Freeport-McMoRan (NYSE:FCX) Given New $80.00 Price Target at Bank of America

Freeport-McMoRan (NYSE:FCX) had its price objective increased by Bank of America from $74.00 to $80.00 in a report published on Thursday,Benzinga reports. The firm currently has a buy rating on the natural resource company’s stock.

A number of other research firms have also recently commented on FCX. BNP Paribas Exane boosted their price target on Freeport-McMoRan from $71.00 to $82.00 and gave the stock an “outperform” rating in a report on Thursday, June 18th. Raymond James Financial dropped their price target on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a research note on Friday, April 24th. The Goldman Sachs Group cut their price objective on shares of Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating for the company in a report on Wednesday. Citigroup reduced their price objective on shares of Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating on the stock in a research report on Friday, May 1st. Finally, Wall Street Zen raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus target price of $68.63.

Freeport-McMoRan Price Performance

NYSE:FCX opened at $60.50 on Thursday. The business’s 50-day simple moving average is $63.75 and its two-hundred day simple moving average is $61.66. Freeport-McMoRan has a 52 week low of $35.15 and a 52 week high of $72.28. The stock has a market cap of $86.97 billion, a PE ratio of 32.18, a P/E/G ratio of 0.59 and a beta of 1.37. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data 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. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The firm had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.73 billion. During the same quarter in the prior year, the company posted $0.24 earnings per share. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. As a group, analysts forecast that Freeport-McMoRan will post 2.63 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be paid a dividend of $0.075 per share. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is presently 15.96%.

Hedge Funds Weigh In On Freeport-McMoRan

Several institutional investors have recently bought and sold shares of the business. Strategic Investment Solutions Inc. IL bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth about $25,000. Steph & Co. raised its position in shares of Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after buying an additional 150 shares in the last quarter. Cassaday & Co Wealth Management LLC bought a new position in shares of Freeport-McMoRan in the 1st quarter valued at about $29,000. Kemnay Advisory Services Inc. bought a new position in shares of Freeport-McMoRan in the 4th quarter valued at about $29,000. Finally, SHP Wealth Management purchased a new position in Freeport-McMoRan in the fourth quarter worth about $30,000. Institutional investors own 80.77% of the company’s stock.

More Freeport-McMoRan News

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

• Positive Sentiment: JPMorgan raised its price target on Freeport-McMoRan from $73 to $77 and reiterated an overweight rating, signaling confidence in the company’s upside. JPMorgan target hike on Freeport-McMoRan
• Positive Sentiment: Bank of America also lifted its price target from $74 to $80 and kept a buy rating, which adds to bullish sentiment around FCX. Bank of America target hike on Freeport-McMoRan
• Positive Sentiment: Scotiabank raised FY2026 earnings estimates for Freeport-McMoRan and maintained a sector outperform rating with a $77 target, suggesting stronger profit expectations. Scotiabank earnings estimate update on FCX
• Positive Sentiment: Articles highlighting strong copper demand and supply pressure at the Grasberg mine are supporting the stock, since tighter supply can improve pricing power for a major copper producer like Freeport-McMoRan. Grasberg output pressure and copper demand article
• Neutral Sentiment: Freeport-McMoRan is also drawing attention from investors and screeners, but the search interest itself is not a fundamental catalyst. Zacks investor attention article
• Neutral Sentiment: Morgan Stanley kept a Hold rating on FCX, which tempers the bullish case somewhat but does not materially change the outlook. Morgan Stanley hold rating on FCX
• Negative Sentiment: Recent coverage also noted output pressure at Grasberg, which could weigh on near-term production and create some operational risk for investors. Grasberg output pressure article

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.