Freeport-McMoRan (NYSE:FCX) Price Target Raised to $51.00

Freeport-McMoRan (NYSE:FCX) had its target price boosted by Raymond James from $49.00 to $51.00 in a report released on Friday morning,Benzinga reports. Raymond James currently has an outperform rating on the natural resource company’s stock. Raymond James also issued estimates for Freeport-McMoRan’s Q1 2025 earnings at $0.20 EPS, Q2 2025 earnings at $0.45 EPS, Q3 2025 earnings at $0.45 EPS, Q4 2025 earnings at $0.48 EPS and FY2025 earnings at $1.59 EPS.

FCX has been the subject of a number of other reports. Argus lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Scotiabank lowered their price target on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a research note on Friday, January 24th. BMO Capital Markets reduced their price objective on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Monday, March 31st. Finally, Jefferies Financial Group upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and increased their target price for the company from $40.00 to $48.00 in a report on Thursday, February 27th. Five equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus target price of $51.61.

Freeport-McMoRan Trading Down 13.0 %

NYSE FCX opened at $29.14 on Friday. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. The stock’s 50-day simple moving average is $37.75 and its two-hundred day simple moving average is $41.71. Freeport-McMoRan has a twelve month low of $28.49 and a twelve month high of $55.24. The company has a market capitalization of $41.88 billion, a price-to-earnings ratio of 22.59, a PEG ratio of 0.87 and a beta of 1.71.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. Research analysts forecast that Freeport-McMoRan will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th will be issued a $0.15 dividend. The ex-dividend date is Tuesday, April 15th. This represents a $0.60 annualized dividend and a yield of 2.06%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 23.26%.

Hedge Funds Weigh In On Freeport-McMoRan

Hedge funds and other institutional investors have recently modified their holdings of the stock. Asset Planning Inc bought a new stake in Freeport-McMoRan during the 4th quarter valued at approximately $25,000. Mizuho Bank Ltd. purchased a new position in shares of Freeport-McMoRan in the 4th quarter valued at approximately $26,000. Vision Financial Markets LLC bought a new stake in shares of Freeport-McMoRan during the fourth quarter valued at approximately $27,000. Laurel Wealth Advisors LLC grew its stake in Freeport-McMoRan by 487.8% in the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 600 shares during the period. Finally, Roxbury Financial LLC bought a new position in Freeport-McMoRan in the fourth quarter worth $28,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Company Profile

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.