Freeport-McMoRan (NYSE:FCX) Price Target Lowered to $52.00 at BNP Paribas Exane

Freeport-McMoRan (NYSE:FCX) had its target price trimmed by BNP Paribas Exane from $56.00 to $52.00 in a research report sent to investors on Thursday morning,MarketScreener reports. The firm currently has an outperform rating on the natural resource company’s stock.

Several other research analysts also recently commented on the company. Stifel Nicolaus started coverage on Freeport-McMoRan in a research note on Wednesday, July 9th. They set a “buy” rating and a $56.00 target price for the company. HSBC lowered their price objective on shares of Freeport-McMoRan from $46.00 to $43.00 and set a “hold” rating for the company in a research report on Thursday. Citigroup boosted their target price on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 8th. Stifel Canada upgraded Freeport-McMoRan to a “strong-buy” rating in a research note on Tuesday, July 8th. Finally, UBS Group lowered Freeport-McMoRan from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $45.00 to $50.00 in a research report on Friday, July 11th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.00.

Freeport-McMoRan Trading Down 6.1%

Shares of FCX opened at $35.38 on Thursday. Freeport-McMoRan has a 52-week low of $27.66 and a 52-week high of $52.61. The business’s fifty day moving average is $43.28 and its 200-day moving average is $40.53. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. The firm has a market cap of $50.80 billion, a price-to-earnings ratio of 26.80, a PEG ratio of 0.70 and a beta of 1.59.

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

Freeport-McMoRan Dividend Announcement

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

Institutional Investors Weigh In On Freeport-McMoRan

Institutional investors have recently made changes to their positions in the stock. Twin Peaks Wealth Advisors LLC bought a new position in shares of Freeport-McMoRan during the second quarter worth about $28,000. City Holding Co. acquired a new stake in Freeport-McMoRan during the 1st quarter valued at approximately $33,000. Beacon Capital Management LLC increased its position in Freeport-McMoRan by 59.6% during the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock valued at $38,000 after purchasing an additional 327 shares during the period. Dagco Inc. bought a new position in Freeport-McMoRan during the 1st quarter worth approximately $37,000. Finally, MTM Investment Management LLC acquired a new position in shares of Freeport-McMoRan in the 2nd quarter worth approximately $43,000. 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.