Freeport-McMoRan (NYSE:FCX) Price Target Cut to $52.00 by Analysts at Scotiabank

Freeport-McMoRan (NYSE:FCX[1] – Free Report[2]) had its price objective decreased by Scotiabank from £58.00 to £52.00 in a research report sent to investors on Monday, Benzinga[3] reports. Scotiabank currently has a sector outperform rating on the natural resource company’s stock. Other analysts also recently issued research reports about the company.

JPMorgan Chase & Co. dropped their price target on Freeport-McMoRan from £52.00 to £51.00 and set a neutral rating for the company in a research report on Wednesday, April 24th. Bernstein Bank upped their target price on shares of Freeport-McMoRan from £52.00 to £52.50 and gave the stock an overweight rating in a research report on Tuesday, April 23rd. Argus raised their price target on Freeport-McMoRan from £44.00 to £54.00 and gave the company a buy rating in a research report on Thursday, April 25th. StockNews.com[4] upgraded Freeport-McMoRan from a hold rating to a buy rating in a report on Thursday, April 25th.

Finally, HSBC raised their price objective on Freeport-McMoRan from £39.00 to £45.00 and gave the company a hold rating in a report on Tuesday, April 23rd. Five investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of £52.67.

View Our Latest Analysis on Freeport-McMoRan[5]

Freeport-McMoRan Trading Up 1.9 %

Shares of FCX[6] opened at £44.25 on Monday. The business’s 50-day moving average price is £46.69 and its 200-day moving average price is £46.42. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan has a twelve month low of £32.83 and a twelve month high of £55.24. The stock has a market cap of £63.56 billion, a PE ratio of 39.16, a P/E/G ratio of 2.07 and a beta of 1.92.

Freeport-McMoRan (NYSE:FCX[7] – Get Free Report[8]) last posted its earnings results on Tuesday, July 23rd. The natural resource company reported £0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of £0.39 by £0.07.

The business had revenue of £6.62 billion for the quarter, compared to analysts’ expectations of £6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The business’s revenue for the quarter was up 15.5% compared to the same quarter last year.

During the same period in the prior year, the company posted £0.35 EPS. On average, equities analysts forecast that Freeport-McMoRan will post 1.67 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were paid a dividend of £0.15 per share.

This represents a £0.60 annualized dividend and a dividend yield of 1.36%. The ex-dividend date of this dividend was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

Institutional Trading of Freeport-McMoRan

Large investors have recently modified their holdings of the business.

EP Wealth Advisors LLC raised its position in Freeport-McMoRan by 10.6% during the 2nd quarter. EP Wealth Advisors LLC now owns 13,348 shares of the natural resource company’s stock valued at £649,000 after purchasing an additional 1,282 shares during the last quarter. B.

Riley Wealth Advisors Inc. raised its holdings in shares of Freeport-McMoRan by 56.7% during the second quarter. B. Riley Wealth Advisors Inc. now owns 73,890 shares of the natural resource company’s stock valued at £3,591,000 after acquiring an additional 26,740 shares in the last quarter.

William B. Walkup & Associates Inc. purchased a new stake in Freeport-McMoRan in the second quarter worth £840,000. Sunbelt Securities Inc. boosted its holdings in Freeport-McMoRan by 2.7% in the second quarter.

Sunbelt Securities Inc. now owns 11,441 shares of the natural resource company’s stock valued at £556,000 after acquiring an additional 302 shares in the last quarter. Finally, NewEdge Advisors LLC increased its position in Freeport-McMoRan by 82.9% during the 2nd quarter. NewEdge Advisors LLC now owns 181,979 shares of the natural resource company’s stock valued at £8,393,000 after purchasing an additional 82,507 shares during the period.

80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Company Profile

(Get Free Report[9]) 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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References

1. ^ NYSE:FCX (www.marketbeat.com)
2. ^ Free Report (www.marketbeat.com)
3. ^ Benzinga (api.cloudquote.io)
4. ^ StockNews.com (report.stocknews.com)
5. ^ View Our Latest Analysis on Freeport-McMoRan (www.marketbeat.com)
6. ^ FCX (www.marketbeat.com)
7. ^ NYSE:FCX (www.marketbeat.com)
8. ^ Get Free Report (www.marketbeat.com)
9. ^ Get Free Report (www.marketbeat.com)
10. ^ MarketBeat.com’s FREE daily email newsletter (www.defenseworld.net)