Freeport-McMoRan (NYSE:FCX) PT Lowered to $51.00

Freeport-McMoRan (NYSE:FCX) had its price objective decreased by JPMorgan Chase & Co. from $52.00 to $51.00 in a research report sent to investors on Wednesday, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the natural resource company’s stock.

Other analysts also recently issued research reports about the company. Raymond James lifted their price target on Freeport-McMoRan from $42.00 to $43.00 and gave the company an outperform rating in a research report on Thursday, January 4th. HSBC lifted their price target on Freeport-McMoRan from $39.00 to $45.00 and gave the company a hold rating in a research report on Tuesday. Royal Bank of Canada reiterated a sector perform rating and set a $55.00 price target on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Bernstein Bank lifted their price target on Freeport-McMoRan from $52.00 to $52.50 and gave the company an overweight rating in a research report on Tuesday. Finally, Scotiabank lifted their price target on Freeport-McMoRan from $48.00 to $55.00 and gave the company a sector outperform rating in a research report on Tuesday, April 9th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Freeport-McMoRan currently has an average rating of Moderate Buy and an average 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 business has a 50-day simple moving average of $44.47 and a two-hundred day simple moving average of $40.26. The company has a quick ratio of 1.38, a current ratio of 2.35 and a debt-to-equity ratio of 0.31. The company has a market cap of $72.41 billion, a P/E ratio of 44.67, a P/E/G ratio of 8.00 and a beta of 2.04.

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

Freeport-McMoRan Announces Dividend

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

Hedge Funds Weigh In On Freeport-McMoRan

A number of large investors have recently bought and sold shares of the stock. Signature Wealth Management Partners LLC purchased a new position in Freeport-McMoRan in the 1st quarter worth approximately $216,000. Highview Capital Management LLC DE purchased a new position in Freeport-McMoRan in the 1st quarter worth approximately $1,502,000. First National Trust Co increased its stake in shares of Freeport-McMoRan by 10.3% during the first quarter. First National Trust Co now owns 5,362 shares of the natural resource company’s stock valued at $252,000 after buying an additional 500 shares during the period. Legacy Bridge LLC increased its stake in shares of Freeport-McMoRan by 111.6% during the first quarter. Legacy Bridge LLC now owns 3,692 shares of the natural resource company’s stock valued at $174,000 after buying an additional 1,947 shares during the period. Finally, SYSTM Wealth Solutions LLC increased its stake in shares of Freeport-McMoRan by 8.5% during the first quarter. SYSTM Wealth Solutions LLC now owns 4,677 shares of the natural resource company’s stock valued at $220,000 after buying an additional 365 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

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.