Freeport-McMoRan (NYSE:FCX) Price Target Lowered to $53.00 at Scotiabank

Freeport-McMoRan (NYSE:FCX) had its price target lowered by Scotiabank from $55.00 to $53.00 in a research note published on Wednesday, Benzinga reports. Scotiabank currently has a sector outperform rating on the natural resource company’s stock.

FCX has been the topic of a number of other reports. Sanford C. Bernstein raised Freeport-McMoRan from a market perform rating to an outperform rating and raised their price objective for the company from $41.00 to $48.50 in a research note on Monday, January 8th. Royal Bank of Canada reissued a sector perform rating and issued a $55.00 target price on shares of Freeport-McMoRan in a research note on Thursday, January 25th. HSBC raised their target price on Freeport-McMoRan from $39.00 to $45.00 and gave the stock a hold rating in a research note on Tuesday. JPMorgan Chase & Co. cut their target price on Freeport-McMoRan from $52.00 to $51.00 and set a neutral rating on the stock in a research note on Wednesday. Finally, Bank of America raised Freeport-McMoRan from a neutral rating to a buy rating and set a $59.00 target price on the stock in a research note on Tuesday, April 9th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $50.07.

Freeport-McMoRan Stock Up 2.2 %

FCX opened at $50.48 on Wednesday. The stock has a market cap of $72.41 billion, a PE ratio of 44.67, a P/E/G ratio of 8.00 and a beta of 2.04. The company has a quick ratio of 1.38, a current ratio of 2.35 and a debt-to-equity ratio of 0.31. Freeport-McMoRan has a 52 week low of $32.83 and a 52 week high of $52.42. The business’s fifty day simple moving average is $44.47 and its 200 day simple moving average is $40.26.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The firm had revenue of $6.32 billion for the quarter, compared to analysts’ expectations of $5.70 billion. During the same period last year, the firm earned $0.52 earnings per share. The company’s revenue for the quarter was up 17.3% compared to the same quarter last year. As a group, research analysts expect that Freeport-McMoRan will post 1.67 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.60 annualized dividend and a yield of 1.19%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Institutional Trading of Freeport-McMoRan

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bruce G. Allen Investments LLC bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth approximately $27,000. BluePath Capital Management LLC bought a new stake in shares of Freeport-McMoRan in the 3rd quarter worth approximately $28,000. Jones Financial Companies Lllp boosted its position in shares of Freeport-McMoRan by 422.2% in the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 532 shares in the last quarter. Vermillion & White Wealth Management Group LLC bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth approximately $32,000. Finally, EdgeRock Capital LLC bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth approximately $35,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

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.