q2 2024 earnings at $0.49 EPS, Q3 2024 earnings at $0.51 EPS, Q4 2024 earnings at $0.50 EPS, FY2024 earnings at $1.82 EPS, Q1 2025 earnings at $0.48 EPS, Q2 2025 earnings at $0.49 EPS, Q3 2025 earnings at $0.51 EPS, Q4 2025 earnings at $0.53 EPS and FY2025 earnings at $2.01 EPS.

Several other analysts have also recently issued reports on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Freeport-McMoRan from $52.00 to $51.00 and set a neutral rating for the company in a research note on Wednesday. Scotiabank decreased their price target on shares of Freeport-McMoRan from $55.00 to $53.00 and set a sector outperform rating for the company in a research report on Wednesday. Bank of America raised shares of Freeport-McMoRan from a neutral rating to a buy rating and set a $59.00 price target for the company in a research report on Tuesday, April 9th. Royal Bank of Canada reaffirmed a sector perform rating and set a $55.00 price target on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Finally, Bernstein Bank upped their price target on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the stock an overweight rating in a research report on Tuesday. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $50.07.

Freeport-McMoRan Stock Up 2.2 %

Shares of NYSE FCX opened at $50.48 on Wednesday. Freeport-McMoRan has a 52-week low of $32.83 and a 52-week high of $52.42. The firm has a fifty day moving average of $44.47 and a 200-day moving average of $40.26. The stock has a market capitalization of $72.41 billion, a PE ratio of 44.67, a P/E/G ratio of 8.00 and a beta of 2.04. The company has a quick ratio of 1.38, a current ratio of 2.35 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.05. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The company had revenue of $6.32 billion during the quarter, compared to analysts’ expectations of $5.70 billion. During the same period in the previous year, the company earned $0.52 EPS. The business’s quarterly revenue was up 17.3% compared to the same quarter last year. On average, analysts anticipate that Freeport-McMoRan will post 1.67 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be paid a dividend of $0.15 per share. The ex-dividend date is Friday, April 12th. This represents a $0.60 annualized dividend and a yield of 1.19%. Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

Institutional Investors Weigh In On Freeport-McMoRan

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in Freeport-McMoRan by 0.3% during the third quarter. Vanguard Group Inc. now owns 119,369,409 shares of the natural resource company’s stock worth $4,451,285,000 after acquiring an additional 305,912 shares during the period. Capital Research Global Investors raised its stake in Freeport-McMoRan by 0.7% during the fourth quarter. Capital Research Global Investors now owns 59,752,726 shares of the natural resource company’s stock worth $2,543,676,000 after acquiring an additional 419,603 shares during the period. Fisher Asset Management LLC increased its stake in shares of Freeport-McMoRan by 1.9% in the fourth quarter. Fisher Asset Management LLC now owns 55,710,695 shares of the natural resource company’s stock valued at $2,371,604,000 after purchasing an additional 1,030,451 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Freeport-McMoRan by 7.9% in the first quarter. Bank of New York Mellon Corp now owns 21,157,118 shares of the natural resource company’s stock valued at $994,808,000 after purchasing an additional 1,551,828 shares during the period. Finally, Northern Trust Corp increased its stake in shares of Freeport-McMoRan by 4.2% in the third quarter. Northern Trust Corp now owns 17,756,034 shares of the natural resource company’s stock valued at $662,123,000 after purchasing an additional 709,114 shares during the period. 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.