Freeport-McMoRan Inc. (NYSE:FCX) Receives $70.18 Consensus Target Price from Analysts

Shares of Freeport-McMoRan Inc. (NYSE:FCX) have been given an average recommendation of “Moderate Buy” by the twenty-three brokerages that are presently covering the firm, Marketbeat Ratings reports. Four analysts have rated the stock with a hold recommendation, eighteen have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $70.2682.

A number of equities research analysts have weighed in on the company. Citigroup reiterated a “positive” rating on shares of Freeport-McMoRan in a research note on Wednesday, July 15th. Morgan Stanley raised their target price on shares of Freeport-McMoRan from $66.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 8th. HSBC lifted their target price on shares of Freeport-McMoRan from $72.00 to $75.00 in a report on Friday, June 12th. Barclays upped their price target on shares of Freeport-McMoRan from $80.00 to $82.00 and gave the company an “overweight” rating in a research report on Monday. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $78.00 price target on shares of Freeport-McMoRan in a research note on Thursday, July 23rd.

Hedge Funds Weigh In On Freeport-McMoRan

Hedge funds and other institutional investors have recently made changes to their positions in the stock. First Community Trust NA acquired a new position in Freeport-McMoRan in the 2nd quarter valued at about $46,000. Family Wealth Partners LLC acquired a new stake in Freeport-McMoRan during the 2nd quarter worth approximately $208,000. Tema ETFs LLC grew its stake in shares of Freeport-McMoRan by 10.4% in the 2nd quarter. Tema ETFs LLC now owns 27,662 shares of the natural resource company’s stock valued at $1,740,000 after purchasing an additional 2,610 shares during the last quarter. Fiduciary Financial Group LLC grew its stake in shares of Freeport-McMoRan by 2.6% in the 2nd quarter. Fiduciary Financial Group LLC now owns 6,788 shares of the natural resource company’s stock valued at $427,000 after purchasing an additional 173 shares during the last quarter. Finally, Doliver Advisors LP increased its holdings in shares of Freeport-McMoRan by 13.6% in the second quarter. Doliver Advisors LP now owns 12,925 shares of the natural resource company’s stock valued at $813,000 after purchasing an additional 1,545 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 2.8%

FCX opened at $59.94 on Monday. Freeport-McMoRan has a one year low of $35.15 and a one year high of $72.28. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07. The stock has a market capitalization of $86.16 billion, a P/E ratio of 29.53, a price-to-earnings-growth ratio of 0.62 and a beta of 1.37. The business’s 50-day simple moving average is $63.66 and its 200-day simple moving average is $62.51.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. The firm had revenue of $7.03 billion during the quarter, compared to analysts’ expectations of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The business’s revenue was down 7.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.54 EPS. Analysts anticipate that Freeport-McMoRan will post 2.75 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced 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. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio is presently 14.78%.

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.