Freeport-McMoRan (NYSE:FCX) Hits New 1-Year High on Analyst Upgrade

Shares of Freeport-McMoRan Inc. (NYSE:FCXGet Free Report) hit a new 52-week high during trading on Tuesday after UBS Group raised their price target on the stock from $41.00 to $54.00. UBS Group currently has a neutral rating on the stock. Freeport-McMoRan traded as high as $53.50 and last traded at $53.43, with a volume of 6400727 shares trading hands. The stock had previously closed at $52.04.

FCX has been the topic of several other research reports. JPMorgan Chase & Co. dropped their target price on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating on the stock in a report on Wednesday, April 24th. Argus boosted their price objective on Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Thursday, April 25th. Scotiabank cut their price target on Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating for the company in a report on Wednesday, April 24th. Finally, Bernstein Bank raised their price objective on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research note on Tuesday, April 23rd. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $51.00.

Check Out Our Latest Stock Report on FCX

Insiders Place Their Bets

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 42,767 shares of the company’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the transaction, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at approximately $5,255,381.95. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO Richard C. Adkerson sold 169,229 shares of the business’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $50.56, for a total transaction of $8,556,218.24. Following the completion of the sale, the chief executive officer now directly owns 3,707,249 shares of the company’s stock, valued at $187,438,509.44. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Stephen T. Higgins sold 42,767 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the completion of the transaction, the chief accounting officer now directly owns 104,377 shares in the company, valued at $5,255,381.95. The disclosure for this sale can be found here. Over the last three months, insiders sold 445,667 shares of company stock valued at $22,755,070. Insiders own 0.78% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Tompkins Financial Corp increased its position in shares of Freeport-McMoRan by 33.8% during the 1st quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock worth $37,000 after purchasing an additional 200 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its position in Freeport-McMoRan by 0.3% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company’s stock worth $3,012,000 after acquiring an additional 203 shares in the last quarter. Proficio Capital Partners LLC lifted its stake in Freeport-McMoRan by 0.5% in the first quarter. Proficio Capital Partners LLC now owns 40,083 shares of the natural resource company’s stock valued at $1,885,000 after acquiring an additional 207 shares during the last quarter. Kingsview Wealth Management LLC increased its stake in shares of Freeport-McMoRan by 4.3% during the 1st quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock worth $247,000 after purchasing an additional 214 shares during the last quarter. Finally, MV Capital Management Inc. increased its stake in shares of Freeport-McMoRan by 38.6% during the 1st quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock worth $37,000 after purchasing an additional 221 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

The company has a current ratio of 2.35, a quick ratio of 1.41 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $76.71 billion, a price-to-earnings ratio of 47.33, a P/E/G ratio of 8.39 and a beta of 2.02. The company’s 50 day moving average is $47.77 and its 200-day moving average is $41.77.

Freeport-McMoRan (NYSE:FCXGet Free Report) last posted 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. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The business had revenue of $6.32 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same period in the previous year, the firm earned $0.52 EPS. The firm’s revenue was up 17.3% compared to the same quarter last year. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.66 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Monday, April 15th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.12%. The ex-dividend date was Friday, April 12th. Freeport-McMoRan’s payout ratio is 26.55%.

Freeport-McMoRan Company Profile

(Get Free Report)

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.

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