Freeport-McMoRan (NYSE:FCX) Price Target Raised to $54.00

Freeport-McMoRan (NYSE:FCX) had its price target upped by Argus from $44.00 to $54.00 in a report issued on Thursday, Benzinga reports. Argus currently has a buy rating on the natural resource company’s stock.

Other research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. cut their target price on shares of Freeport-McMoRan from $52.00 to $51.00 and set a neutral rating on the stock in a research report on Wednesday, April 24th. Scotiabank cut their target price on shares of Freeport-McMoRan from $55.00 to $53.00 and set a sector outperform rating on the stock in a research report on Wednesday, April 24th. Sanford C. Bernstein raised shares of Freeport-McMoRan from a market perform rating to an outperform rating and raised their target price for the company from $41.00 to $48.50 in a research report on Monday, January 8th. HSBC raised their target price on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a hold rating in a research report on Tuesday, April 23rd. Finally, Bernstein Bank raised their target price on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the company an overweight rating in a research report on Tuesday, April 23rd. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $50.07.

Freeport-McMoRan Trading Up 2.2 %

FCX stock opened at $50.50 on Thursday. The company has a market capitalization of $72.44 billion, a PE ratio of 44.69, a P/E/G ratio of 8.18 and a beta of 2.04. Freeport-McMoRan has a 12 month low of $32.83 and a 12 month high of $52.42. The firm’s 50-day moving average is $44.70 and its 200 day moving average is $40.40. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.38.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05. The company had revenue of $6.32 billion for the quarter, compared to the consensus estimate of $5.70 billion. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The firm’s revenue was up 17.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.52 EPS. On average, research analysts anticipate that Freeport-McMoRan will post 1.67 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors 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 1.19%. The ex-dividend date is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Institutional Trading of Freeport-McMoRan

A number of institutional investors have recently bought and sold shares of FCX. Bruce G. Allen Investments LLC acquired a new stake in Freeport-McMoRan in the 4th quarter worth approximately $27,000. BluePath Capital Management LLC acquired a new stake in Freeport-McMoRan in the 3rd quarter worth approximately $28,000. Jones Financial Companies Lllp boosted its stake in 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 in the last quarter. Vermillion & White Wealth Management Group LLC acquired a new stake in Freeport-McMoRan in the 4th quarter worth approximately $32,000. Finally, EdgeRock Capital LLC acquired a new stake in Freeport-McMoRan in the 4th quarter worth approximately $35,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

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.