Analysts Set Freeport-McMoRan Inc. (NYSE:FCX) PT at $66.04

Freeport-McMoRan Inc. (NYSE:FCX) has earned an average rating of “Moderate Buy” from the twenty-three brokerages that are covering the company, Marketbeat reports. Four analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $66.8591.

Several research firms recently issued reports on FCX. Citigroup cut their price target on shares of Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating on the stock in a report on Friday, May 1st. Jefferies Financial Group increased their target price on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, June 8th. HSBC increased their price objective on shares of Freeport-McMoRan from $72.00 to $75.00 in a report on Friday. BNP Paribas Exane dropped their price objective on shares of Freeport-McMoRan from $75.00 to $71.00 and set an “outperform” rating on the stock in a report on Tuesday, April 28th. Finally, Freedom Capital raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Saturday, February 21st.

Hedge Funds Weigh In On Freeport-McMoRan

Large investors have recently bought and sold shares of the stock. Shariaportfolio Inc. bought a new position in shares of Freeport-McMoRan during the 1st quarter valued at about $934,000. FAS Wealth Partners Inc. bought a new position in shares of Freeport-McMoRan during the 1st quarter valued at about $206,000. Rathbones Group PLC boosted its position in shares of Freeport-McMoRan by 57.1% during the 1st quarter. Rathbones Group PLC now owns 2,822,756 shares of the natural resource company’s stock valued at $165,922,000 after purchasing an additional 1,026,046 shares in the last quarter. Robinswood Financial LLC bought a new position in shares of Freeport-McMoRan during the 1st quarter valued at about $48,000. Finally, DV Trading LLC boosted its position in shares of Freeport-McMoRan by 697.6% during the 1st quarter. DV Trading LLC now owns 6,070 shares of the natural resource company’s stock valued at $357,000 after purchasing an additional 5,309 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $68.28 on Friday. The company has a market capitalization of $98.15 billion, a PE ratio of 36.32, a price-to-earnings-growth ratio of 0.82 and a beta of 1.35. The firm has a fifty day simple moving average of $64.24 and a 200-day simple moving average of $59.05. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. Freeport-McMoRan has a twelve month low of $35.15 and a twelve month high of $72.09.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.10. The business had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.24 earnings per share. Equities research analysts anticipate that Freeport-McMoRan will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were paid a dividend of $0.075 per share. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $0.30 annualized dividend and a yield of 0.4%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 15.96%.

Freeport-McMoRan Company Profile

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.