Freeport-McMoRan (NYSE:FCX) had its price objective decreased by Citigroup from $18.00 to $14.00 in a research note released on Wednesday morning. Citigroup currently has a neutral rating on the natural resource company’s stock.

Other equities research analysts have also recently issued reports about the stock. B. Riley reduced their price target on shares of Freeport-McMoRan from $19.00 to $18.00 and set a buy rating for the company in a report on Wednesday, September 19th. Jefferies Financial Group reiterated a buy rating and set a $24.00 price objective on shares of Freeport-McMoRan in a report on Thursday, July 26th. Morgan Stanley lifted their price objective on shares of Freeport-McMoRan from $15.00 to $16.00 and gave the company an equal weight rating in a report on Friday, June 29th. Deutsche Bank set a $15.00 price objective on shares of Freeport-McMoRan and gave the company a hold rating in a report on Tuesday, October 2nd. Finally, Zacks Investment Research upgraded shares of Freeport-McMoRan from a strong sell rating to a hold rating in a report on Tuesday, June 26th. Three analysts have rated the stock with a sell rating, thirteen have issued a hold rating and six have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $17.33.

NYSE:FCX opened at $12.02 on Wednesday. The company has a quick ratio of 1.62, a current ratio of 2.72 and a debt-to-equity ratio of 0.87. The firm has a market capitalization of $17.42 billion, a price-to-earnings ratio of 6.36 and a beta of 2.48. Freeport-McMoRan has a 12 month low of $11.94 and a 12 month high of $20.25.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Wednesday, July 25th. The natural resource company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.04. The business had revenue of $5.17 billion during the quarter, compared to analysts’ expectations of $4.97 billion. Freeport-McMoRan had a net margin of 14.87% and a return on equity of 24.01%. The business’s quarterly revenue was up 39.3% on a year-over-year basis. During the same period last year, the company posted $0.17 earnings per share. As a group, research analysts anticipate that Freeport-McMoRan will post 1.71 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Monday, October 15th will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.66%. The ex-dividend date is Friday, October 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 17.09%.

Institutional investors have recently added to or reduced their stakes in the stock. Fox Run Management L.L.C. purchased a new position in Freeport-McMoRan during the third quarter worth about $145,000. St. Johns Investment Management Company LLC boosted its holdings in Freeport-McMoRan by 243.2% during the second quarter. St. Johns Investment Management Company LLC now owns 8,665 shares of the natural resource company’s stock worth $150,000 after purchasing an additional 6,140 shares during the last quarter. Parallel Advisors LLC boosted its holdings in Freeport-McMoRan by 165.5% during the second quarter. Parallel Advisors LLC now owns 9,015 shares of the natural resource company’s stock worth $155,000 after purchasing an additional 5,619 shares during the last quarter. Private Trust Co. NA purchased a new position in Freeport-McMoRan during the second quarter worth about $172,000. Finally, Confluence Investment Management LLC purchased a new position in Freeport-McMoRan during the second quarter worth about $175,000. Institutional investors and hedge funds own 71.77% of the company’s stock.

About Freeport-McMoRan

Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.

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Analyst Recommendations for Freeport-McMoRan (NYSE:FCX)

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