Freeport-McMoRan (NYSE:FCX) Stock Gets Price Target Reduction from Freedom Broker

Freeport-McMoRan (NYSE:FCX) had its target price reduced by Freedom Broker from $75.00 to $68.00 in a research note issued to investors on Monday morning,Benzinga reports. Freedom Broker currently has a hold rating on the natural resource company’s stock.

Several other analysts have also recently weighed in on FCX. Sanford C. Bernstein lowered their price objective on shares of Freeport-McMoRan from $50.00 to $47.00 and set a “market perform” rating on the stock in a research report on Wednesday, September 9th. Wall Street Zen cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Morgan Stanley raised their price target on Freeport-McMoRan from $70.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 7th. JPMorgan Chase & Co. reduced their target price on Freeport-McMoRan from $92.00 to $90.00 and set an “overweight” rating on the stock in a report on Wednesday, October 28th. Finally, Bank of America boosted their price objective on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $75.30.

Freeport-McMoRan Price Performance

NYSE:FCX opened at $62.63 on Monday. The firm has a market capitalization of $89.94 billion, a price-to-earnings ratio of 26.31, a P/E/G ratio of 0.57 and a beta of 1.38. Freeport-McMoRan has a 52-week low of $38.54 and a 52-week high of $80.24. The stock has a fifty day moving average of $70.65 and a 200 day moving average of $65.28. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.91 and a current ratio of 2.02.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, October 27th. The natural resource company reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.06. Freeport-McMoRan had a return on equity of 12.09% and a net margin of 13.03%. The business had revenue of $7.55 billion for the quarter, compared to analyst estimates of $7.36 billion. During the same period in the prior year, the company earned $0.50 EPS. The company’s quarterly revenue was up 8.2% compared to the same quarter last year. On average, research analysts expect that Freeport-McMoRan will post 3.04 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, November 2nd. Shareholders of record on Thursday, October 15th were issued a dividend of $0.0750 per share. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Thursday, October 15th. Freeport-McMoRan’s payout ratio is currently 12.61%.

Insider Activity at Freeport-McMoRan

In other Freeport-McMoRan news, Director Lydia 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 sale, the director owned 122,702 shares in the company, valued at approximately $9,706,955.22. This trade represents a 3.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Douglas Currault, II sold 80,000 shares of the company’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $78.56, for a total transaction of $6,284,800.00. Following the completion of the transaction, the executive vice president directly owned 211,016 shares of the company’s stock, valued at $16,577,416.96. This represents a 27.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.73% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. State Street Corp boosted its holdings in shares of Freeport-McMoRan by 3.6% in the 2nd quarter. State Street Corp now owns 66,485,424 shares of the natural resource company’s stock valued at $4,181,268,000 after acquiring an additional 2,300,416 shares during the last quarter. Bank of America Corp DE increased its stake in Freeport-McMoRan by 20.0% during the 1st quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company’s stock worth $2,489,069,000 after buying an additional 7,044,775 shares in the last quarter. Wellington Management Group LLP boosted its stake in Freeport-McMoRan by 13.8% during the 2nd quarter. Wellington Management Group LLP now owns 14,918,066 shares of the natural resource company’s stock worth $938,197,000 after purchasing an additional 1,810,698 shares during the last quarter. Amundi raised its holdings in Freeport-McMoRan by 10.5% in the 2nd quarter. Amundi now owns 11,819,898 shares of the natural resource company’s stock valued at $743,353,000 after acquiring an additional 1,125,982 shares during the last quarter. Finally, Jupiter Topco LLC acquired a new position in Freeport-McMoRan during the second quarter worth $739,890,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan News Roundup

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: Freeport expects 2027 copper sales volumes to grow more than 20%. It also reported that new leaching additives achieved lab recoveries more than four times initial results, offering a potential boost to production efficiency. Article: Freeport-McMoRan: 3 Key Takeaways for Long-Term Investors
• Positive Sentiment: The board approved a $4.5 billion expansion and modernization program at the Bagdad operation in Arizona, aimed at increasing copper and molybdenum production. This could support longer-term U.S. output growth. Article: Freeport Announces Plans to Boost U.S. Copper & Molybdenum Production
• Positive Sentiment: An analyst commentary said the Grasberg recovery remains on schedule and cited solid mine cash flows; it also expects delayed Indonesian gold sales to reverse in the fourth quarter. These factors support the recovery outlook, though the commentary noted reduced copper sales and higher capital spending. Article: Freeport-McMoRan: Grasberg Remains On Schedule, And I Remain At Buy
• Neutral Sentiment: A Zacks analysis described FCX as technically oversold after a 14.9% decline over four weeks, while noting analysts’ earnings estimate revisions have been upward. That may indicate selling pressure is easing, but does not ensure a near-term rebound. Article: Down 14.9% in 4 Weeks, Here’s Why You Should You Buy the Dip in Freeport-McMoRan
• Negative Sentiment: The $4.5 billion Bagdad project entails significant upfront capital spending, which could weigh on cash flow as Freeport pursues future production growth.
• Negative Sentiment: Freedom Broker lowered its expectations for FCX’s stock price, a counterpoint to the more constructive analyst outlook. Article: Freedom Broker Has Lowered Expectations for Freeport-McMoRan Stock Price

About Freeport-McMoRan

Freeport-McMoRan Inc (NYSE: FCX) is a global mining company primarily engaged in the exploration, development, and production of copper. Copper is used extensively in electrical wiring, construction, transportation, renewable energy systems, and other industrial applications. The company also produces gold and molybdenum, a metal used in steelmaking and other industrial processes, as well as certain other byproducts.

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