Freeport-McMoRan (NYSE:FCX) PT Raised to $55.00

Freeport-McMoRan (NYSE:FCX) had its price target upped by JPMorgan Chase & Co. from $53.00 to $55.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has a neutral rating on the natural resource company’s stock.

A number of other brokerages also recently weighed in on FCX. Morgan Stanley dropped their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. Finally, Scotiabank lifted their price target on shares of Freeport-McMoRan from $52.00 to $53.00 and gave the stock a “sector perform” rating in a report on Tuesday, October 8th. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.29.

Freeport-McMoRan Trading Down 0.0 %

NYSE:FCX opened at $47.96 on Tuesday. The firm has a 50-day simple moving average of $45.34 and a 200-day simple moving average of $47.88. Freeport-McMoRan has a one year low of $32.83 and a one year high of $55.24. The firm has a market cap of $68.89 billion, a P/E ratio of 42.44, a P/E/G ratio of 2.03 and a beta of 1.90. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. The company had revenue of $6.62 billion during the quarter, compared to the consensus estimate of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. Freeport-McMoRan’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.35 earnings per share. Equities analysts anticipate that Freeport-McMoRan will post 1.58 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be given a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.63%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s payout ratio is 26.55%.

Institutional Trading of Freeport-McMoRan

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Matrix Trust Co purchased a new position in shares of Freeport-McMoRan in the third quarter worth about $25,000. Spectrum Wealth Counsel LLC purchased a new position in Freeport-McMoRan during the 2nd quarter worth approximately $25,000. Hazlett Burt & Watson Inc. lifted its stake in Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after acquiring an additional 480 shares during the period. Lynx Investment Advisory purchased a new stake in shares of Freeport-McMoRan in the 2nd quarter valued at $26,000. Finally, LRI Investments LLC acquired a new stake in shares of Freeport-McMoRan in the first quarter worth $26,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Company Profile

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.