Deutsche Bank Aktiengesellschaft Cuts Freeport-McMoRan (NYSE:FCX) Price Target to $45.00

Freeport-McMoRan (NYSE:FCX) had its price target decreased by Deutsche Bank Aktiengesellschaft from $47.00 to $45.00 in a research report released on Thursday,MarketScreener reports. Deutsche Bank Aktiengesellschaft currently has a buy rating on the natural resource company’s stock.

A number of other brokerages have also recently commented on FCX. Sanford C. Bernstein raised Freeport-McMoRan from a “market perform” rating to an “outperform” rating and set a $48.50 price target for the company in a research note on Thursday, September 25th. Stifel Canada upgraded Freeport-McMoRan to a “strong-buy” rating in a research note on Tuesday, July 8th. Royal Bank Of Canada dropped their target price on Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating on the stock in a report on Wednesday. Morgan Stanley cut shares of Freeport-McMoRan from an “overweight” rating to an “equal weight” rating and increased their price target for the company from $45.00 to $54.00 in a research note on Tuesday, July 15th. Finally, Scotiabank reissued a “sector perform” rating and set a $45.00 target price (down from $55.00) on shares of Freeport-McMoRan in a report on Thursday, September 25th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus price target of $46.74.

Freeport-McMoRan Stock Up 2.0%

Shares of NYSE FCX opened at $39.66 on Thursday. The business has a fifty day moving average of $42.47 and a two-hundred day moving average of $40.54. 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 stock has a market cap of $56.94 billion, a PE ratio of 30.05, a PEG ratio of 0.72 and a beta of 1.58.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.09. The firm had revenue of $7.58 billion during the quarter, compared to analysts’ expectations of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The business’s revenue was up 14.5% on a year-over-year basis. During the same period last year, the firm posted $0.46 EPS. As a group, equities research analysts expect that Freeport-McMoRan will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

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

Institutional Investors Weigh In On Freeport-McMoRan

Hedge funds and other institutional investors have recently made changes to their positions in the business. Nuveen LLC acquired a new position in Freeport-McMoRan during the 1st quarter valued at about $366,959,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in shares of Freeport-McMoRan by 89.4% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 17,569,169 shares of the natural resource company’s stock valued at $761,623,000 after purchasing an additional 8,292,873 shares in the last quarter. Amundi boosted its position in shares of Freeport-McMoRan by 28.1% during the first quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock valued at $1,046,280,000 after buying an additional 6,054,537 shares during the last quarter. Crake Asset Management LLP grew its holdings in Freeport-McMoRan by 2,140.8% during the first quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company’s stock worth $224,496,000 after buying an additional 5,665,000 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in Freeport-McMoRan by 17.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock worth $1,421,549,000 after buying an additional 5,661,958 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

About Freeport-McMoRan

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.