Freeport-McMoRan Inc (NYSE:FCX) Receives $12.85 Average Target Price from Brokerages

Shares of Freeport-McMoRan Inc (NYSE:FCX) have been given an average rating of “Buy” by the eighteen ratings firms that are covering the firm, MarketBeat.com reports. Eight research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $12.94.

A number of equities research analysts have recently weighed in on FCX shares. B. Riley set a $13.00 price objective on Freeport-McMoRan and gave the stock a “buy” rating in a research report on Monday, October 21st. Exane BNP Paribas started coverage on Freeport-McMoRan in a research report on Friday, September 20th. They issued an “outperform” rating on the stock. Clarkson Capital reiterated a “neutral” rating on shares of Freeport-McMoRan in a research report on Monday, September 23rd. Raymond James reiterated a “market perform” rating and issued a $11.50 price objective on shares of Freeport-McMoRan in a research report on Thursday, October 24th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $13.30 price objective on shares of Freeport-McMoRan in a research report on Thursday, November 7th.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Fisher Asset Management LLC boosted its position in shares of Freeport-McMoRan by 31.9% during the third quarter. Fisher Asset Management LLC now owns 38,822,910 shares of the natural resource company’s stock valued at $371,535,000 after purchasing an additional 9,381,370 shares in the last quarter. Northern Trust Corp boosted its position in shares of Freeport-McMoRan by 2.2% during the second quarter. Northern Trust Corp now owns 21,091,006 shares of the natural resource company’s stock valued at $244,867,000 after purchasing an additional 446,954 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Freeport-McMoRan by 10.6% during the second quarter. Price T Rowe Associates Inc. MD now owns 12,037,806 shares of the natural resource company’s stock valued at $139,759,000 after purchasing an additional 1,155,099 shares in the last quarter. Nuveen Asset Management LLC boosted its position in shares of Freeport-McMoRan by 14,378.6% during the second quarter. Nuveen Asset Management LLC now owns 10,964,634 shares of the natural resource company’s stock valued at $127,299,000 after purchasing an additional 10,888,904 shares in the last quarter. Finally, Invesco Ltd. boosted its position in shares of Freeport-McMoRan by 8.5% during the second quarter. Invesco Ltd. now owns 9,703,380 shares of the natural resource company’s stock valued at $112,656,000 after purchasing an additional 761,139 shares in the last quarter. Institutional investors own 72.71% of the company’s stock.

FCX traded down $0.03 on Monday, hitting $10.81. 14,363,963 shares of the company were exchanged, compared to its average volume of 21,485,803. The firm has a fifty day simple moving average of $9.90 and a two-hundred day simple moving average of $10.39. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.16 and a current ratio of 2.47. Freeport-McMoRan has a 12 month low of $8.43 and a 12 month high of $14.68. The stock has a market capitalization of $15.73 billion, a PE ratio of 7.11 and a beta of 2.44.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Wednesday, October 23rd. The natural resource company reported ($0.01) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.01). The firm had revenue of $3.31 billion for the quarter, compared to analyst estimates of $3.49 billion. Freeport-McMoRan had a positive return on equity of 0.91% and a negative net margin of 0.22%. The business’s quarterly revenue was down 32.6% compared to the same quarter last year. During the same period last year, the company earned $0.35 EPS. On average, equities analysts expect that Freeport-McMoRan will post 0.02 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were given a dividend of $0.05 per share. The ex-dividend date was Friday, October 11th. This represents a $0.20 annualized dividend and a dividend yield of 1.85%. Freeport-McMoRan’s dividend payout ratio is presently 13.16%.

About Freeport-McMoRan

Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.

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Analyst Recommendations for Freeport-McMoRan (NYSE:FCX)

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