Freeport-McMoRan (NYSE:FCX) Given New $72.00 Price Target at Deutsche Bank Aktiengesellschaft

Freeport-McMoRan (NYSE:FCX) had its price objective boosted by Deutsche Bank Aktiengesellschaft from $58.00 to $72.00 in a research report sent to investors on Wednesday, Marketbeat.com reports. They currently have a buy rating on the natural resource company’s stock.

A number of other equities analysts have also recently commented on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Freeport-McMoRan in a research note on Thursday, January 22nd. Morgan Stanley set a $70.00 price objective on shares of Freeport-McMoRan in a research report on Tuesday, January 27th. Scotiabank dropped their price objective on shares of Freeport-McMoRan from $72.00 to $71.00 and set a “sector perform” rating for the company in a report on Tuesday. JPMorgan Chase & Co. upped their target price on shares of Freeport-McMoRan from $68.00 to $76.00 and gave the stock an “overweight” rating in a research report on Thursday, April 9th. Finally, HSBC increased their target price on Freeport-McMoRan from $69.00 to $72.00 and gave the company a “buy” rating in a research note on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $66.26.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $68.59 on Wednesday. The stock has a market cap of $98.58 billion, a P/E ratio of 45.43, a PEG ratio of 0.81 and a beta of 1.48. The company has a quick ratio of 1.05, a current ratio of 2.29 and a debt-to-equity ratio of 0.29. The business’s 50-day moving average price is $61.83 and its two-hundred day moving average price is $52.52. Freeport-McMoRan has a twelve month low of $32.12 and a twelve month high of $69.75.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, January 22nd. The natural resource company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.28 by $0.19. The company had revenue of $5.63 billion during the quarter, compared to analyst estimates of $5.42 billion. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.50%.Freeport-McMoRan’s revenue was down 1.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.31 earnings per share. As a group, equities analysts predict that Freeport-McMoRan will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th will be issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Wednesday, April 15th. Freeport-McMoRan’s payout ratio is presently 19.87%.

Insider Buying and Selling

In related news, CAO Stephen T. Higgins sold 29,654 shares of the stock in a transaction on Friday, February 20th. The shares were sold at an average price of $63.00, for a total transaction of $1,868,202.00. Following the transaction, the chief accounting officer owned 76,445 shares of the company’s stock, valued at approximately $4,816,035. This trade represents a 27.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Maree E. Robertson sold 48,500 shares of Freeport-McMoRan stock in a transaction on Friday, February 13th. The stock was sold at an average price of $61.55, for a total transaction of $2,985,175.00. Following the completion of the transaction, the chief financial officer owned 79,894 shares in the company, valued at approximately $4,917,475.70. The trade was a 37.77% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 565,145 shares of company stock worth $35,839,918 in the last ninety days. 0.75% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Freeport-McMoRan

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Steigerwald Gordon & Koch Inc. bought a new stake in Freeport-McMoRan in the third quarter valued at approximately $25,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Freeport-McMoRan in the fourth quarter worth approximately $25,000. Salomon & Ludwin LLC grew its holdings in shares of Freeport-McMoRan by 1,962.9% in the third quarter. Salomon & Ludwin LLC now owns 722 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 687 shares during the last quarter. Kemnay Advisory Services Inc. purchased a new position in shares of Freeport-McMoRan in the fourth quarter worth $29,000. Finally, SHP Wealth Management purchased a new position in shares of Freeport-McMoRan in the fourth quarter worth $30,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Company Profile

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.