Freeport-McMoRan Inc. (NYSE:FCX) Receives $48.09 Consensus PT from Brokerages

Shares of Freeport-McMoRan Inc. (NYSE:FCX) have been given an average recommendation of “Moderate Buy” by the fifteen brokerages that are currently covering the company, MarketBeat reports. Four research analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and three have assigned a strong buy recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $48.09.

Several brokerages recently issued reports on FCX. Hsbc Global Res raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 14th. Wolfe Research upgraded shares of Freeport-McMoRan from a “peer perform” rating to an “outperform” rating and set a $39.00 price target for the company in a research report on Wednesday, April 16th. Scotiabank decreased their price objective on Freeport-McMoRan from $45.00 to $40.00 and set a “sector perform” rating for the company in a report on Monday, April 7th. UBS Group dropped their price objective on shares of Freeport-McMoRan from $52.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. Finally, BMO Capital Markets reduced their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday, January 24th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Pine Valley Investments Ltd Liability Co lifted its stake in Freeport-McMoRan by 5.0% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 10,306 shares of the natural resource company’s stock worth $514,000 after purchasing an additional 490 shares during the last quarter. World Investment Advisors LLC bought a new position in shares of Freeport-McMoRan in the 3rd quarter worth about $246,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Freeport-McMoRan in the 3rd quarter worth approximately $754,000. Franklin Resources Inc. grew its stake in shares of Freeport-McMoRan by 9.5% in the third quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock worth $1,348,522,000 after acquiring an additional 2,366,187 shares during the last quarter. Finally, Retirement Systems of Alabama raised its holdings in Freeport-McMoRan by 0.6% in the third quarter. Retirement Systems of Alabama now owns 318,822 shares of the natural resource company’s stock worth $15,916,000 after buying an additional 1,947 shares during the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Down 2.4 %

Shares of FCX opened at $37.00 on Friday. The stock has a market capitalization of $53.17 billion, a price-to-earnings ratio of 28.68, a PEG ratio of 0.87 and a beta of 1.65. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. The stock has a fifty day moving average of $36.20 and a 200-day moving average of $39.38. Freeport-McMoRan has a 52 week low of $27.66 and a 52 week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.01. Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. The company had revenue of $5.73 billion during the quarter, compared to the consensus estimate of $5.36 billion. During the same period last year, the company earned $0.32 earnings per share. The firm’s revenue was down 9.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Freeport-McMoRan will post 1.68 earnings per share for the current fiscal 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 given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.62%. The ex-dividend date of this dividend was Tuesday, April 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 24.79%.

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.