Freeport-McMoRan Inc. (NYSE:FCX) Receives $44.95 Consensus Price Target from Analysts

Shares of Freeport-McMoRan Inc. (NYSE:FCXGet Free Report) have received a consensus rating of “Hold” from the eleven ratings firms that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and six have assigned a buy recommendation to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $44.95.

A number of equities analysts have issued reports on FCX shares. JPMorgan Chase & Co. started coverage on shares of Freeport-McMoRan in a report on Tuesday, October 17th. They set a “neutral” rating and a $42.00 price objective on the stock. cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Tuesday, October 24th. BMO Capital Markets decreased their price objective on shares of Freeport-McMoRan from $47.00 to $45.00 and set an “outperform” rating on the stock in a research report on Friday, October 20th. Morgan Stanley cut their target price on Freeport-McMoRan from $41.00 to $40.00 and set an “equal weight” rating for the company in a research note on Thursday, December 7th. Finally, Eight Capital set a $55.00 target price on Freeport-McMoRan and gave the stock a “buy” rating in a research note on Wednesday, December 6th.

Read Our Latest Report on Freeport-McMoRan

Freeport-McMoRan Price Performance

NYSE:FCX opened at $37.69 on Thursday. Freeport-McMoRan has a 52 week low of $32.83 and a 52 week high of $44.70. The firm has a market cap of $54.05 billion, a price-to-earnings ratio of 29.68 and a beta of 2.06. The firm’s 50-day simple moving average is $40.12 and its 200 day simple moving average is $38.64. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.38 and a current ratio of 2.42.

Freeport-McMoRan (NYSE:FCXGet Free Report) last released its earnings results on Wednesday, January 24th. The natural resource company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.23 by $0.04. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The firm had revenue of $5.91 billion for the quarter, compared to analyst estimates of $5.85 billion. During the same period last year, the firm earned $0.52 EPS. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. As a group, sell-side analysts predict that Freeport-McMoRan will post 1.46 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 1st. Shareholders of record on Friday, January 12th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date was Thursday, January 11th. Freeport-McMoRan’s payout ratio is 23.62%.

Hedge Funds Weigh In On Freeport-McMoRan

A number of large investors have recently bought and sold shares of FCX. Fairfield Bush & CO. acquired a new position in shares of Freeport-McMoRan in the first quarter valued at about $26,000. Synovus Financial Corp grew its holdings in Freeport-McMoRan by 15.2% in the first quarter. Synovus Financial Corp now owns 11,101 shares of the natural resource company’s stock valued at $553,000 after purchasing an additional 1,468 shares during the period. Blair William & Co. IL grew its holdings in Freeport-McMoRan by 40.8% in the first quarter. Blair William & Co. IL now owns 112,066 shares of the natural resource company’s stock valued at $5,574,000 after purchasing an additional 32,474 shares during the period. Sei Investments Co. grew its holdings in Freeport-McMoRan by 73.6% in the first quarter. Sei Investments Co. now owns 132,043 shares of the natural resource company’s stock valued at $6,624,000 after purchasing an additional 55,987 shares during the period. Finally, Baird Financial Group Inc. boosted its stake in shares of Freeport-McMoRan by 22.0% in the first quarter. Baird Financial Group Inc. now owns 79,686 shares of the natural resource company’s stock worth $3,964,000 after acquiring an additional 14,388 shares during the last quarter. Hedge funds and other institutional investors own 77.96% of the company’s stock.

About Freeport-McMoRan

(Get Free Report

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; Tyrone and Chino 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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Analyst Recommendations for Freeport-McMoRan (NYSE:FCX)

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