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

Freeport-McMoRan (NYSE:FCX) had its price target lifted by JPMorgan Chase & Co. from $43.00 to $52.00 in a research note published on Wednesday, Benzinga reports. The firm currently has a neutral rating on the natural resource company’s stock.

Other research analysts have also issued reports about the company. Royal Bank of Canada restated a sector perform rating and set a $55.00 price target on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Raymond James raised their price target on Freeport-McMoRan from $42.00 to $43.00 and gave the stock an outperform rating in a research report on Thursday, January 4th. Sanford C. Bernstein upgraded Freeport-McMoRan from a market perform rating to an outperform rating and increased their price objective for the company from $41.00 to $48.50 in a research note on Monday, January 8th. Bank of America upgraded Freeport-McMoRan from a neutral rating to a buy rating and set a $59.00 price objective on the stock in a research note on Tuesday, April 9th. Finally, Scotiabank increased their price objective on Freeport-McMoRan from $48.00 to $55.00 and gave the company a sector outperform rating in a research note on Tuesday, April 9th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $47.54.

Freeport-McMoRan Trading Down 1.1 %

Shares of Freeport-McMoRan stock opened at $49.62 on Wednesday. Freeport-McMoRan has a fifty-two week low of $32.83 and a fifty-two week high of $52.42. The stock has a 50 day moving average of $43.57 and a 200 day moving average of $39.91. The firm has a market capitalization of $71.18 billion, a price-to-earnings ratio of 39.07, a PEG ratio of 2.25 and a beta of 2.04. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.38 and a current ratio of 2.42.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Wednesday, January 24th. The natural resource company reported $0.27 EPS for the quarter, topping the consensus estimate 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 period last year, the business posted $0.52 earnings per share. The company’s quarterly revenue was up 2.6% on a year-over-year basis. As a group, research analysts predict that Freeport-McMoRan will post 1.6 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio is presently 23.62%.

Institutional Trading of Freeport-McMoRan

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Fairfield Bush & CO. acquired a new stake in shares of Freeport-McMoRan during the first quarter worth about $26,000. KB Financial Partners LLC acquired a new stake in shares of Freeport-McMoRan during the first quarter worth about $26,000. Bruce G. Allen Investments LLC acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth about $27,000. Retirement Group LLC increased its position in shares of Freeport-McMoRan by 97.1% during the second quarter. Retirement Group LLC now owns 670 shares of the natural resource company’s stock worth $27,000 after purchasing an additional 330 shares in the last quarter. Finally, BluePath Capital Management LLC acquired a new stake in shares of Freeport-McMoRan during the third quarter worth about $28,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

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.