Scotiabank Boosts Freeport-McMoRan (NYSE:FCX) Price Target to $55.00

Freeport-McMoRan (NYSE:FCXFree Report) had its price target lifted by Scotiabank from $48.00 to $55.00 in a research report report published on Tuesday, Benzinga reports. The brokerage currently has a sector outperform rating on the natural resource company’s stock.

A number of other research analysts have also weighed in on FCX. UBS Group cut their price objective on Freeport-McMoRan from $42.00 to $41.00 and set a neutral rating on the stock in a report on Wednesday, December 13th. Royal Bank of Canada reissued a sector perform rating and issued a $55.00 price objective on shares of Freeport-McMoRan in a report on Thursday, January 25th. Sanford C. Bernstein raised Freeport-McMoRan from a market perform rating to an outperform rating and increased their price objective for the company from $41.00 to $48.50 in a report on Monday, January 8th. Raymond James increased their price objective on Freeport-McMoRan from $42.00 to $43.00 and gave the company an outperform rating in a report on Thursday, January 4th. Finally, Bank of America raised Freeport-McMoRan from a neutral rating to a buy rating and set a $59.00 price objective on the stock in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. According to data from, the company has an average rating of Hold and a consensus price target of $46.71.

Read Our Latest Stock Analysis on FCX

Freeport-McMoRan Trading Down 2.5 %

Shares of NYSE:FCX opened at $49.48 on Tuesday. The business’s 50-day moving average is $42.46 and its 200 day moving average is $39.46. Freeport-McMoRan has a 1 year low of $32.83 and a 1 year high of $52.42. The firm has a market capitalization of $70.97 billion, a P/E ratio of 38.96, a P/E/G ratio of 2.29 and a beta of 2.04. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.42 and a quick ratio of 1.38.

Freeport-McMoRan (NYSE:FCXGet Free Report) last announced its earnings results on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.04. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The company had revenue of $5.91 billion for the quarter, compared to analyst estimates of $5.85 billion. During the same period in the prior year, the company posted $0.52 EPS. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. On average, research analysts predict that Freeport-McMoRan will post 1.6 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.21%. Freeport-McMoRan’s payout ratio is 23.62%.

Hedge Funds Weigh In On Freeport-McMoRan

Hedge funds have recently bought and sold shares of the business. Fairfield Bush & CO. purchased a new position in Freeport-McMoRan during the first quarter worth approximately $26,000. KB Financial Partners LLC purchased a new position in Freeport-McMoRan during the first quarter worth approximately $26,000. Bruce G. Allen Investments LLC purchased a new position in Freeport-McMoRan during the fourth quarter worth approximately $27,000. Retirement Group LLC boosted its position in Freeport-McMoRan by 97.1% during the second quarter. Retirement Group LLC now owns 670 shares of the natural resource company’s stock worth $27,000 after purchasing an additional 330 shares in the last quarter. Finally, BluePath Capital Management LLC purchased a new position in shares of Freeport-McMoRan in the third quarter valued at approximately $28,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Company Profile

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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.

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