Freeport-McMoRan (NYSE:FCX) Price Target Raised to $73.00 at Royal Bank Of Canada

Freeport-McMoRan (NYSE:FCX) had its target price boosted by Royal Bank Of Canada from $70.00 to $73.00 in a research report sent to investors on Friday morning, Marketbeat.com reports. The firm currently has a sector perform rating on the natural resource company’s stock.

A number of other analysts have also weighed in on the company. Sanford C. Bernstein increased their price objective on Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a research note on Wednesday, June 10th. Wall Street Zen upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. Wells Fargo & Company increased their price target on shares of Freeport-McMoRan from $68.00 to $70.00 and gave the company an “overweight” rating in a research report on Friday. Scotiabank raised their price target on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a report on Monday, June 15th. Finally, Jefferies Financial Group boosted their price objective on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, June 8th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average price target of $70.18.

Freeport-McMoRan Trading Down 1.5%

Shares of FCX stock opened at $62.54 on Friday. The company has a market capitalization of $89.90 billion, a PE ratio of 30.81, a price-to-earnings-growth ratio of 0.63 and a beta of 1.37. Freeport-McMoRan has a 52-week low of $35.15 and a 52-week high of $72.28. The business’s fifty day moving average is $63.58 and its 200 day moving average is $62.33. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.13 and a current ratio of 2.07.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Wednesday, July 22nd. The natural resource company reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. The business had revenue of $7.03 billion for the quarter, compared to analysts’ expectations of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The firm’s revenue was down 7.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.54 earnings per share. On average, equities research analysts anticipate that Freeport-McMoRan will post 2.72 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

Institutional Trading of Freeport-McMoRan

Large investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Freeport-McMoRan by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company’s stock worth $6,619,611,000 after purchasing an additional 1,572,769 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Freeport-McMoRan by 1.0% in 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 buying an additional 622,343 shares during the last quarter. State Street Corp grew its position in Freeport-McMoRan by 0.6% during the fourth quarter. State Street Corp now owns 62,873,136 shares of the natural resource company’s stock valued at $3,193,327,000 after buying an additional 395,226 shares during the period. Bank of America Corp DE grew its position in 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 buying an additional 7,044,775 shares during the period. Finally, Franklin Resources Inc. grew its position in Freeport-McMoRan by 31.2% during the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock valued at $1,897,202,000 after buying an additional 8,891,743 shares during the period. Institutional investors own 80.77% of the company’s stock.

Key Stories Impacting Freeport-McMoRan

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

• Positive Sentiment: FCX reported Q2 adjusted EPS of $0.74 and revenue of $7.03 billion, both ahead of Wall Street estimates, helped by higher realized copper and gold prices. Article Title
• Positive Sentiment: Management said the Grasberg ramp remains on schedule, U.S. operations are improving, and the brownfield copper pipeline is expanding, which supports longer-term production growth. Article Title
• Positive Sentiment: Royal Bank of Canada raised its price target on FCX to $73 from $70, signaling continued analyst confidence in the stock’s upside. Article Title
• Positive Sentiment: Several recent writeups highlighted strong income growth, free cash flow, and the benefit of firmer copper prices, reinforcing the investment case for FCX. Article Title

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.