Freeport-McMoRan (NYSE:FCX) Upgraded at Hsbc Global Res

Hsbc Global Res upgraded shares of Freeport-McMoRan (NYSE:FCX) from a hold rating to a strong-buy rating in a research report report published on Thursday,Zacks.com reports.

Other analysts have also recently issued research reports about the stock. Wells Fargo & Company upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Wednesday, October 8th. HSBC upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and boosted their price target for the stock from $43.00 to $50.00 in a research note on Friday. Wall Street Zen downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, September 26th. BMO Capital Markets reduced their target price on shares of Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating on the stock in a report on Wednesday, September 24th. Finally, Royal Bank Of Canada reduced their target price on shares of Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating on the stock in a report on Wednesday, October 1st. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.92.

Freeport-McMoRan Stock Down 1.2%

Shares of FCX stock opened at $41.18 on Thursday. The stock has a market cap of $59.12 billion, a P/E ratio of 31.20, a PEG ratio of 0.94 and a beta of 1.58. Freeport-McMoRan has a 52 week low of $27.66 and a 52 week high of $50.12. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. The company’s fifty day simple moving average is $42.64 and its two-hundred day simple moving average is $40.66.

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

Freeport-McMoRan Dividend Announcement

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

Hedge Funds Weigh In On Freeport-McMoRan

Hedge funds have recently added to or reduced their stakes in the company. Twin Peaks Wealth Advisors LLC purchased a new position in shares of Freeport-McMoRan during the second quarter worth approximately $28,000. Dagco Inc. purchased a new position in Freeport-McMoRan during the 1st quarter worth $37,000. Beacon Capital Management LLC raised 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 in the last quarter. CKW Financial Group bought a new stake in Freeport-McMoRan during the 1st quarter valued at $40,000. Finally, Greykasell Wealth Strategies Inc. purchased a new stake in shares of Freeport-McMoRan in the 1st quarter worth $42,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Company Profile

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.