BNP Paribas Exane Cuts Freeport-McMoRan (NYSE:FCX) Price Target to $52.00

Freeport-McMoRan (NYSE:FCX) had its price objective trimmed by BNP Paribas Exane from $56.00 to $52.00 in a research note published on Thursday morning,MarketScreener reports. The brokerage currently has an outperform rating on the natural resource company’s stock.

FCX has been the subject of a number of other reports. Hsbc Global Res cut Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 22nd. Raymond James Financial reduced their price objective on Freeport-McMoRan from $55.00 to $46.00 and set an “outperform” rating for the company in a research note on Thursday. Sanford C. Bernstein raised Freeport-McMoRan from a “market perform” rating to an “outperform” rating and set a $48.50 price objective for the company in a research note on Thursday. Citigroup upped their price objective on Freeport-McMoRan from $44.00 to $48.00 and gave the company a “neutral” rating in a research note on Tuesday, July 8th. Finally, Stifel Canada raised Freeport-McMoRan to a “strong-buy” rating in a research note on Tuesday, July 8th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $46.74.

Freeport-McMoRan Trading Up 1.2%

NYSE:FCX opened at $35.76 on Thursday. The stock has a 50-day simple moving average of $43.10 and a 200-day simple moving average of $40.55. The stock has a market cap of $51.34 billion, a P/E ratio of 27.09, a P/E/G ratio of 0.68 and a beta of 1.59. Freeport-McMoRan has a 1 year low of $27.66 and a 1 year high of $52.06. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.09. The business had revenue of $7.58 billion during the quarter, compared to analysts’ expectations of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The business’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.46 EPS. As a group, analysts anticipate that Freeport-McMoRan will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio is 22.73%.

Hedge Funds Weigh In On Freeport-McMoRan

Several hedge funds have recently bought and sold shares of FCX. Twin Peaks Wealth Advisors LLC purchased a new position in Freeport-McMoRan in the 2nd quarter valued at approximately $28,000. City Holding Co. purchased a new position in Freeport-McMoRan in the 1st quarter valued at approximately $33,000. Dagco Inc. purchased a new position in Freeport-McMoRan in the 1st quarter valued at approximately $37,000. Beacon Capital Management LLC increased its stake in Freeport-McMoRan by 59.6% in the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock valued at $38,000 after purchasing an additional 327 shares in the last quarter. Finally, CKW Financial Group purchased a new position in Freeport-McMoRan in the 1st quarter valued at approximately $40,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

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.