Freeport-McMoRan (NYSE:FCX) Price Target Raised to $82.00 at Barclays

Freeport-McMoRan (NYSE:FCX) had its price objective increased by Barclays from $80.00 to $82.00 in a research report released on Monday, Marketbeat Ratings reports. The brokerage currently has an overweight rating on the natural resource company’s stock.

FCX has been the topic of several other reports. Wall Street Zen upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. Stifel Nicolaus lifted their target price on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Raymond James Financial reduced their target price on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a report on Friday, April 24th. BMO Capital Markets reaffirmed an “outperform” rating and set a $78.00 price target on shares of Freeport-McMoRan in a research note on Thursday. Finally, UBS Group boosted their price objective on shares of Freeport-McMoRan from $75.00 to $77.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $70.27.

Freeport-McMoRan Stock Up 0.0%

Shares of FCX opened at $62.62 on Monday. Freeport-McMoRan has a 52 week low of $35.15 and a 52 week high of $72.28. The stock has a market capitalization of $90.02 billion, a price-to-earnings ratio of 30.85, a PEG ratio of 0.61 and a beta of 1.37. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07. The stock has a fifty day moving average of $63.62 and a 200-day moving average of $62.43.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The business had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.62 billion. During the same quarter in the previous year, the company posted $0.54 EPS. Freeport-McMoRan’s quarterly revenue was down 7.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Freeport-McMoRan will post 2.75 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be issued a dividend of $0.075 per share. The ex-dividend date is Wednesday, July 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 14.78%.

Institutional Investors Weigh In On Freeport-McMoRan

A number of institutional investors have recently modified their holdings of the company. Steph & Co. lifted its holdings in 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 buying an additional 150 shares during the period. Cassaday & Co Wealth Management LLC bought a new stake in Freeport-McMoRan during the first quarter valued at $29,000. Strategic Investment Solutions Inc. IL acquired a new stake in Freeport-McMoRan during the 4th quarter worth about $25,000. Kemnay Advisory Services Inc. acquired a new stake in Freeport-McMoRan during the 4th quarter worth about $29,000. Finally, Financial Life Planners bought a new position in shares of Freeport-McMoRan in the 1st quarter worth about $34,000. 80.77% of the stock is owned by institutional investors.

About Freeport-McMoRan

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.