Freeport-McMoRan (NYSE:FCX) Given New $73.00 Price Target at JPMorgan Chase & Co.

Freeport-McMoRan (NYSE:FCX) had its target price trimmed by JPMorgan Chase & Co. from $76.00 to $73.00 in a report published on Monday morning,MarketScreener reports. The brokerage currently has an overweight rating on the natural resource company’s stock.

Several other analysts have also issued reports on FCX. The Goldman Sachs Group dropped their price target on shares of Freeport-McMoRan from $70.00 to $68.00 and set a “buy” rating on the stock in a research report on Friday. Bank of America upped their price target on shares of Freeport-McMoRan from $68.00 to $81.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Raymond James Financial dropped their price target on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a research report on Friday. Stifel Nicolaus upped their price objective on shares of Freeport-McMoRan from $52.00 to $76.00 and gave the company a “buy” rating in a report on Wednesday, February 11th. Finally, Wells Fargo & Company decreased their price objective on shares of Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating on the stock in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average target price of $65.42.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $60.50 on Monday. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. The firm’s fifty day moving average price is $62.42 and its two-hundred day moving average price is $54.07. Freeport-McMoRan has a 1 year low of $34.45 and a 1 year high of $70.96. The firm has a market capitalization of $86.95 billion, a P/E ratio of 32.18, a price-to-earnings-growth ratio of 0.70 and a beta of 1.48.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The firm had revenue of $6.23 billion for the quarter, compared to analyst estimates of $6.40 billion. During the same period in the prior year, the firm posted $0.24 earnings per share. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. As a group, research analysts anticipate that Freeport-McMoRan will post 2.54 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th will be issued a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Wednesday, April 15th. Freeport-McMoRan’s payout ratio is currently 15.96%.

Insider Transactions at Freeport-McMoRan

In other Freeport-McMoRan news, CFO Maree E. Robertson sold 48,500 shares of the company’s stock in a transaction on Friday, February 13th. The shares were sold at an average price of $61.55, for a total value of $2,985,175.00. Following the transaction, the chief financial officer directly owned 79,894 shares in the company, valued at $4,917,475.70. The trade was a 37.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Richard C. Adkerson sold 248,031 shares of the company’s stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $62.80, for a total transaction of $15,576,346.80. Following the completion of the transaction, the chairman owned 3,509,119 shares in the company, valued at $220,372,673.20. This trade represents a 6.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 565,145 shares of company stock valued at $35,839,918. Corporate insiders own 0.79% of the company’s stock.

Hedge Funds Weigh In On Freeport-McMoRan

Institutional investors and hedge funds have recently modified their holdings of the business. Steph & Co. grew its stake in shares of Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after acquiring an additional 150 shares in the last quarter. Strategic Investment Solutions Inc. IL acquired a new position in shares of Freeport-McMoRan in the fourth quarter valued at about $25,000. Kemnay Advisory Services Inc. acquired a new position in shares of Freeport-McMoRan in the fourth quarter valued at about $29,000. Financial Life Planners acquired a new position in shares of Freeport-McMoRan in the first quarter valued at about $34,000. Finally, SHP Wealth Management acquired a new position in shares of Freeport-McMoRan in the fourth quarter valued at about $30,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.