Freeport-McMoRan (NYSE:FCX) Price Target Raised to $45.00 at HSBC

Freeport-McMoRan (NYSE:FCX) had its target price boosted by HSBC from $39.00 to $45.00 in a research report released on Tuesday morning. HSBC currently has a hold rating on the natural resource company’s stock.

Other analysts also recently issued reports about the company. JPMorgan Chase & Co. raised their target price on Freeport-McMoRan from $43.00 to $52.00 and gave the company a neutral rating in a research note on Wednesday, April 17th. Royal Bank of Canada reiterated a sector perform rating and set a $55.00 price target on shares of Freeport-McMoRan in a research note on Thursday, January 25th. Bank of America upgraded Freeport-McMoRan from a neutral rating to a buy rating and set a $59.00 price target for the company in a research note on Tuesday, April 9th. Scotiabank lifted their price target 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. Finally, Raymond James lifted their price target on Freeport-McMoRan from $42.00 to $43.00 and gave the company an outperform rating in a research note on Thursday, January 4th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $49.15.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $48.00 on Tuesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.42 and a quick ratio of 1.38. The stock has a 50-day moving average of $44.02 and a 200-day moving average of $40.14. The company has a market cap of $68.85 billion, a PE ratio of 37.80, a P/E/G ratio of 2.28 and a beta of 2.04. Freeport-McMoRan has a one year low of $32.83 and a one year high of $52.42.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.27 by $0.05. The company had revenue of $6.32 billion during the quarter, compared to the consensus estimate of $5.70 billion. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The firm’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period last year, the business posted $0.52 EPS. On average, equities research analysts predict that Freeport-McMoRan will post 1.57 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be issued a $0.15 dividend. The ex-dividend date is Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.25%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 23.62%.

Institutional Investors Weigh In On Freeport-McMoRan

A number of hedge funds have recently modified their holdings of FCX. Bruce G. Allen Investments LLC bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth approximately $27,000. BluePath Capital Management LLC bought a new stake in shares of Freeport-McMoRan in the 3rd quarter worth approximately $28,000. Jones Financial Companies Lllp raised its holdings in shares of Freeport-McMoRan by 422.2% in the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 532 shares during the period. Vermillion & White Wealth Management Group LLC bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth approximately $32,000. Finally, EdgeRock Capital LLC bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth approximately $35,000. Institutional investors own 80.77% of the company’s stock.

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.