Freeport-McMoRan (NYSE:FCX) Price Target Raised to $50.00

Freeport-McMoRan (NYSE:FCX) had its price target upped by JPMorgan Chase & Co. from $46.00 to $50.00 in a report issued on Thursday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the natural resource company’s stock.

A number of other research firms have also recently commented on FCX. Morgan Stanley cut their target price on Freeport-McMoRan from $48.00 to $46.00 and set an “overweight” rating on the stock in a research report on Wednesday. Jefferies Financial Group reiterated a “buy” rating and set a $46.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, September 24th. Royal Bank Of Canada cut their target price on Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating on the stock in a research report on Wednesday, October 1st. Stifel Nicolaus started coverage on Freeport-McMoRan in a research report on Wednesday, July 9th. They set a “buy” rating and a $56.00 target price on the stock. Finally, HSBC dropped their price target 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. Three investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $46.56.

Freeport-McMoRan Stock Down 5.5%

FCX opened at $40.92 on Thursday. The business’s 50-day simple moving average is $42.51 and its 200-day simple moving average is $40.55. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. Freeport-McMoRan has a one year low of $27.66 and a one year high of $50.28. The stock has a market capitalization of $58.74 billion, a P/E ratio of 31.00, a price-to-earnings-growth ratio of 0.92 and a beta of 1.58.

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

Freeport-McMoRan Dividend Announcement

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

Institutional Investors Weigh In On Freeport-McMoRan

Institutional investors have recently added to or reduced their stakes in the business. Twin Peaks Wealth Advisors LLC purchased a new stake in Freeport-McMoRan in the 2nd quarter valued at approximately $28,000. Beacon Capital Management LLC boosted its holdings in Freeport-McMoRan by 59.6% in 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 in the last quarter. Dagco Inc. purchased a new stake in Freeport-McMoRan in the 1st quarter valued at approximately $37,000. MTM Investment Management LLC purchased a new stake in Freeport-McMoRan in the 2nd quarter valued at approximately $43,000. Finally, Hilltop National Bank purchased a new stake in Freeport-McMoRan in the 2nd quarter valued at approximately $43,000. Hedge funds and other 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.