Freeport-McMoRan (NYSE:FCX) Price Target Raised to $82.00

Freeport-McMoRan (NYSE:FCX) had its price objective lifted by Barclays from $80.00 to $82.00 in a research report sent to investors on Monday, Marketbeat Ratings reports. Barclays currently has an overweight rating on the natural resource company’s stock.

FCX has been the topic of several other reports. Sanford C. Bernstein lifted their price target on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a research note on Wednesday, June 10th. Weiss Ratings downgraded shares of Freeport-McMoRan from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, July 7th. JPMorgan Chase & Co. lifted their target price on Freeport-McMoRan from $73.00 to $77.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Wall Street Zen upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $78.00 price target on shares of Freeport-McMoRan in a research report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $70.27.

Freeport-McMoRan Price Performance

Shares of FCX opened at $59.94 on Monday. The stock has a market capitalization of $86.16 billion, a P/E ratio of 29.53, a P/E/G ratio of 0.62 and a beta of 1.37. Freeport-McMoRan has a twelve month low of $35.15 and a twelve month high of $72.28. The company has a 50 day moving average of $63.66 and a 200-day moving average of $62.51. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The company had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. During the same period last year, the company earned $0.54 earnings per share. The firm’s revenue was down 7.3% compared to the same quarter last year. As a group, equities research analysts forecast that Freeport-McMoRan will post 2.75 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio is 14.78%.

Hedge Funds Weigh In On Freeport-McMoRan

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FCX. Strategic Investment Solutions Inc. IL bought a new stake in shares of Freeport-McMoRan during the 4th quarter worth about $25,000. Steph & Co. lifted its position in Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after acquiring an additional 150 shares during the last quarter. Cassaday & Co Wealth Management LLC bought a new stake in shares of Freeport-McMoRan during the first quarter worth approximately $29,000. Kemnay Advisory Services Inc. acquired a new position in shares of Freeport-McMoRan in the fourth quarter valued at approximately $29,000. Finally, SHP Wealth Management acquired a new position in shares of Freeport-McMoRan in the fourth quarter valued at approximately $30,000. 80.77% of the stock is owned by institutional investors.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.