Freeport-McMoRan Inc. (NYSE:FCX) Receives $49.23 Average Price Target from Brokerages

Shares of Freeport-McMoRan Inc. (NYSE:FCX) have received a consensus recommendation of “Moderate Buy” from the fourteen analysts that are presently covering the firm, Marketbeat.com reports. Five research analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $50.07.

Several equities research analysts recently issued reports on FCX shares. Argus upped their price target on Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Sanford C. Bernstein raised Freeport-McMoRan from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $41.00 to $48.50 in a research report on Monday, January 8th. Bernstein Bank boosted their price objective on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research report on Tuesday, April 23rd. Finally, Scotiabank cut their price objective on Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating on the stock in a research report on Wednesday.

Freeport-McMoRan Trading Up 2.2 %

Shares of Freeport-McMoRan stock opened at $50.50 on Tuesday. The stock has a fifty day simple moving average of $44.70 and a 200 day simple moving average of $40.38. Freeport-McMoRan has a 12-month low of $32.83 and a 12-month high of $52.42. The company has a market capitalization of $72.44 billion, a P/E ratio of 44.69, a price-to-earnings-growth ratio of 8.00 and a beta of 2.04. The company has a current ratio of 2.35, a quick ratio of 1.38 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.05. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The business had revenue of $6.32 billion during the quarter, compared to the consensus estimate of $5.70 billion. During the same quarter in the prior year, the company posted $0.52 earnings per share. Freeport-McMoRan’s revenue was up 17.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Freeport-McMoRan will post 1.67 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.19%. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Tompkins Financial Corp boosted its holdings in Freeport-McMoRan by 33.8% during the 1st quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock valued at $37,000 after acquiring an additional 200 shares during the period. MV Capital Management Inc. boosted its holdings in Freeport-McMoRan by 38.6% during the 1st quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock valued at $37,000 after acquiring an additional 221 shares during the period. Mather Group LLC. boosted its holdings in Freeport-McMoRan by 1.3% during the 1st quarter. Mather Group LLC. now owns 17,417 shares of the natural resource company’s stock valued at $819,000 after acquiring an additional 222 shares during the period. Archford Capital Strategies LLC boosted its holdings in Freeport-McMoRan by 1.3% during the 1st quarter. Archford Capital Strategies LLC now owns 18,489 shares of the natural resource company’s stock valued at $869,000 after acquiring an additional 237 shares during the period. Finally, Foster Group Inc. boosted its holdings in Freeport-McMoRan by 0.8% during the 1st quarter. Foster Group Inc. now owns 32,050 shares of the natural resource company’s stock valued at $1,507,000 after acquiring an additional 247 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Company Profile

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.