Freeport-McMoRan (NYSE:FCX) Price Target Lowered to $43.00 at HSBC

Freeport-McMoRan (NYSE:FCX) had its target price decreased by HSBC from $46.00 to $43.00 in a research note issued to investors on Thursday morning,MarketScreener reports. HSBC currently has a hold rating on the natural resource company’s stock.

Several other research analysts also recently issued reports on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Freeport-McMoRan from $56.00 to $46.00 and set an “overweight” rating on the stock in a report on Thursday. BMO Capital Markets dropped their target price on Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating for the company in a report on Wednesday. Wall Street Zen upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Saturday, July 26th. Clarkson Capital reissued a “neutral” rating and set a $42.00 price objective on shares of Freeport-McMoRan in a report on Thursday. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $46.00 target price on shares of Freeport-McMoRan in a report on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $47.00.

Freeport-McMoRan Stock Down 6.1%

FCX opened at $35.38 on Thursday. Freeport-McMoRan has a 1-year low of $27.66 and a 1-year high of $52.61. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $50.80 billion, a price-to-earnings ratio of 26.80, a P/E/G ratio of 0.70 and a beta of 1.59. The business has a 50 day moving average of $43.28 and a 200-day moving average of $40.53.

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

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.7%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 22.73%.

Hedge Funds Weigh In On Freeport-McMoRan

A number of large investors have recently modified their holdings of FCX. Twin Peaks Wealth Advisors LLC acquired a new position in Freeport-McMoRan during the 2nd quarter worth $28,000. City Holding Co. acquired a new position in shares of Freeport-McMoRan during the first quarter valued at $33,000. Beacon Capital Management LLC boosted its holdings in Freeport-McMoRan by 59.6% in the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock valued at $38,000 after acquiring an additional 327 shares during the last quarter. Dagco Inc. acquired a new stake in Freeport-McMoRan in the first quarter worth about $37,000. Finally, MTM Investment Management LLC acquired a new position in Freeport-McMoRan during the 2nd quarter valued at about $43,000. 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.