Freeport-McMoRan (NYSE:FCX) Price Target Raised to $85.00

Freeport-McMoRan (NYSE:FCX) had its price objective raised by Royal Bank Of Canada from $73.00 to $85.00 in a research note published on Wednesday,Benzinga reports. Royal Bank Of Canada currently has a sector perform rating on the natural resource company’s stock.

Several other equities analysts have also commented on the company. The Goldman Sachs Group reissued a “buy” rating on shares of Freeport-McMoRan in a research report on Thursday, September 10th. BNP Paribas Exane upped their target price on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the stock an “outperform” rating in a research report on Thursday, June 18th. Scotiabank increased their price target on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a research note on Monday, June 15th. Bank of America lifted their price target on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. Finally, Freedom Broker lowered shares of Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 3rd. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $70.29.

Freeport-McMoRan Stock Up 0.9%

FCX stock opened at $71.52 on Wednesday. Freeport-McMoRan has a fifty-two week low of $35.15 and a fifty-two week high of $80.24. The company has a market capitalization of $102.70 billion, a price-to-earnings ratio of 35.23, a price-to-earnings-growth ratio of 0.69 and a beta of 1.41. The business’s 50 day moving average price is $68.63 and its two-hundred day moving average price is $64.83. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. The company had revenue of $7.03 billion during the quarter, compared to analysts’ expectations of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The firm’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.54 EPS. As a group, analysts forecast that Freeport-McMoRan will post 2.82 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th were given a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend was Wednesday, July 15th. Freeport-McMoRan’s payout ratio is currently 14.78%.

Insider Activity

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 14,277 shares of Freeport-McMoRan stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total value of $992,251.50. Following the completion of the sale, the chief accounting officer owned 54,618 shares of the company’s stock, valued at approximately $3,795,951. This trade represents a 20.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lydia H. Kennard sold 3,798 shares of Freeport-McMoRan stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $79.11, for a total value of $300,459.78. Following the completion of the sale, the director owned 122,702 shares of the company’s stock, valued at $9,706,955.22. The trade was a 3.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 110,398 shares of company stock valued at $8,387,271. Company insiders own 0.73% of the company’s stock.

Institutional Trading of Freeport-McMoRan

Large investors have recently modified their holdings of the company. Strategic Investment Solutions Inc. IL bought a new stake in Freeport-McMoRan during the fourth quarter valued at approximately $25,000. NBH Bank bought a new position in Freeport-McMoRan in the 2nd quarter worth $28,000. Steph & Co. raised its holdings in Freeport-McMoRan by 43.7% in the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 150 shares during the period. Cassaday & Co Wealth Management LLC bought a new position in Freeport-McMoRan in the 1st quarter worth $29,000. Finally, SHP Wealth Management purchased a new position in Freeport-McMoRan during the fourth quarter valued at $30,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a global mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Copper is its principal product and is used in electrical wiring, construction, transportation, industrial equipment and renewable-energy technologies. The company also produces gold as a byproduct of its copper operations and molybdenum, an alloying metal used in steelmaking and other industrial applications.

Freeport-McMoRan operates major mining and processing assets in North America, South America and Indonesia.