Freeport-McMoRan Inc. (NYSE:FCX) Stock Has Consensus Price Target of $76.22 According to Brokerages

Shares of Freeport-McMoRan Inc. (NYSE:FCX) have been assigned an average recommendation of “Moderate Buy” from the twenty-five analysts that are presently covering the stock, MarketBeat.com reports. Four analysts have rated the stock with a hold recommendation, twenty have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $76.22.

Several equities research analysts have weighed in on FCX shares. Weiss Ratings raised Freeport-McMoRan from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday. Wells Fargo & Company raised their target price on Freeport-McMoRan from $70.00 to $87.00 and gave the company an “overweight” rating in a research note on Tuesday, October 6th. The Goldman Sachs Group reissued a “buy” rating on shares of Freeport-McMoRan in a report on Thursday, September 10th. JPMorgan Chase & Co. upped their price target on shares of Freeport-McMoRan from $77.00 to $92.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 7th. Finally, Morgan Stanley upped their price target on shares of Freeport-McMoRan from $70.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 7th.

Insider Activity

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 14,277 shares of the company’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total value of $992,251.50. Following the completion of the transaction, the chief accounting officer owned 54,618 shares in the company, valued at approximately $3,795,951. This represents a 20.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Lydia H. Kennard sold 3,798 shares of the firm’s stock in a transaction that occurred on Thursday, August 27th. The shares were 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 position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 110,398 shares of company stock valued at $8,387,271. Company insiders own 0.73% of the company’s stock.

Hedge Funds Weigh In On Freeport-McMoRan

Several hedge funds and other institutional investors have recently made changes to their positions in FCX. Oak Grove Capital LLC grew its stake in Freeport-McMoRan by 492.3% in the 3rd quarter. Oak Grove Capital LLC now owns 149,001 shares of the natural resource company’s stock valued at $10,430,000 after buying an additional 123,843 shares during the last quarter. Argus Investors Counsel Inc. bought a new position in Freeport-McMoRan in the 3rd quarter worth $259,000. Mirador Capital Partners LP raised its holdings in Freeport-McMoRan by 3.7% in the 3rd quarter. Mirador Capital Partners LP now owns 135,338 shares of the natural resource company’s stock worth $9,474,000 after acquiring an additional 4,770 shares during the period. Biltmore Wealth Management LLC acquired a new position in Freeport-McMoRan during the 3rd quarter worth $212,000. Finally, Sound Income Strategies LLC acquired a new position in Freeport-McMoRan during the 3rd quarter worth $312,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Down 0.4%

Shares of Freeport-McMoRan stock opened at $73.37 on Friday. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. The business’s 50 day simple moving average is $71.98 and its 200-day simple moving average is $66.30. The stock has a market capitalization of $105.36 billion, a price-to-earnings ratio of 36.14, a PEG ratio of 0.70 and a beta of 1.39. Freeport-McMoRan has a twelve month low of $38.54 and a twelve month high of $80.24.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.12. The business had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%. The business’s revenue was down 7.3% on a year-over-year basis. During the same quarter last year, the business posted $0.54 EPS. Equities research analysts forecast that Freeport-McMoRan will post 2.87 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The company 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. The ex-dividend date is Thursday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.4%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 14.78%.

About Freeport-McMoRan

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.