Analysts Set Freeport-McMoRan Inc. (NYSE:FCX) Price Target at $48.09

Shares of Freeport-McMoRan Inc. (NYSE:FCX) have earned an average recommendation of “Moderate Buy” from the fifteen ratings firms that are presently covering the stock, MarketBeat Ratings reports. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and three have issued a strong buy rating on the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $48.09.

A number of analysts have recently weighed in on the company. Jefferies Financial Group reiterated a “buy” rating and set a $50.00 price target (up from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. Wolfe Research upgraded Freeport-McMoRan from a “peer perform” rating to an “outperform” rating and set a $39.00 target price on the stock in a research note on Wednesday, April 16th. Hsbc Global Res upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 14th. BMO Capital Markets cut their price objective on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th. Finally, Scotiabank decreased their target price on shares of Freeport-McMoRan from $45.00 to $40.00 and set a “sector perform” rating for the company in a research report on Monday, April 7th.

Institutional Investors Weigh In On Freeport-McMoRan

A number of institutional investors have recently added to or reduced their stakes in FCX. Asset Planning Inc acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at $25,000. Mizuho Bank Ltd. acquired a new stake in Freeport-McMoRan in the 4th quarter valued at about $26,000. Vision Financial Markets LLC bought a new position in shares of Freeport-McMoRan during the 4th quarter valued at about $27,000. Laurel Wealth Advisors LLC grew its stake in shares of Freeport-McMoRan by 487.8% in the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 600 shares during the last quarter. Finally, Roxbury Financial LLC bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth approximately $28,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Up 0.7 %

FCX stock opened at $37.76 on Friday. The firm has a market cap of $54.26 billion, a price-to-earnings ratio of 29.27, a PEG ratio of 0.87 and a beta of 1.65. Freeport-McMoRan has a 1-year low of $27.66 and a 1-year high of $55.24. The firm has a fifty day moving average price of $36.29 and a two-hundred day moving average price of $39.23. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.01. Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. The business had revenue of $5.73 billion during the quarter, compared to the consensus estimate of $5.36 billion. During the same quarter in the prior year, the firm earned $0.32 EPS. The company’s revenue for the quarter was down 9.4% compared to the same quarter last year. Research analysts predict that Freeport-McMoRan will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Tuesday, April 15th were paid a dividend of $0.15 per share. The ex-dividend date was Tuesday, April 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.59%. Freeport-McMoRan’s dividend payout ratio is presently 24.79%.

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.