Deutsche Bank Aktiengesellschaft Boosts Freeport-McMoRan (NYSE:FCX) Price Target to $51.00

Freeport-McMoRan (NYSE:FCXFree Report) had its target price increased by Deutsche Bank Aktiengesellschaft from $48.00 to $51.00 in a research note issued to investors on Monday morning. They currently have a hold rating on the natural resource company’s stock.

Other equities analysts also recently issued research reports about the company. Scotiabank boosted their target price on Freeport-McMoRan from $53.00 to $60.00 and gave the stock a sector outperform rating in a research note on Thursday, May 30th. Raymond James lifted their price target on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the stock an outperform rating in a report on Wednesday, April 24th. JPMorgan Chase & Co. lowered their price target on shares of Freeport-McMoRan from $52.00 to $51.00 and set a neutral rating on the stock in a report on Wednesday, April 24th. HSBC lifted their price target on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the stock a hold rating in a report on Tuesday, April 23rd. Finally, UBS Group lifted their price target on shares of Freeport-McMoRan from $41.00 to $54.00 and gave the stock a neutral rating in a report on Tuesday, May 14th. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $51.47.

View Our Latest Research Report on Freeport-McMoRan

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $47.99 on Monday. Freeport-McMoRan has a twelve month low of $32.83 and a twelve month high of $55.24. The stock’s 50 day moving average price is $50.89 and its 200-day moving average price is $44.17. The company has a market capitalization of $68.84 billion, a PE ratio of 42.47, a PEG ratio of 2.18 and a beta of 1.96. The company has a quick ratio of 1.41, a current ratio of 2.35 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCXGet Free Report) last announced its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, topping 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 the consensus estimate of $5.70 billion. During the same quarter in the previous year, the business earned $0.52 EPS. The company’s revenue was up 17.3% compared to the same quarter last year. On average, equities analysts anticipate that Freeport-McMoRan will post 1.71 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th were issued a $0.15 dividend. The ex-dividend date of this dividend was Friday, April 12th. This represents a $0.60 annualized dividend and a dividend yield of 1.25%. Freeport-McMoRan’s payout ratio is currently 26.55%.

Insider Transactions at Freeport-McMoRan

In other news, CAO Stephen T. Higgins sold 80,000 shares of the company’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $52.03, for a total value of $4,162,400.00. Following the transaction, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at $5,430,735.31. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CAO Stephen T. Higgins sold 80,000 shares of the company’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $52.03, for a total value of $4,162,400.00. Following the transaction, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at $5,430,735.31. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Stephen T. Higgins sold 42,767 shares of the company’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the completion of the transaction, the chief accounting officer now directly owns 104,377 shares in the company, valued at approximately $5,255,381.95. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 445,667 shares of company stock valued at $22,755,070. 0.79% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Freeport-McMoRan by 1.0% in the first quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock worth $5,675,241,000 after acquiring an additional 1,210,833 shares in the last quarter. Capital Research Global Investors grew its position in Freeport-McMoRan by 22.0% in the first quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock worth $3,427,583,000 after acquiring an additional 13,143,562 shares in the last quarter. Fisher Asset Management LLC grew its position in Freeport-McMoRan by 1.9% in the fourth quarter. Fisher Asset Management LLC now owns 55,710,695 shares of the natural resource company’s stock worth $2,371,604,000 after acquiring an additional 1,030,451 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Freeport-McMoRan by 6.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 36,882,874 shares of the natural resource company’s stock worth $1,734,234,000 after acquiring an additional 2,392,800 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in Freeport-McMoRan by 7.9% in the first quarter. Bank of New York Mellon Corp now owns 21,157,118 shares of the natural resource company’s stock worth $994,808,000 after acquiring an additional 1,551,828 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

About Freeport-McMoRan

(Get Free Report)

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.

See Also

Analyst Recommendations for Freeport-McMoRan (NYSE:FCX)

Receive News & Ratings for Freeport-McMoRan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoRan and related companies with MarketBeat.com's FREE daily email newsletter.