Freeport-McMoRan (NYSE:FCX) Given New $80.00 Price Target at Stifel Nicolaus

Freeport-McMoRan (NYSE:FCX) had its price objective hoisted by Stifel Nicolaus from $76.00 to $80.00 in a report published on Tuesday,BayStreet.CA reports. They currently have a buy rating on the natural resource company’s stock.

Several other equities analysts also recently commented on FCX. The Goldman Sachs Group dropped their price objective on Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating on the stock in a research note on Wednesday, July 8th. Sanford C. Bernstein boosted their target price on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a report on Wednesday, June 10th. Citigroup reissued a “positive” rating on shares of Freeport-McMoRan in a report on Wednesday, July 15th. JPMorgan Chase & Co. lifted their price objective on Freeport-McMoRan from $73.00 to $77.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Finally, Morgan Stanley boosted their price target on shares of Freeport-McMoRan from $66.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $68.95.

Freeport-McMoRan Trading Up 6.4%

Shares of Freeport-McMoRan stock opened at $62.57 on Tuesday. Freeport-McMoRan has a 1 year low of $35.15 and a 1 year high of $72.28. The stock has a fifty day moving average price of $63.69 and a 200-day moving average price of $62.15. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. The firm has a market cap of $89.94 billion, a PE ratio of 33.28, a P/E/G ratio of 0.59 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 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 business had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same quarter in the previous year, the firm posted $0.24 earnings per share. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. Equities research analysts anticipate that Freeport-McMoRan will post 2.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be paid a $0.075 dividend. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 15.96%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of Freeport-McMoRan by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company’s stock valued at $6,619,611,000 after purchasing an additional 1,572,769 shares during the period. Fisher Asset Management LLC boosted its stake in Freeport-McMoRan by 1.0% during the fourth quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company’s stock worth $3,244,504,000 after acquiring an additional 622,343 shares in the last quarter. State Street Corp grew its stake in shares of Freeport-McMoRan by 0.6% in the 4th quarter. State Street Corp now owns 62,873,136 shares of the natural resource company’s stock worth $3,193,327,000 after buying an additional 395,226 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Freeport-McMoRan by 20.0% during the first quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company’s stock valued at $2,489,069,000 after acquiring an additional 7,044,775 shares in the last quarter. Finally, Franklin Resources Inc. increased its stake in Freeport-McMoRan by 31.2% during the 4th quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock valued at $1,897,202,000 after purchasing an additional 8,891,743 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

More Freeport-McMoRan News

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: Stifel Nicolaus raised its price target on Freeport-McMoRan from $76 to $80 and kept a buy rating, signaling confidence in further upside for FCX. Article Link
• Positive Sentiment: Analysts have increased their earnings forecast for FCX’s upcoming quarter to about $0.60 per share, suggesting stronger profitability even though revenue is expected to decline year over year due to cost discipline and operational efficiency. Article Link
• Positive Sentiment: Multiple earnings-preview and sector pieces highlighted FCX as a miner with potential to beat Q2 estimates, helped by stronger commodity prices. Article Link
• Positive Sentiment: Coverage around the global AI data center buildout continues to support the long-term copper demand story, with FCX positioned as a key beneficiary if AI infrastructure spending keeps accelerating. Article Link
• Neutral Sentiment: Recent articles also discussed FCX’s “copper turning point” and its attention in the copper market, but these were more thematic than immediately actionable for the stock. Article Link

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.