Freeport-McMoRan (NYSE:FCX) Price Target Lowered to $48.00 at BMO Capital Markets

Freeport-McMoRan (NYSE:FCX) had its price objective lowered by BMO Capital Markets from $54.00 to $48.00 in a report published on Wednesday, MarketBeat reports. The brokerage currently has an outperform rating on the natural resource company’s stock.

Other research analysts have also recently issued reports about the company. UBS Group cut Freeport-McMoRan from a “buy” rating to a “neutral” rating and increased their price target for the company from $45.00 to $50.00 in a research note on Friday, July 11th. JPMorgan Chase & Co. increased their target price on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the company an “overweight” rating in a research report on Wednesday, July 9th. Royal Bank Of Canada increased their price target on Freeport-McMoRan from $52.00 to $54.00 and gave the stock a “sector perform” rating in a report on Wednesday, June 4th. Scotiabank lifted their price objective on shares of Freeport-McMoRan from $48.00 to $52.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 9th. Finally, Citigroup boosted their target price on Freeport-McMoRan from $44.00 to $48.00 and gave the company a “neutral” rating in a research report on Tuesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $49.73.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $37.76 on Wednesday. The business has a fifty day moving average price of $43.46 and a two-hundred day moving average price of $40.52. The stock has a market capitalization of $54.21 billion, a PE ratio of 28.61, a P/E/G ratio of 0.85 and a beta of 1.59. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. Freeport-McMoRan has a fifty-two week low of $27.66 and a fifty-two week high of $52.61.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.09. The company had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.Freeport-McMoRan’s quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.46 EPS. As a group, equities analysts predict that Freeport-McMoRan will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be paid a $0.15 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.6%. Freeport-McMoRan’s dividend payout ratio is presently 22.73%.

Institutional Investors Weigh In On Freeport-McMoRan

A number of institutional investors have recently added to or reduced their stakes in FCX. Momentum Wealth Planning LLC bought a new position in shares of Freeport-McMoRan during the 2nd quarter worth approximately $3,459,000. Caldwell Trust Co purchased a new stake in shares of Freeport-McMoRan during the second quarter valued at approximately $44,000. Watts Gwilliam & Co. LLC bought a new stake in Freeport-McMoRan during the second quarter worth $1,576,000. SevenBridge Financial Group LLC lifted its holdings in Freeport-McMoRan by 12.0% during the second quarter. SevenBridge Financial Group LLC now owns 68,967 shares of the natural resource company’s stock worth $2,907,000 after acquiring an additional 7,368 shares during the period. Finally, V. M. Manning & CO. Inc. purchased a new position in Freeport-McMoRan in the second quarter worth $1,156,000. 80.77% of the stock is owned by institutional investors.

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.