Freeport-McMoRan Inc. (NYSE:FCX) Given Average Rating of "Moderate Buy" by Analysts

Key Points

• Freeport-McMoRan Inc. has received an average analyst rating of "Moderate Buy", with a consensus price target of approximately $46.74 per share from 22 analysts.
• The company reported earnings of $0.54 per share for the last quarter, exceeding expectations, and its revenue increased by 14.5% year-over-year.
• Freeport-McMoRan recently announced a quarterly dividend of $0.15 per share, with a dividend yield of 1.6%, reflecting a payout ratio of 22.73%.

Shares of Freeport-McMoRan Inc. (NYSE:FCX - Get Free Report) have been given an average rating of "Moderate Buy" by the twenty-two analysts that are covering the firm, Marketbeat Ratings reports. Ten equities research analysts have rated the stock with a hold recommendation, ten have given a buy recommendation and two have given a strong buy recommendation to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $46.7389.

FCX has been the subject of a number of analyst reports. Stifel Canada raised Freeport-McMoRan to a "strong-buy" rating in a research report on Tuesday, July 8th. Sanford C. Bernstein raised Freeport-McMoRan from a "market perform" rating to an "outperform" rating and set a $48.50 price target for the company in a research report on Thursday, September 25th. Royal Bank Of Canada increased their price target on Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a research report on Wednesday, June 4th. Hsbc Global Res lowered Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 22nd. Finally, CICC Research decreased their target price on Freeport-McMoRan from $51.60 to $42.30 and set an "outperform" rating for the company in a research report on Friday.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $37.14 on Tuesday. The business's 50 day simple moving average is $42.94 and its 200 day simple moving average is $40.56. Freeport-McMoRan has a one year low of $27.66 and a one year high of $51.45. The stock has a market capitalization of $53.32 billion, a PE ratio of 28.14, a PEG ratio of 0.68 and a beta of 1.59. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The company had revenue of $7.58 billion for the quarter, compared to analysts' expectations of $6.85 billion. During the same period last year, the business earned $0.46 EPS. Freeport-McMoRan's quarterly revenue was up 14.5% compared to the same quarter last year. As a group, research analysts forecast that Freeport-McMoRan will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.6%. Freeport-McMoRan's dividend payout ratio (DPR) is currently 22.73%.

Institutional Investors Weigh In On Freeport-McMoRan

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FCX. Stratos Investment Management LLC increased its position in shares of Freeport-McMoRan by 238.5% in the first quarter. Stratos Investment Management LLC now owns 64,519 shares of the natural resource company's stock worth $2,443,000 after purchasing an additional 45,458 shares during the last quarter. Community Bank N.A. boosted its stake in shares of Freeport-McMoRan by 18.5% during the first quarter. Community Bank N.A. now owns 39,571 shares of the natural resource company's stock valued at $1,498,000 after purchasing an additional 6,188 shares during the period. Arizona State Retirement System lifted its stake in Freeport-McMoRan by 2.2% in the first quarter. Arizona State Retirement System now owns 421,469 shares of the natural resource company's stock worth $15,957,000 after acquiring an additional 8,989 shares during the period. Financial Sense Advisors Inc. lifted its stake in Freeport-McMoRan by 527.9% in the first quarter. Financial Sense Advisors Inc. now owns 76,127 shares of the natural resource company's stock worth $2,882,000 after acquiring an additional 64,003 shares during the period. Finally, Anderson Hoagland & Co. lifted its stake in Freeport-McMoRan by 27.6% in the first quarter. Anderson Hoagland & Co. now owns 109,565 shares of the natural resource company's stock worth $4,148,000 after acquiring an additional 23,695 shares during the period. 80.77% of the stock is currently owned by institutional investors.

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.

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