Freeport-McMoRan (NYSE:FCX) Price Target Raised to $52.00

Freeport-McMoRan (NYSE:FCX) had its price objective raised by JPMorgan Chase & Co. from $43.00 to $52.00 in a report issued on Wednesday morning, Benzinga reports. They currently have a neutral rating on the natural resource company’s stock.

A number of other equities research analysts have also issued reports on the company. Raymond James boosted their target price on Freeport-McMoRan from $42.00 to $43.00 and gave the stock an outperform rating in a research report on Thursday, January 4th. Scotiabank upped 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. Royal Bank of Canada reissued a sector perform rating and set a $55.00 price target on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Bank of America raised Freeport-McMoRan from a neutral rating to a buy rating and set a $59.00 price target on the stock in a research report on Tuesday, April 9th. Finally, Sanford C. Bernstein raised Freeport-McMoRan from a market perform rating to an outperform rating and upped their price target for the company from $41.00 to $48.50 in a research report on Monday, January 8th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Hold and a consensus target price of $47.54.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $49.81 on Wednesday. Freeport-McMoRan has a twelve month low of $32.83 and a twelve month high of $52.42. The company has a market capitalization of $71.45 billion, a price-to-earnings ratio of 39.22, a price-to-earnings-growth ratio of 2.26 and a beta of 2.04. The company has a current ratio of 2.42, a quick ratio of 1.38 and a debt-to-equity ratio of 0.32. The business has a 50 day simple moving average of $43.08 and a 200-day simple moving average of $39.75.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.04. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The business had revenue of $5.91 billion during the quarter, compared to analyst estimates of $5.85 billion. During the same quarter in the previous year, the firm posted $0.52 EPS. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, equities research analysts expect that Freeport-McMoRan will post 1.6 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

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. The ex-dividend date is Friday, April 12th. This represents a $0.60 annualized dividend and a yield of 1.20%. Freeport-McMoRan’s payout ratio is 23.62%.

Institutional Trading of Freeport-McMoRan

Several hedge funds have recently added to or reduced their stakes in the business. Tompkins Financial Corp boosted its stake in Freeport-McMoRan by 33.8% during the 1st quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock valued at $37,000 after purchasing an additional 200 shares during the period. Mather Group LLC. boosted its stake in Freeport-McMoRan by 1.3% during the 1st quarter. Mather Group LLC. now owns 17,417 shares of the natural resource company’s stock valued at $819,000 after purchasing an additional 222 shares during the period. Foster Group Inc. raised its holdings in Freeport-McMoRan by 0.8% in the 1st quarter. Foster Group Inc. now owns 32,050 shares of the natural resource company’s stock valued at $1,507,000 after acquiring an additional 247 shares in the last quarter. FinTrust Capital Advisors LLC raised its holdings in Freeport-McMoRan by 5.1% in the 4th quarter. FinTrust Capital Advisors LLC now owns 5,252 shares of the natural resource company’s stock valued at $200,000 after acquiring an additional 253 shares in the last quarter. Finally, Fulton Bank N.A. raised its holdings in Freeport-McMoRan by 2.6% in the 4th quarter. Fulton Bank N.A. now owns 10,606 shares of the natural resource company’s stock valued at $451,000 after acquiring an additional 267 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

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.