Freeport-McMoRan (NYSE:FCX) Price Target Raised to $54.00

Freeport-McMoRan (NYSE:FCX) had its price target hoisted by Raymond James from $49.50 to $54.00 in a report published on Wednesday, Benzinga reports. The brokerage currently has an outperform rating on the natural resource company’s stock. Raymond James also issued estimates for Freeport-McMoRan’s Q2 2024 earnings at $0.49 EPS, Q3 2024 earnings at $0.51 EPS, Q4 2024 earnings at $0.50 EPS, FY2024 earnings at $1.82 EPS, Q1 2025 earnings at $0.48 EPS, Q2 2025 earnings at $0.49 EPS, Q3 2025 earnings at $0.51 EPS, Q4 2025 earnings at $0.53 EPS and FY2025 earnings at $2.01 EPS.

FCX has been the subject of a number of other research reports. Bank of America raised Freeport-McMoRan from a neutral rating to a buy rating and set a $59.00 target price for the company in a report on Tuesday, April 9th. Scotiabank cut their price target on Freeport-McMoRan from $55.00 to $53.00 and set a sector outperform rating for the company in a report on Wednesday. Sanford C. Bernstein raised Freeport-McMoRan from a market perform rating to an outperform rating and increased their price target for the company from $41.00 to $48.50 in a report on Monday, January 8th. HSBC increased their price target on Freeport-McMoRan from $39.00 to $45.00 and gave the company a hold rating in a report on Tuesday. Finally, JPMorgan Chase & Co. cut their price target on Freeport-McMoRan from $52.00 to $51.00 and set a neutral rating for the company in a report on Wednesday. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $50.07.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $50.48 on Wednesday. The business has a 50 day simple moving average of $44.47 and a two-hundred day simple moving average of $40.26. Freeport-McMoRan has a 12 month low of $32.83 and a 12 month high of $52.42. The stock has a market capitalization of $72.41 billion, a P/E ratio of 44.67, a PEG ratio of 8.00 and a beta of 2.04. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.38.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 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 business had revenue of $6.32 billion during the quarter, compared to analysts’ expectations of $5.70 billion. During the same quarter in the prior year, the firm earned $0.52 earnings per share. The business’s revenue was up 17.3% compared to the same quarter last year. As a group, analysts predict that Freeport-McMoRan will post 1.67 EPS 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. Stockholders of record on Monday, April 15th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.19%. The ex-dividend date of this dividend is Friday, April 12th. Freeport-McMoRan’s payout ratio is currently 26.55%.

Institutional Trading of Freeport-McMoRan

Several hedge funds have recently modified their holdings of FCX. Bruce G. Allen Investments LLC acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at $27,000. BluePath Capital Management LLC acquired a new stake in Freeport-McMoRan in the third quarter valued at $28,000. Jones Financial Companies Lllp raised its stake in Freeport-McMoRan by 422.2% in the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after buying an additional 532 shares in the last quarter. Vermillion & White Wealth Management Group LLC acquired a new stake in Freeport-McMoRan in the fourth quarter valued at $32,000. Finally, EdgeRock Capital LLC acquired a new stake in Freeport-McMoRan in the fourth quarter valued at $35,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

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.