Freeport-McMoRan (NYSE:FCX) PT Raised to $52.50 at Bernstein Bank

Freeport-McMoRan (NYSE:FCX) had its target price hoisted by Bernstein Bank from $52.00 to $52.50 in a research note released on Tuesday. The brokerage currently has an overweight rating on the natural resource company’s stock.

A number of other brokerages have also recently issued reports on FCX. Scotiabank increased their target price on shares of Freeport-McMoRan from $48.00 to $55.00 and gave the company a sector outperform rating in a report on Tuesday, April 9th. Sanford C. Bernstein raised shares of Freeport-McMoRan from a market perform rating to an outperform rating and increased their target price for the company from $41.00 to $48.50 in a report on Monday, January 8th. Raymond James increased their target price on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the company an outperform rating in a report on Thursday, January 4th. Royal Bank of Canada reissued a sector perform rating and set a $55.00 price objective on shares of Freeport-McMoRan in a research note on Thursday, January 25th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Freeport-McMoRan from $43.00 to $52.00 and gave the stock a neutral rating in a research note on Wednesday, April 17th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Freeport-McMoRan presently has a consensus rating of Moderate Buy and a consensus target price of $50.07.

Freeport-McMoRan Trading Up 2.2 %

NYSE FCX opened at $50.48 on Tuesday. The stock has a market capitalization of $72.41 billion, a P/E ratio of 44.67, a P/E/G ratio of 2.21 and a beta of 2.04. Freeport-McMoRan has a 52-week low of $32.83 and a 52-week high of $52.42. The firm has a 50-day moving average price of $44.47 and a 200 day moving average price 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.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 last year, the company posted $0.52 earnings per share. The firm’s quarterly revenue was up 17.3% compared to the same quarter last year. Equities research analysts expect that Freeport-McMoRan will post 1.58 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently announced 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. This represents a $0.60 annualized dividend and a yield of 1.19%. The ex-dividend date of this dividend is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

Institutional Trading of Freeport-McMoRan

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bruce G. Allen Investments LLC purchased a new stake in shares of Freeport-McMoRan in the 4th quarter valued at approximately $27,000. BluePath Capital Management LLC purchased a new stake in shares of Freeport-McMoRan in the 3rd quarter valued at approximately $28,000. Jones Financial Companies Lllp lifted its position in shares of Freeport-McMoRan by 422.2% in the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after acquiring an additional 532 shares in the last quarter. Vermillion & White Wealth Management Group LLC purchased a new stake in shares of Freeport-McMoRan in the 4th quarter valued at approximately $32,000. Finally, EdgeRock Capital LLC purchased a new stake in shares of Freeport-McMoRan in the 4th quarter valued at approximately $35,000. 80.77% of the stock is owned by institutional investors and hedge funds.

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.