Freeport-McMoRan Inc. (NYSE:FCX) Receives $69.75 Consensus Target Price from Brokerages

Shares of Freeport-McMoRan Inc. (NYSE:FCX) have received an average recommendation of “Moderate Buy” from the twenty-five research firms that are presently covering the firm, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $70.2909.

A number of research firms recently weighed in on FCX. BNP Paribas Exane boosted their price target on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the stock an “outperform” rating in a research note on Thursday, June 18th. BMO Capital Markets restated an “outperform” rating and issued a $78.00 price target on shares of Freeport-McMoRan in a report on Thursday, July 23rd. Weiss Ratings upgraded shares of Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, July 31st. Wells Fargo & Company lifted their target price on Freeport-McMoRan from $68.00 to $70.00 and gave the company an “overweight” rating in a research report on Friday, July 24th. Finally, HSBC lifted their price target on shares of Freeport-McMoRan from $72.00 to $75.00 in a research note on Friday, June 12th.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $70.84 on Tuesday. Freeport-McMoRan has a 12 month low of $35.15 and a 12 month high of $80.24. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. The stock has a 50 day moving average of $68.43 and a two-hundred day moving average of $64.78. The company has a market capitalization of $101.73 billion, a P/E ratio of 34.90, a P/E/G ratio of 0.68 and a beta of 1.41.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.12. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The company had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.62 billion. During the same period in the prior year, the company posted $0.54 EPS. The company’s revenue was down 7.3% compared to the same quarter last year. As a group, equities analysts expect that Freeport-McMoRan will post 2.82 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th were given a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, July 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. Freeport-McMoRan’s dividend payout ratio is presently 14.78%.

Freeport-McMoRan News Summary

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: RBC raised its price target for Freeport-McMoRan to $85 from $73 while maintaining a “sector perform” rating. The higher target suggests the bank sees additional upside potential, although the unchanged rating indicates it does not view the stock as a clear outperformer. RBC Raises Price Target on Freeport-McMoRan
• Positive Sentiment: Recent operating performance remains supportive. In the latest earnings report provided, FCX exceeded earnings and revenue expectations, reporting $0.74 in adjusted earnings per share versus a $0.62 consensus estimate and $7.03 billion in revenue versus expectations of $6.62 billion. These results reinforce the company’s investment case despite year-over-year revenue pressure.
• Neutral Sentiment: Freeport-McMoRan presented at Morgan Stanley’s 14th Annual Laguna Conference. The transcript may provide investors with additional commentary on copper markets, production, costs and capital allocation, but no specific new announcement was identified in the supplied report. Freeport-McMoRan Morgan Stanley Conference Transcript
• Neutral Sentiment: A market recap noted that FCX outperformed the broader market during the recent session, but it did not identify a new company-specific catalyst beyond the stock’s trading performance. Freeport-McMoRan Surpasses Market Returns

Insider Transactions at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 4,773 shares of the business’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total value of $334,110.00. Following the completion of the transaction, the chief accounting officer owned 36,000 shares of the company’s stock, valued at $2,520,000. The trade was a 11.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Stephen T. Higgins sold 14,277 shares of the company’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total value of $992,251.50. Following the sale, the chief accounting officer owned 54,618 shares of the company’s stock, valued at $3,795,951. The trade was a 20.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 110,398 shares of company stock worth $8,387,271 over the last quarter. 0.73% of the stock is currently owned by corporate insiders.

Institutional Trading of Freeport-McMoRan

A number of hedge funds have recently made changes to their positions in the company. Fisher Asset Management LLC boosted its position in shares of Freeport-McMoRan by 1.0% during the 4th quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company’s stock valued at $3,244,504,000 after purchasing an additional 622,343 shares in the last quarter. Bank of America Corp DE boosted its stake in Freeport-McMoRan by 20.0% during the 1st quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company’s stock valued at $2,489,069,000 after purchasing an additional 7,044,775 shares during the last quarter. Franklin Resources Inc. boosted its position in shares of Freeport-McMoRan by 31.2% during the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock valued at $1,897,202,000 after buying an additional 8,891,743 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Freeport-McMoRan by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 31,669,550 shares of the natural resource company’s stock worth $1,601,087,000 after acquiring an additional 238,997 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in Freeport-McMoRan by 4.7% in the 4th quarter. Bank of New York Mellon Corp now owns 22,685,423 shares of the natural resource company’s stock worth $1,152,193,000 after purchasing an additional 1,014,200 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a global mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Copper is its principal product and is used in electrical wiring, construction, transportation, industrial equipment and renewable-energy technologies. The company also produces gold as a byproduct of its copper operations and molybdenum, an alloying metal used in steelmaking and other industrial applications.

Freeport-McMoRan operates major mining and processing assets in North America, South America and Indonesia.