Freeport-McMoRan (NYSE:FCX) Given New $85.00 Price Target at BMO Capital Markets

Freeport-McMoRan (NYSE:FCX) had its price objective upped by BMO Capital Markets from $78.00 to $85.00 in a research report released on Tuesday. They currently have an outperform rating on the natural resource company’s stock.

Several other equities analysts have also issued reports on the company. Morgan Stanley boosted their price target on Freeport-McMoRan from $66.00 to $70.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 8th. Freedom Broker cut Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 3rd. Scotiabank upped their target price on Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a research note on Monday, June 15th. Wall Street Zen cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, Bank of America boosted their price target on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus price target of $71.69.

Freeport-McMoRan Stock Down 1.7%

Shares of FCX stock opened at $70.73 on Tuesday. Freeport-McMoRan has a 12 month low of $37.20 and a 12 month high of $80.24. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. The firm has a market cap of $101.56 billion, a PE ratio of 34.84, a price-to-earnings-growth ratio of 0.70 and a beta of 1.41. The stock has a 50 day moving average of $70.33 and a 200-day moving average of $65.29.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, beating the consensus estimate 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 net margin of 11.39% and a return on equity of 10.63%. The business’s quarterly revenue was down 7.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.54 EPS. On average, equities analysts predict that Freeport-McMoRan will post 2.82 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Thursday, October 15th will be given a $0.0750 dividend. This represents a $0.30 annualized dividend and a yield of 0.4%. The ex-dividend date is Thursday, October 15th. Freeport-McMoRan’s payout ratio is 14.78%.

Insider Transactions at Freeport-McMoRan

In other news, Director Lydia H. Kennard sold 3,798 shares of the business’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $79.11, for a total transaction of $300,459.78. Following the completion of the sale, the director owned 122,702 shares in the company, valued at $9,706,955.22. The trade was a 3.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Ellie L. Mikes sold 4,773 shares of the company’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total value of $334,110.00. Following the transaction, the chief accounting officer directly owned 36,000 shares in the company, valued at $2,520,000. This trade represents a 11.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 110,398 shares of company stock worth $8,387,271 in the last quarter. 0.73% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Freeport-McMoRan

Institutional investors have recently modified their holdings of the business. Pinnacle Bancorp Inc. increased its holdings in Freeport-McMoRan by 7.9% during the 1st quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company’s stock worth $118,000 after purchasing an additional 147 shares in the last quarter. Steph & Co. raised its stake in shares of Freeport-McMoRan by 43.7% in the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 150 shares during the period. Richardson Financial Services Inc. lifted its holdings in shares of Freeport-McMoRan by 11.6% in the second quarter. Richardson Financial Services Inc. now owns 1,539 shares of the natural resource company’s stock valued at $97,000 after purchasing an additional 160 shares in the last quarter. Essex Bank lifted its holdings in shares of Freeport-McMoRan by 1.2% in the first quarter. Essex Bank now owns 14,104 shares of the natural resource company’s stock valued at $829,000 after purchasing an additional 163 shares in the last quarter. Finally, Fiduciary Financial Group LLC boosted its position in shares of Freeport-McMoRan by 2.6% during the second quarter. Fiduciary Financial Group LLC now owns 6,788 shares of the natural resource company’s stock worth $427,000 after buying an additional 173 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc (NYSE: FCX) is a leading international mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Copper is its principal product and is used in electrical systems, construction, transportation, renewable energy infrastructure and other industrial applications. The company also produces copper cathodes and concentrates, gold, molybdenum products and certain quantities of silver and other byproducts.

Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America and Indonesia.