Analysts Set Freeport-McMoRan Inc. (NYSE:FCX) Target Price at $46.74

Shares of Freeport-McMoRan Inc. (NYSE:FCX) have received a consensus recommendation of “Moderate Buy” from the twenty-three research firms that are covering the stock, Marketbeat reports. Nine research analysts have rated the stock with a hold recommendation, twelve have given a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $46.74.

A number of analysts have recently weighed in on the stock. BMO Capital Markets cut their price target on shares of Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating for the company in a report on Wednesday, September 24th. CICC Research lowered their price objective on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating for the company in a research report on Friday, September 26th. Stifel Nicolaus started coverage on Freeport-McMoRan in a report on Wednesday, July 9th. They issued a “buy” rating and a $56.00 target price on the stock. Hsbc Global Res lowered Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 22nd. Finally, Scotiabank reissued a “sector perform” rating and set a $45.00 price target (down previously from $55.00) on shares of Freeport-McMoRan in a report on Thursday, September 25th.

Institutional Investors Weigh In On Freeport-McMoRan

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Twin Peaks Wealth Advisors LLC bought a new position in Freeport-McMoRan in the 2nd quarter valued at approximately $28,000. City Holding Co. bought a new stake in shares of Freeport-McMoRan during the first quarter worth $33,000. Dagco Inc. acquired a new position in shares of Freeport-McMoRan during the first quarter worth $37,000. Beacon Capital Management LLC increased its holdings in shares of Freeport-McMoRan by 59.6% during the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock worth $38,000 after buying an additional 327 shares in the last quarter. Finally, CKW Financial Group bought a new position in shares of Freeport-McMoRan in the 1st quarter valued at $40,000. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Performance

FCX opened at $40.35 on Tuesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. Freeport-McMoRan has a 52-week low of $27.66 and a 52-week high of $51.19. The firm has a market cap of $57.93 billion, a P/E ratio of 30.57, a price-to-earnings-growth ratio of 0.87 and a beta of 1.58. The business’s fifty day moving average is $42.40 and its 200-day moving average is $40.54.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.09. The business had revenue of $7.58 billion during 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%. Freeport-McMoRan’s revenue was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.46 earnings per share. Sell-side analysts expect that Freeport-McMoRan will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

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

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.