Freeport-McMoRan (NYSE:FCX) Price Target Lowered to $48.00 at Dbs Bank

Freeport-McMoRan (NYSE:FCX) had its price target decreased by Dbs Bank from $51.00 to $48.00 in a research report report published on Thursday,MarketScreener reports.

A number of other equities research analysts have also recently commented on the company. BMO Capital Markets dropped their target price on Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 24th. HSBC dropped their target price on Freeport-McMoRan from $46.00 to $43.00 and set a “hold” rating on the stock in a research report on Thursday, September 25th. JPMorgan Chase & Co. decreased their price target on shares of Freeport-McMoRan from $56.00 to $46.00 and set an “overweight” rating on the stock in a research note on Thursday, September 25th. Stifel Canada raised shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Tuesday, July 8th. Finally, CICC Research decreased their price target on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a research note on Friday, September 26th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.47.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $38.86 on Thursday. The firm has a market capitalization of $55.80 billion, a price-to-earnings ratio of 29.44, a price-to-earnings-growth ratio of 0.71 and a beta of 1.58. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. The business has a fifty day moving average of $42.58 and a 200 day moving average of $40.54. Freeport-McMoRan has a 1 year low of $27.66 and a 1 year high of $51.19.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results 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 company had revenue of $7.58 billion for 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%.The firm’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period last year, the firm earned $0.46 EPS. As a group, research analysts expect that Freeport-McMoRan will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be issued a dividend of $0.15 per share. The ex-dividend date is Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 22.73%.

Institutional Trading of Freeport-McMoRan

Several institutional investors have recently added to or reduced their stakes in FCX. Nuveen LLC acquired a new position in shares of Freeport-McMoRan in the first quarter worth $366,959,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in shares of Freeport-McMoRan by 89.4% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 17,569,169 shares of the natural resource company’s stock worth $761,623,000 after acquiring an additional 8,292,873 shares in the last quarter. Amundi grew its stake in shares of Freeport-McMoRan by 28.1% in the first quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock worth $1,046,280,000 after acquiring an additional 6,054,537 shares in the last quarter. Crake Asset Management LLP grew its stake in shares of Freeport-McMoRan by 2,140.8% in the first quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company’s stock worth $224,496,000 after acquiring an additional 5,665,000 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Freeport-McMoRan by 17.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock worth $1,421,549,000 after acquiring an additional 5,661,958 shares in the last quarter. Institutional investors and hedge funds 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.