Freeport-McMoRan (NYSE:FCX) Price Target Raised to $73.00

Freeport-McMoRan (NYSE:FCX) had its price target lifted by Royal Bank Of Canada from $70.00 to $73.00 in a research note issued to investors on Friday, MarketBeat reports. The brokerage currently has a sector perform rating on the natural resource company’s stock.

Several other equities research analysts also recently weighed in on FCX. Citigroup reissued a “positive” rating on shares of Freeport-McMoRan in a research report on Wednesday, July 15th. Stifel Nicolaus increased their price target on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Jefferies Financial Group lifted their price target on Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, June 8th. HSBC boosted their price objective on Freeport-McMoRan from $72.00 to $75.00 in a report on Friday, June 12th. Finally, Morgan Stanley upped their price objective on Freeport-McMoRan from $66.00 to $70.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $70.18.

Freeport-McMoRan Stock Down 0.1%

FCX stock opened at $62.54 on Friday. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. The firm has a 50 day simple moving average of $63.58 and a 200-day simple moving average of $62.38. The company has a market capitalization of $89.90 billion, a P/E ratio of 30.81, a PEG ratio of 0.61 and a beta of 1.37. Freeport-McMoRan has a twelve month low of $35.15 and a twelve month high of $72.28.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Wednesday, July 22nd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.12. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The firm had revenue of $7.03 billion for the quarter, compared to analysts’ expectations of $6.62 billion. During the same period in the prior year, the company posted $0.54 earnings per share. The firm’s quarterly revenue was down 7.3% on a year-over-year basis. On average, equities research analysts predict that Freeport-McMoRan will post 2.75 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be issued a $0.075 dividend. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s payout ratio is 14.78%.

Institutional Investors Weigh In On Freeport-McMoRan

Institutional investors have recently modified their holdings of the business. Arrowstreet Capital Limited Partnership lifted its holdings in Freeport-McMoRan by 98.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company’s stock worth $1,014,434,000 after acquiring an additional 9,924,573 shares during the last quarter. Franklin Resources Inc. grew its holdings in shares of Freeport-McMoRan by 31.2% during the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock valued at $1,897,202,000 after purchasing an additional 8,891,743 shares during the last quarter. Amundi grew its holdings in shares of Freeport-McMoRan by 102.5% during the fourth quarter. Amundi now owns 14,211,579 shares of the natural resource company’s stock valued at $721,806,000 after purchasing an additional 7,192,955 shares during the last quarter. Bank of America Corp DE raised its position in shares of Freeport-McMoRan by 20.0% during the 1st quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company’s stock worth $2,489,069,000 after purchasing an additional 7,044,775 shares during the period. Finally, Janus Henderson Group PLC raised its position in shares of Freeport-McMoRan by 101.2% during the 1st quarter. Janus Henderson Group PLC now owns 11,498,267 shares of the natural resource company’s stock worth $675,896,000 after purchasing an additional 5,784,156 shares during the period. Institutional investors own 80.77% of the company’s stock.

Trending Headlines about Freeport-McMoRan

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: FCX reported Q2 adjusted EPS of $0.74 and revenue of $7.03 billion, both ahead of Wall Street estimates, helped by higher realized copper and gold prices. Article Title
• Positive Sentiment: Management said the Grasberg ramp remains on schedule, U.S. operations are improving, and the brownfield copper pipeline is expanding, which supports longer-term production growth. Article Title
• Positive Sentiment: Royal Bank of Canada raised its price target on FCX to $73 from $70, signaling continued analyst confidence in the stock’s upside. Article Title
• Positive Sentiment: Several recent writeups highlighted strong income growth, free cash flow, and the benefit of firmer copper prices, reinforcing the investment case for FCX. Article Title

About Freeport-McMoRan

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.