Freeport-McMoRan Inc. (NYSE:FCX) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Key Points

• Freeport-McMoRan has a “Moderate Buy” consensus rating from 23 analysts: 18 rate it a buy, four recommend holding, and one gives a strong-buy rating. The average 12-month price target is approximately $70.18.
• The company exceeded second-quarter expectations, reporting adjusted EPS of $0.74 versus $0.62 expected and revenue of $7.03 billion versus $6.62 billion. Management said the Grasberg ramp remains on schedule and highlighted improving U.S. operations and longer-term copper-production growth.
• Institutional investors own 80.77% of FCX’s shares, while the company recently declared a quarterly dividend of $0.075 per share, equivalent to an annualized $0.30 dividend and a 0.5% yield.

Freeport-McMoRan Inc. (NYSE:FCX - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the twenty-three analysts that are presently covering the stock, Marketbeat Ratings reports. Four analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $70.1773.

FCX has been the subject of several research reports. Royal Bank Of Canada increased their price objective on shares of Freeport-McMoRan from $70.00 to $73.00 and gave the company a "sector perform" rating in a research report on Friday. CICC Research decreased their target price on shares of Freeport-McMoRan from $64.40 to $63.40 and set an "outperform" rating on the stock in a research report on Tuesday, April 28th. BNP Paribas Exane increased their price target on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the company an "outperform" rating in a report on Thursday, June 18th. BMO Capital Markets reiterated an "outperform" rating and issued a $78.00 price target on shares of Freeport-McMoRan in a research report on Thursday. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating on shares of Freeport-McMoRan in a research report on Friday, May 15th.

Institutional Trading of Freeport-McMoRan

Hedge funds and other institutional investors have recently bought and sold shares of the stock. First Community Trust NA bought a new stake in Freeport-McMoRan in the second quarter worth $46,000. Family Wealth Partners LLC bought a new position in Freeport-McMoRan during the second quarter valued at $208,000. Tema ETFs LLC increased its position in Freeport-McMoRan by 10.4% during the second quarter. Tema ETFs LLC now owns 27,662 shares of the natural resource company's stock valued at $1,740,000 after acquiring an additional 2,610 shares during the last quarter. Fiduciary Financial Group LLC raised its stake in shares of Freeport-McMoRan by 2.6% in the second quarter. Fiduciary Financial Group LLC now owns 6,788 shares of the natural resource company's stock valued at $427,000 after acquiring an additional 173 shares during the period. Finally, Doliver Advisors LP raised its stake in shares of Freeport-McMoRan by 13.6% in the second quarter. Doliver Advisors LP now owns 12,925 shares of the natural resource company's stock valued at $813,000 after acquiring an additional 1,545 shares during the period. Hedge funds and other institutional investors own 80.77% of the company's stock.

More Freeport-McMoRan News

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: FCX reported Q2 adjusted EPS of $0.74 and revenue of $7.03 billion, both ahead of Wall Street estimates, helped by higher realized copper and gold prices. Article Title
• Positive Sentiment: Management said the Grasberg ramp remains on schedule, U.S. operations are improving, and the brownfield copper pipeline is expanding, which supports longer-term production growth. Article Title
• Positive Sentiment: Royal Bank of Canada raised its price target on FCX to $73 from $70, signaling continued analyst confidence in the stock’s upside. Article Title
• Positive Sentiment: Several recent writeups highlighted strong income growth, free cash flow, and the benefit of firmer copper prices, reinforcing the investment case for FCX. Article Title

Freeport-McMoRan Stock Down 0.1%

NYSE FCX opened at $62.54 on Monday. The stock has a 50 day moving average price of $63.58 and a 200-day moving average price of $62.38. Freeport-McMoRan has a one year low of $35.15 and a one year high of $72.28. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07. The company has a market capitalization of $89.90 billion, a P/E ratio of 30.81, a P/E/G ratio of 0.61 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The natural resource company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.12. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The company had revenue of $7.03 billion for the quarter, compared to analysts' expectations of $6.62 billion. During the same quarter in the previous year, the business posted $0.54 earnings per share. Freeport-McMoRan's quarterly revenue was down 7.3% on a year-over-year basis. As a group, equities analysts predict that Freeport-McMoRan will post 2.75 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be issued a $0.075 dividend. The ex-dividend date is Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. Freeport-McMoRan's payout ratio is 14.78%.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.

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