Freeport-McMoRan (NYSE:FCX) Given New $75.00 Price Target at HSBC

Freeport-McMoRan (NYSE:FCX) had its price objective increased by HSBC from $72.00 to $75.00 in a report issued on Friday morning,MarketScreener reports.

Several other equities research analysts also recently issued reports on the stock. CICC Research dropped their price target on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a research note on Tuesday, April 28th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $66.00 price target (down from $70.00) on shares of Freeport-McMoRan in a report on Friday, April 24th. Sanford C. Bernstein lifted their price objective on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a research report on Wednesday. Weiss Ratings upgraded shares of Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, May 22nd. Finally, Wells Fargo & Company dropped their target price on shares of Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating on the stock in a report on Friday, April 24th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $66.86.

Freeport-McMoRan Stock Up 2.9%

FCX stock opened at $68.28 on Friday. The company’s 50 day simple moving average is $64.24 and its 200-day simple moving average is $59.05. The firm has a market capitalization of $98.15 billion, a PE ratio of 36.32, a P/E/G ratio of 0.80 and a beta of 1.35. Freeport-McMoRan has a 12 month low of $35.15 and a 12 month high of $72.09. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13.

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, topping analysts’ consensus estimates of $0.47 by $0.10. The company had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. Freeport-McMoRan’s revenue was up 8.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.24 earnings per share. Equities analysts expect that Freeport-McMoRan will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Wednesday, April 15th. Freeport-McMoRan’s payout ratio is 15.96%.

Institutional Investors Weigh In On Freeport-McMoRan

Several institutional investors and hedge funds have recently bought and sold shares of FCX. Brighton Jones LLC increased its stake in shares of Freeport-McMoRan by 24.2% in the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after buying an additional 2,882 shares during the period. Bison Wealth LLC lifted its holdings in shares of Freeport-McMoRan by 5.6% in the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after purchasing an additional 507 shares in the last quarter. Sivia Capital Partners LLC acquired a new stake in Freeport-McMoRan in the 2nd quarter valued at $560,000. Brown Advisory Inc. lifted its stake in Freeport-McMoRan by 27.0% during the 2nd quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock valued at $539,000 after acquiring an additional 2,648 shares in the last quarter. Finally, Jump Financial LLC lifted its stake in Freeport-McMoRan by 42.7% during the 2nd quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock valued at $2,172,000 after acquiring an additional 14,992 shares in 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.