Freeport-McMoRan Inc. (NYSE:FCX) Receives $68.36 Average Price Target from Analysts

Shares of Freeport-McMoRan Inc. (NYSE:FCX) have been assigned a consensus recommendation of “Moderate Buy” from the twenty-three analysts that are presently covering the firm, Marketbeat.com reports. Four research analysts have rated the stock with a hold recommendation, seventeen have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $68.4955.

Several research firms have recently commented on FCX. CICC Research cut their price objective on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a report on Tuesday, April 28th. The Goldman Sachs Group set a $74.00 target price on shares of Freeport-McMoRan in a report on Wednesday. Raymond James Financial dropped their price target on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a research report on Friday, April 24th. BMO Capital Markets increased their price target on shares of Freeport-McMoRan from $68.00 to $78.00 and gave the company an “outperform” rating in a research note on Tuesday, June 23rd. Finally, Morgan Stanley lifted their price objective on shares of Freeport-McMoRan from $66.00 to $70.00 and gave the company an “equal weight” rating in a research report on Wednesday.

Hedge Funds Weigh In On Freeport-McMoRan

A number of institutional investors have recently bought and sold shares of the business. Pinnacle Bancorp Inc. lifted its position in shares of Freeport-McMoRan by 7.9% in the first quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company’s stock valued at $118,000 after buying an additional 147 shares during the last quarter. Steph & Co. increased its holdings in shares of Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after acquiring an additional 150 shares during the last quarter. Essex Bank increased its holdings in shares of Freeport-McMoRan by 1.2% during the 1st quarter. Essex Bank now owns 14,104 shares of the natural resource company’s stock worth $829,000 after acquiring an additional 163 shares during the last quarter. Leo Wealth LLC raised its stake in Freeport-McMoRan by 2.5% in the 4th quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock valued at $347,000 after acquiring an additional 170 shares during the period. Finally, Klein Pavlis & Peasley Financial Inc. raised its stake in Freeport-McMoRan by 0.9% in the 1st quarter. Klein Pavlis & Peasley Financial Inc. now owns 18,674 shares of the natural resource company’s stock valued at $1,098,000 after acquiring an additional 175 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $57.45 on Thursday. The stock has a 50 day moving average price of $63.71 and a 200 day moving average price of $61.58. Freeport-McMoRan has a 52 week low of $35.15 and a 52 week high of $72.28. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. The stock has a market capitalization of $82.58 billion, a PE ratio of 30.56, a price-to-earnings-growth ratio of 0.61 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. The firm had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The business’s revenue was up 8.8% compared to the same quarter last year. During the same period last year, the company earned $0.24 earnings per share. Analysts predict that Freeport-McMoRan will post 2.59 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be paid a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date is Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 15.96%.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.