Freeport-McMoRan Inc. (NYSE:FCX) Receives $53.00 Consensus Target Price from Brokerages

Freeport-McMoRan Inc. (NYSE:FCX) has been assigned an average recommendation of “Moderate Buy” from the fifteen brokerages that are presently covering the stock, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $53.29.

FCX has been the subject of several recent analyst reports. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Morgan Stanley decreased their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. Finally, JPMorgan Chase & Co. upped their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday.

Hedge Funds Weigh In On Freeport-McMoRan

Several institutional investors and hedge funds have recently modified their holdings of FCX. Inspire Advisors LLC raised its holdings in Freeport-McMoRan by 7.0% in the 3rd quarter. Inspire Advisors LLC now owns 12,640 shares of the natural resource company’s stock valued at $631,000 after buying an additional 827 shares during the last quarter. Aaron Wealth Advisors LLC increased its holdings in Freeport-McMoRan by 0.4% in the 3rd quarter. Aaron Wealth Advisors LLC now owns 316,148 shares of the natural resource company’s stock worth $15,782,000 after acquiring an additional 1,106 shares during the last quarter. Stonegate Investment Group LLC increased its holdings in Freeport-McMoRan by 1.1% in the 3rd quarter. Stonegate Investment Group LLC now owns 30,425 shares of the natural resource company’s stock worth $1,519,000 after acquiring an additional 333 shares during the last quarter. V Square Quantitative Management LLC grew its holdings in Freeport-McMoRan by 23.2% during the 3rd quarter. V Square Quantitative Management LLC now owns 5,623 shares of the natural resource company’s stock valued at $281,000 after buying an additional 1,060 shares in the last quarter. Finally, Addison Capital Co purchased a new position in shares of Freeport-McMoRan during the third quarter worth about $203,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Down 0.0 %

Shares of NYSE:FCX opened at $47.96 on Tuesday. The company has a 50 day moving average of $45.34 and a two-hundred day moving average of $47.88. Freeport-McMoRan has a 52-week low of $32.83 and a 52-week high of $55.24. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $68.89 billion, a price-to-earnings ratio of 42.44, a price-to-earnings-growth ratio of 2.03 and a beta of 1.90.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The company had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6 billion. During the same quarter last year, the firm earned $0.35 EPS. The business’s revenue was up 15.5% on a year-over-year basis. As a group, analysts forecast that Freeport-McMoRan will post 1.58 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be issued a dividend of $0.075 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.63%. Freeport-McMoRan’s payout ratio is 26.55%.

About Freeport-McMoRan

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.