Freeport-McMoRan Inc. (NYSE:FCX) Receives $33.39 Consensus Price Target from Brokerages

Shares of Freeport-McMoRan Inc. (NYSE:FCX) have been assigned an average recommendation of “Buy” from the twenty brokerages that are covering the stock, Marketbeat.com reports. Seven analysts have rated the stock with a hold recommendation, ten have given a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $33.64.

FCX has been the topic of a number of research reports. Jefferies Financial Group lifted their target price on shares of Freeport-McMoRan to $60.00 and gave the company a “buy” rating in a research note on Monday, May 17th. Exane BNP Paribas cut Freeport-McMoRan from an “outperform” rating to a “neutral” rating in a research report on Friday, June 4th. UBS Group increased their target price on Freeport-McMoRan from $30.00 to $36.00 and gave the stock a “neutral” rating in a research report on Monday, April 26th. Deutsche Bank Aktiengesellschaft raised their target price on Freeport-McMoRan from $36.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, May 26th. Finally, Zacks Investment Research raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating and set a $49.00 price target on the stock in a research note on Tuesday, May 11th.

Shares of FCX stock opened at $40.14 on Tuesday. The company has a current ratio of 2.35, a quick ratio of 1.46 and a debt-to-equity ratio of 0.47. Freeport-McMoRan has a fifty-two week low of $9.78 and a fifty-two week high of $46.10. The company has a market cap of $58.83 billion, a price-to-earnings ratio of 33.17, a P/E/G ratio of 0.46 and a beta of 2.15. The stock has a 50 day simple moving average of $39.53.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, April 22nd. The natural resource company reported $0.51 EPS for the quarter, hitting analysts’ consensus estimates of $0.51. The company had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.74 billion. Freeport-McMoRan had a return on equity of 9.85% and a net margin of 11.13%. The firm’s revenue was up 73.3% on a year-over-year basis. During the same quarter last year, the firm posted ($0.18) earnings per share. On average, research analysts forecast that Freeport-McMoRan will post 3.11 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, May 3rd. Stockholders of record on Thursday, April 15th were paid a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, April 14th. This is a positive change from Freeport-McMoRan’s previous quarterly dividend of $0.05. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.75%. Freeport-McMoRan’s payout ratio is currently 55.56%.

In other Freeport-McMoRan news, VP C Donald Whitmire, Jr. sold 42,500 shares of the firm’s stock in a transaction that occurred on Wednesday, May 5th. The shares were sold at an average price of $41.35, for a total transaction of $1,757,375.00. Following the sale, the vice president now owns 82,837 shares in the company, valued at approximately $3,425,309.95. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Gerald J. Ford sold 3,422 shares of Freeport-McMoRan stock in a transaction that occurred on Monday, April 26th. The shares were sold at an average price of $38.82, for a total transaction of $132,842.04. Following the transaction, the director now directly owns 18,200 shares in the company, valued at approximately $706,524. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 84,922 shares of company stock worth $3,535,419. 1.00% of the stock is owned by insiders.

Hedge funds have recently made changes to their positions in the company. Itau Unibanco Holding S.A. increased its stake in Freeport-McMoRan by 736,350.9% in the 4th quarter. Itau Unibanco Holding S.A. now owns 53,760,919 shares of the natural resource company’s stock worth $2,731,000 after buying an additional 53,753,619 shares in the last quarter. BlackRock Inc. raised its stake in Freeport-McMoRan by 12.4% during the 1st quarter. BlackRock Inc. now owns 136,810,440 shares of the natural resource company’s stock valued at $4,505,168,000 after purchasing an additional 15,067,867 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Freeport-McMoRan by 45.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 34,978,663 shares of the natural resource company’s stock valued at $910,145,000 after purchasing an additional 10,954,358 shares during the period. FMR LLC lifted its holdings in Freeport-McMoRan by 15.4% in the 4th quarter. FMR LLC now owns 56,365,482 shares of the natural resource company’s stock worth $1,466,630,000 after purchasing an additional 7,504,643 shares in the last quarter. Finally, Nuveen Asset Management LLC boosted its stake in Freeport-McMoRan by 40.3% in the 1st quarter. Nuveen Asset Management LLC now owns 15,664,650 shares of the natural resource company’s stock worth $515,837,000 after purchasing an additional 4,497,571 shares during the period. Hedge funds and other institutional investors own 77.18% of the company’s stock.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. 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 in Peru and El Abra in Chile.

Further Reading: Earnings Per Share

Analyst Recommendations for Freeport-McMoRan (NYSE:FCX)

Receive News & Ratings for Freeport-McMoRan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoRan and related companies with MarketBeat.com's FREE daily email newsletter.