Dbs Bank Issues Pessimistic Forecast for Freeport-McMoRan (NYSE:FCX) Stock Price

Freeport-McMoRan (NYSE:FCX) had its target price cut by Dbs Bank from $51.00 to $48.00 in a report released on Thursday morning,MarketScreener reports.

A number of other equities research analysts have also recently commented on FCX. Clarkson Capital reissued a “neutral” rating and issued a $42.00 target price on shares of Freeport-McMoRan in a research note on Thursday, September 25th. Royal Bank Of Canada lowered their price target on Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating on the stock in a report on Wednesday. HSBC dropped their price objective on shares of Freeport-McMoRan from $46.00 to $43.00 and set a “hold” rating on the stock in a report on Thursday, September 25th. Wall Street Zen lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, September 26th. Finally, Hsbc Global Res cut shares of Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 22nd. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $46.74.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $39.66 on Thursday. The company has a market capitalization of $56.94 billion, a P/E ratio of 30.05, a PEG ratio of 0.72 and a beta of 1.58. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. The stock has a 50 day moving average price of $42.47 and a two-hundred day moving average price of $40.54. Freeport-McMoRan has a fifty-two week low of $27.66 and a fifty-two week high of $51.19.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The firm had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. During the same period last year, the company earned $0.46 EPS. The business’s quarterly revenue was up 14.5% compared to the same quarter last year. Analysts expect that Freeport-McMoRan will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 22.73%.

Institutional Trading of Freeport-McMoRan

Institutional investors have recently bought and sold shares of the stock. Twin Peaks Wealth Advisors LLC purchased a new stake in Freeport-McMoRan in the second quarter valued at approximately $28,000. City Holding Co. purchased a new stake in shares of Freeport-McMoRan in the first quarter valued at approximately $33,000. Beacon Capital Management LLC raised its position in Freeport-McMoRan by 59.6% in the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock valued at $38,000 after purchasing an additional 327 shares during the period. Dagco Inc. acquired a new position in Freeport-McMoRan during the 1st quarter worth about $37,000. Finally, MTM Investment Management LLC purchased a new position in shares of Freeport-McMoRan in the 2nd quarter valued at about $43,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

About Freeport-McMoRan

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.