Freeport-McMoRan (NYSE:FCX) Price Target Increased to $52.50 by Analysts at Bernstein Bank

Freeport-McMoRan (NYSE:FCX) had its target price upped by Bernstein Bank from $52.00 to $52.50 in a research note released on Tuesday morning. Bernstein Bank currently has an overweight rating on the natural resource company’s stock.

FCX has been the subject of a number of other reports. Royal Bank of Canada reiterated 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 lifted their price target on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the company an outperform rating in a research report on Thursday, January 4th. Scotiabank lifted their price target on shares of Freeport-McMoRan from $48.00 to $55.00 and gave the company a sector outperform rating in a research report on Tuesday, April 9th. JPMorgan Chase & Co. lifted their price target on shares of Freeport-McMoRan from $43.00 to $52.00 and gave the company a neutral rating in a research report on Wednesday, April 17th. Finally, Bank of America upgraded shares of Freeport-McMoRan from a neutral rating to a buy rating and set a $59.00 price target for the company in a research report on Tuesday, April 9th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $49.15.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $48.00 on Tuesday. The company’s 50-day moving average price is $44.02 and its 200-day moving average price is $40.14. The company has a current ratio of 2.42, a quick ratio of 1.38 and a debt-to-equity ratio of 0.32. The company has a market cap of $68.85 billion, a P/E ratio of 37.80, a P/E/G ratio of 2.28 and a beta of 2.04. Freeport-McMoRan has a twelve month low of $32.83 and a twelve month 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, topping analysts’ consensus estimates of $0.27 by $0.05. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The company had revenue of $6.32 billion for the quarter, compared to the consensus estimate of $5.70 billion. During the same period in the previous year, the firm earned $0.52 earnings per share. Freeport-McMoRan’s quarterly revenue was up 17.3% compared to the same quarter last year. On average, sell-side analysts forecast that Freeport-McMoRan will post 1.57 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

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

Institutional Trading of Freeport-McMoRan

Several institutional investors have recently modified their holdings of FCX. HB Wealth Management LLC lifted its position in shares of Freeport-McMoRan by 7.1% during the 3rd quarter. HB Wealth Management LLC now owns 11,861 shares of the natural resource company’s stock worth $442,000 after buying an additional 786 shares during the last quarter. Avior Wealth Management LLC raised its position in Freeport-McMoRan by 41.2% in the 3rd quarter. Avior Wealth Management LLC now owns 1,680 shares of the natural resource company’s stock valued at $63,000 after purchasing an additional 490 shares during the last quarter. Founders Financial Securities LLC raised its position in Freeport-McMoRan by 5.9% in the 3rd quarter. Founders Financial Securities LLC now owns 16,514 shares of the natural resource company’s stock valued at $616,000 after purchasing an additional 922 shares during the last quarter. Strategic Blueprint LLC raised its position in Freeport-McMoRan by 24.9% in the 3rd quarter. Strategic Blueprint LLC now owns 81,207 shares of the natural resource company’s stock valued at $3,028,000 after purchasing an additional 16,164 shares during the last quarter. Finally, CX Institutional raised its position in Freeport-McMoRan by 6.2% in the 3rd quarter. CX Institutional now owns 10,244 shares of the natural resource company’s stock valued at $382,000 after purchasing an additional 597 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

About Freeport-McMoRan

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.