Freeport-McMoRan (NYSE:FCX) Given New $54.00 Price Target at Raymond James

Freeport-McMoRan (NYSE:FCX) had its target price upped by Raymond James from $49.50 to $54.00 in a research note issued to investors on Wednesday morning, Benzinga reports. Raymond James currently has an outperform rating on the natural resource company’s stock.

Other equities analysts have also recently issued reports about the company. Bernstein Bank upped their price objective on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an overweight rating in a report on Tuesday. HSBC boosted their price objective on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the stock a hold rating in a report on Tuesday. Sanford C. Bernstein upgraded shares of Freeport-McMoRan from a market perform rating to an outperform rating and lifted their target price for the stock from $41.00 to $48.50 in a research report on Monday, January 8th. Scotiabank reduced their price objective on Freeport-McMoRan from $55.00 to $53.00 and set a sector outperform rating on the stock in a research note on Wednesday. Finally, JPMorgan Chase & Co. dropped their target price on Freeport-McMoRan from $52.00 to $51.00 and set a neutral rating for the company in a report on Wednesday. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $49.77.

Freeport-McMoRan Stock Up 0.5 %

Shares of NYSE FCX opened at $48.24 on Wednesday. The company has a quick ratio of 1.38, a current ratio of 2.42 and a debt-to-equity ratio of 0.32. The company has a market cap of $69.20 billion, a P/E ratio of 37.98, a P/E/G ratio of 2.25 and a beta of 2.04. Freeport-McMoRan has a 52 week low of $32.83 and a 52 week high of $52.42. The business has a 50-day simple moving average of $44.02 and a two-hundred day simple moving average of $40.14.

Freeport-McMoRan (NYSE:FCX) 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. The business had revenue of $6.32 billion for the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The company’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.52 EPS. Research analysts anticipate that Freeport-McMoRan will post 1.57 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be issued a $0.15 dividend. The ex-dividend date is Friday, April 12th. This represents a $0.60 annualized dividend and a yield of 1.24%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 23.62%.

Hedge Funds Weigh In On Freeport-McMoRan

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Freeport-McMoRan by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 119,369,409 shares of the natural resource company’s stock worth $4,451,285,000 after acquiring an additional 305,912 shares during the period. Capital Research Global Investors grew its stake in Freeport-McMoRan by 0.7% in the fourth quarter. Capital Research Global Investors now owns 59,752,726 shares of the natural resource company’s stock worth $2,543,676,000 after purchasing an additional 419,603 shares during the period. Fisher Asset Management LLC raised its holdings 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 purchasing an additional 1,030,451 shares in the last quarter. Northern Trust Corp lifted its position in Freeport-McMoRan by 4.2% during the third quarter. Northern Trust Corp now owns 17,756,034 shares of the natural resource company’s stock valued at $662,123,000 after buying an additional 709,114 shares during the period. Finally, Putnam Investments LLC boosted its holdings in shares of Freeport-McMoRan by 3.7% during the 4th quarter. Putnam Investments LLC now owns 16,647,339 shares of the natural resource company’s stock valued at $708,677,000 after buying an additional 595,395 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

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.