Analysts Set Freeport-McMoRan Inc. (NYSE:FCX) Price Target at $70.18

Shares of Freeport-McMoRan Inc. (NYSE:FCX) have earned an average recommendation of “Moderate Buy” from the twenty-three analysts that are covering the firm, Marketbeat reports. Four analysts have rated the stock with a hold recommendation, eighteen have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $70.2682.

A number of equities research analysts have recently commented on the stock. Stifel Nicolaus upped their price objective on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the company a “buy” rating in a research note on Tuesday, July 21st. Scotiabank lifted their target price on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a research note on Monday, June 15th. Morgan Stanley boosted their target price on shares of Freeport-McMoRan from $66.00 to $70.00 and gave the company an “equal weight” rating in a report on Wednesday, July 8th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Freeport-McMoRan in a research report on Friday, May 15th. Finally, CICC Research decreased their price target on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a report on Tuesday, April 28th.

Freeport-McMoRan Trading Down 1.4%

FCX opened at $62.53 on Monday. Freeport-McMoRan has a twelve month low of $35.15 and a twelve month high of $72.28. The company has a 50-day simple moving average of $63.69 and a 200 day simple moving average of $62.56. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $89.89 billion, a price-to-earnings ratio of 30.80, a P/E/G ratio of 0.64 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. The company had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The firm’s quarterly revenue was down 7.3% compared to the same quarter last year. During the same period last year, the company posted $0.54 EPS. Analysts predict that Freeport-McMoRan will post 2.75 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 14.78%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FCX. Pinnacle Bancorp Inc. raised its holdings in shares of Freeport-McMoRan by 7.9% during the 1st 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 in the last quarter. Steph & Co. boosted its stake in Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after buying an additional 150 shares in the last quarter. Essex Bank boosted its stake in Freeport-McMoRan by 1.2% in the first quarter. Essex Bank now owns 14,104 shares of the natural resource company’s stock worth $829,000 after buying an additional 163 shares in the last quarter. Leo Wealth LLC grew its position in Freeport-McMoRan by 2.5% during the fourth 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 last quarter. Finally, Fiduciary Financial Group LLC grew its position in Freeport-McMoRan by 2.6% during the second quarter. Fiduciary Financial Group LLC now owns 6,788 shares of the natural resource company’s stock valued at $427,000 after acquiring an additional 173 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

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.