Weekly Analysts’ Ratings Updates for Freeport-McMoRan (FCX)

Freeport-McMoRan (NYSE: FCX) recently received a number of ratings updates from brokerages and research firms:

• 10/23/2024 – Freeport-McMoRan had its price target lowered by analysts at Scotiabank from $53.00 to $52.00. They now have a “sector perform” rating on the stock.
• 10/23/2024 – Freeport-McMoRan had its price target raised by analysts at Raymond James from $55.00 to $57.00. They now have an “outperform” rating on the stock.
• 10/15/2024 – Freeport-McMoRan had its price target raised by analysts at JPMorgan Chase & Co. from $53.00 to $55.00. They now have a “neutral” rating on the stock.
• 10/8/2024 – Freeport-McMoRan had its price target raised by analysts at Scotiabank from $52.00 to $53.00. They now have a “sector perform” rating on the stock.
• 9/30/2024 – Freeport-McMoRan was downgraded by analysts at Scotiabank from a “sector outperform” rating to a “sector perform” rating. They now have a $52.00 price target on the stock.
• 9/26/2024 – Freeport-McMoRan was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating.
• 9/23/2024 – Freeport-McMoRan had its price target raised by analysts at Raymond James from $53.00 to $55.00. They now have an “outperform” rating on the stock.
• 9/19/2024 – Freeport-McMoRan had its price target lowered by analysts at Morgan Stanley from $60.00 to $58.00. They now have an “overweight” rating on the stock.
• 9/18/2024 – Freeport-McMoRan was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.
• 9/10/2024 – Freeport-McMoRan was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating.
• 9/4/2024 – Freeport-McMoRan was upgraded by analysts at UBS Group AG from a “neutral” rating to a “buy” rating. They now have a $55.00 price target on the stock, up previously from $54.00.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $47.92 on Thursday. 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 two-hundred day moving average is $47.86. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24. The company 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.

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

Freeport-McMoRan Cuts Dividend

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

Institutional Trading of Freeport-McMoRan

A number of large investors have recently modified their holdings of the company. Matrix Trust Co purchased a new stake in shares of Freeport-McMoRan in the 3rd quarter worth $25,000. Spectrum Wealth Counsel LLC bought a new stake in shares of Freeport-McMoRan in the second quarter valued at about $25,000. Hazlett Burt & Watson Inc. lifted its stake in Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after acquiring an additional 480 shares during the period. Lynx Investment Advisory bought a new position in Freeport-McMoRan during the 2nd quarter worth about $26,000. Finally, LRI Investments LLC purchased a new position in Freeport-McMoRan during the 1st quarter valued at about $26,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

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.