Freeport-McMoRan (NYSE:FCX) Price Target Raised to $58.00

Freeport-McMoRan (NYSE:FCX) had its price objective hoisted by JPMorgan Chase & Co. from $50.00 to $58.00 in a report issued on Friday, MarketBeat Ratings reports. JPMorgan Chase & Co. currently has an overweight rating on the natural resource company’s stock.

Other equities research analysts have also issued research reports about the company. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a research report on Wednesday, November 26th. CICC Research dropped their price target on Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a research note on Friday, September 26th. Raymond James Financial decreased their target price on Freeport-McMoRan from $46.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday, November 19th. Johnson Rice lowered their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 in a report on Monday, September 29th. Finally, BMO Capital Markets dropped their target price on Freeport-McMoRan from $48.00 to $47.00 and set an “outperform” rating on the stock in a report on Wednesday, November 19th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $47.30.

Freeport-McMoRan Stock Up 1.4%

Freeport-McMoRan stock opened at $45.22 on Friday. The company has a quick ratio of 1.19, a current ratio of 2.45 and a debt-to-equity ratio of 0.29. The company’s 50-day moving average price is $41.17 and its two-hundred day moving average price is $42.22. Freeport-McMoRan has a twelve month low of $27.66 and a twelve month high of $49.12. The stock has a market cap of $64.94 billion, a P/E ratio of 31.85, a P/E/G ratio of 1.02 and a beta of 1.49.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.09. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The business had revenue of $6.97 billion during the quarter, compared to analysts’ expectations of $6.74 billion. During the same period in the previous year, the company posted $0.38 earnings per share. The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. As a group, analysts expect that Freeport-McMoRan will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend was Wednesday, October 15th. Freeport-McMoRan’s payout ratio is currently 21.13%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Portside Wealth Group LLC increased its holdings in Freeport-McMoRan by 0.8% during the 2nd quarter. Portside Wealth Group LLC now owns 30,333 shares of the natural resource company’s stock valued at $1,315,000 after purchasing an additional 245 shares during the period. Hollencrest Capital Management grew its position in Freeport-McMoRan by 0.6% in the 2nd quarter. Hollencrest Capital Management now owns 45,133 shares of the natural resource company’s stock worth $1,957,000 after purchasing an additional 250 shares during the period. Benjamin Edwards Inc. boosted its position in Freeport-McMoRan by 0.6% in the third quarter. Benjamin Edwards Inc. now owns 45,095 shares of the natural resource company’s stock worth $1,769,000 after purchasing an additional 250 shares during the last quarter. Waterloo Capital L.P. grew its position in Freeport-McMoRan by 3.9% during the second quarter. Waterloo Capital L.P. now owns 6,658 shares of the natural resource company’s stock valued at $289,000 after buying an additional 251 shares during the period. Finally, Mengis Capital Management Inc. increased its stake in shares of Freeport-McMoRan by 0.7% in the 3rd quarter. Mengis Capital Management Inc. now owns 34,404 shares of the natural resource company’s stock worth $1,349,000 after purchasing an additional 251 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Company Profile

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.