Freeport-McMoRan (NYSE:FCX) Given New $57.00 Price Target at Raymond James

Freeport-McMoRan (NYSE:FCX) had its price target lifted by Raymond James from $55.00 to $57.00 in a research note published on Wednesday morning, Benzinga reports. The firm currently has an outperform rating on the natural resource company’s stock.

FCX has been the subject of several other research reports. JPMorgan Chase & Co. upped their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. Scotiabank increased their target price on Freeport-McMoRan from $52.00 to $53.00 and gave the company a “sector perform” rating in a report on Tuesday, October 8th. Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 24th. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Finally, UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their target price for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Stock Down 1.3 %

Shares of Freeport-McMoRan stock opened at $47.92 on Wednesday. Freeport-McMoRan has a 12-month low of $32.83 and a 12-month high of $55.24. The firm has a market capitalization of $68.84 billion, a PE ratio of 42.41, a price-to-earnings-growth ratio of 2.03 and a beta of 1.90. 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 stock’s fifty day moving average is $45.86 and its 200-day moving average is $47.86.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The firm had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. During the same quarter last year, the business posted $0.39 EPS. Freeport-McMoRan’s revenue was up 16.6% on a year-over-year basis. Equities analysts anticipate that Freeport-McMoRan will post 1.58 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Hazlett Burt & Watson Inc. boosted its holdings in shares of Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after buying an additional 480 shares during the period. Spectrum Wealth Counsel LLC acquired a new position in Freeport-McMoRan during the 2nd quarter worth $25,000. Matrix Trust Co bought a new stake in Freeport-McMoRan during the third quarter valued at about $25,000. LRI Investments LLC acquired a new stake in shares of Freeport-McMoRan in the first quarter valued at about $26,000. Finally, Lynx Investment Advisory bought a new position in shares of Freeport-McMoRan in the second quarter worth about $26,000. 80.77% of the stock is owned by institutional investors.

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.