Freeport-McMoRan (NYSE:FCX) Reaches New 1-Year High – Still a Buy?

Freeport-McMoRan Inc. (NYSE:FCX) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $72.09 and last traded at $71.4740, with a volume of 2596560 shares trading hands. The stock had previously closed at $70.15.

Analysts Set New Price Targets

Several research firms have recently weighed in on FCX. JPMorgan Chase & Co. decreased their price objective on Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating for the company in a report on Monday, April 27th. Citigroup decreased their price objective on Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating for the company in a report on Friday, May 1st. BNP Paribas Exane decreased their price objective on Freeport-McMoRan from $75.00 to $71.00 and set an “outperform” rating for the company in a report on Tuesday, April 28th. Wells Fargo & Company decreased their price objective on Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating for the company in a report on Friday, April 24th. Finally, Scotiabank increased their price objective on Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a report on Monday. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.31.

Freeport-McMoRan Price Performance

The firm has a market capitalization of $103.55 billion, a price-to-earnings ratio of 38.27, a P/E/G ratio of 0.86 and a beta of 1.35. The company has a fifty day moving average price of $64.59 and a two-hundred day moving average price of $59.58. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The business had revenue of $6.23 billion during the quarter, compared to analysts’ expectations of $5.73 billion. During the same quarter in the prior year, the business earned $0.24 earnings per share. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. On average, equities research analysts expect that Freeport-McMoRan Inc. will post 2.51 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

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

Institutional Investors Weigh In On Freeport-McMoRan

Large investors have recently modified their holdings of the stock. Steph & Co. raised its stake in shares of Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 150 shares during the last quarter. Cassaday & Co Wealth Management LLC purchased a new stake in shares of Freeport-McMoRan during the first quarter worth approximately $29,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Freeport-McMoRan during the fourth quarter worth approximately $25,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Freeport-McMoRan during the fourth quarter worth approximately $29,000. Finally, Financial Life Planners purchased a new stake in shares of Freeport-McMoRan during the first quarter worth approximately $34,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

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.