HSBC Raises Freeport-McMoRan (NYSE:FCX) Price Target to $45.00

Freeport-McMoRan (NYSE:FCX) had its price objective raised by HSBC from $39.00 to $45.00 in a research report report published on Tuesday morning. The firm currently has a hold rating on the natural resource company’s stock.

A number of other analysts have also recently weighed in on FCX. Bank of America upgraded shares of Freeport-McMoRan from a neutral rating to a buy rating and set a $59.00 price target for the company in a research note on Tuesday, April 9th. Sanford C. Bernstein upgraded shares of Freeport-McMoRan from a market perform rating to an outperform rating and increased their price target for the stock from $41.00 to $48.50 in a research note on Monday, January 8th. Scotiabank upped their price objective on shares of Freeport-McMoRan from $48.00 to $55.00 and gave the stock a sector outperform rating in a research report on Tuesday, April 9th. JPMorgan Chase & Co. upped their price objective on shares of Freeport-McMoRan from $43.00 to $52.00 and gave the stock a neutral rating in a research report on Wednesday, April 17th. Finally, Royal Bank of Canada restated a sector perform rating and set a $55.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $50.07.

Freeport-McMoRan Trading Up 2.4 %

Shares of Freeport-McMoRan stock opened at $49.40 on Tuesday. The stock has a market cap of $70.86 billion, a price-to-earnings ratio of 43.72, a PEG ratio of 2.20 and a beta of 2.04. The company has a fifty day simple moving average of $44.24 and a 200-day simple moving average of $40.20. 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 has a 12-month low of $32.83 and a 12-month high of $52.42.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. The firm had revenue of $6.32 billion during the quarter, compared to analysts’ expectations of $5.70 billion. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. Freeport-McMoRan’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.52 EPS. On average, equities analysts forecast that Freeport-McMoRan will post 1.57 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be issued a $0.15 dividend. The ex-dividend date is Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.21%. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

Hedge Funds Weigh In On Freeport-McMoRan

Large investors have recently made changes to their positions in the stock. Lindbrook Capital LLC increased its holdings in Freeport-McMoRan by 6.3% during the 1st quarter. Lindbrook Capital LLC now owns 8,448 shares of the natural resource company’s stock valued at $397,000 after acquiring an additional 503 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Freeport-McMoRan by 7.9% during the 1st quarter. Bank of New York Mellon Corp now owns 21,157,118 shares of the natural resource company’s stock valued at $994,808,000 after acquiring an additional 1,551,828 shares in the last quarter. Fielder Capital Group LLC increased its holdings in Freeport-McMoRan by 6.5% during the 1st quarter. Fielder Capital Group LLC now owns 8,611 shares of the natural resource company’s stock valued at $405,000 after acquiring an additional 524 shares in the last quarter. Capital Investment Advisory Services LLC increased its holdings in Freeport-McMoRan by 35.8% during the 1st quarter. Capital Investment Advisory Services LLC now owns 12,242 shares of the natural resource company’s stock valued at $576,000 after acquiring an additional 3,229 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Freeport-McMoRan by 0.6% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 473,307 shares of the natural resource company’s stock valued at $22,255,000 after acquiring an additional 3,053 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

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.