Freeport-McMoRan (NYSE:FCX) Given New $53.00 Price Target at Scotiabank

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

A number of other equities research analysts also recently issued reports on the stock. Bank of America raised shares of Freeport-McMoRan from a neutral rating to a buy rating and set a $59.00 price objective for the company in a research report on Tuesday, April 9th. HSBC upped their price objective on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the stock a hold rating in a research report on Tuesday, April 23rd. Sanford C. Bernstein raised shares of Freeport-McMoRan from a market perform rating to an outperform rating and upped their price objective for the stock from $41.00 to $48.50 in a research report on Monday, January 8th. Raymond James increased their target price on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the company an outperform rating in a research report on Thursday, January 4th. Finally, Royal Bank of Canada reissued a sector perform rating and set a $55.00 target price on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $50.07.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $50.50 on Wednesday. The firm has a market cap of $72.44 billion, a PE ratio of 44.69, a price-to-earnings-growth ratio of 8.18 and a beta of 2.04. The firm’s fifty day moving average is $44.70 and its 200-day moving average is $40.38. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.38 and a current ratio of 2.35. Freeport-McMoRan has a 52 week low of $32.83 and a 52 week high of $52.42.

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

Freeport-McMoRan Dividend Announcement

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

Institutional Trading of Freeport-McMoRan

A number of institutional investors have recently modified their holdings of the business. Signature Wealth Management Partners LLC purchased a new stake in shares of Freeport-McMoRan during the 1st quarter valued at approximately $216,000. Highview Capital Management LLC DE purchased a new stake in Freeport-McMoRan in the 1st quarter worth approximately $1,502,000. First National Trust Co lifted its stake in Freeport-McMoRan by 10.3% in the 1st quarter. First National Trust Co now owns 5,362 shares of the natural resource company’s stock worth $252,000 after purchasing an additional 500 shares in the last quarter. Legacy Bridge LLC lifted its stake in Freeport-McMoRan by 111.6% in the 1st quarter. Legacy Bridge LLC now owns 3,692 shares of the natural resource company’s stock worth $174,000 after purchasing an additional 1,947 shares in the last quarter. Finally, SYSTM Wealth Solutions LLC lifted its stake in Freeport-McMoRan by 8.5% in the 1st quarter. SYSTM Wealth Solutions LLC now owns 4,677 shares of the natural resource company’s stock worth $220,000 after purchasing an additional 365 shares in the last quarter. 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.