Stifel Nicolaus Reiterates "$56.00" Price Target for Freeport-McMoRan (NYSE:FCX)

Stifel Nicolaus set a $56.00 target price on Freeport-McMoRan (NYSE:FCX - Free Report) in a research note published on Wednesday morning, MarketBeat reports. The firm currently has a buy rating on the natural resource company's stock.

FCX has been the topic of several other research reports. UBS Group cut their price objective on Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Bank of America restated a "neutral" rating and set a $56.00 price target on shares of Freeport-McMoRan in a report on Wednesday. Jefferies Financial Group restated a "buy" rating and set a $50.00 price target (up previously from $48.00) on shares of Freeport-McMoRan in a report on Friday, April 25th. Royal Bank Of Canada upped their price target on Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a report on Wednesday, June 4th. Finally, Citigroup upped their price target on Freeport-McMoRan from $44.00 to $48.00 and gave the stock a "neutral" rating in a report on Tuesday. Seven analysts have rated the stock with a hold rating, nine have assigned a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Freeport-McMoRan has a consensus rating of "Moderate Buy" and an average price target of $51.00.

Freeport-McMoRan Trading Down 1.8%

Shares of FCX stock traded down $0.84 on Wednesday, hitting $46.37. The stock had a trading volume of 17,116,883 shares, compared to its average volume of 13,804,602. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.32 and a quick ratio of 1.13. The firm has a market capitalization of $66.64 billion, a P/E ratio of 38.32, a P/E/G ratio of 0.91 and a beta of 1.64. Freeport-McMoRan has a 1 year low of $27.66 and a 1 year high of $52.61. The company's 50 day moving average price is $41.09 and its 200-day moving average price is $38.54.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.01. The firm had revenue of $5.73 billion for the quarter, compared to the consensus estimate of $5.36 billion. Freeport-McMoRan had a return on equity of 7.03% and a net margin of 7.11%. The company's quarterly revenue was down 9.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.32 EPS. Analysts anticipate that Freeport-McMoRan will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.29%. Freeport-McMoRan's dividend payout ratio is currently 24.79%.

Insider Activity

In other news, CAO Ellie L. Mikes sold 8,584 shares of the company's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $40.02, for a total transaction of $343,531.68. Following the completion of the transaction, the chief accounting officer directly owned 48,333 shares of the company's stock, valued at approximately $1,934,286.66. This represents a 15.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.75% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Madison Investment Advisors LLC acquired a new stake in shares of Freeport-McMoRan in the 4th quarter valued at about $3,388,000. Vanguard Group Inc. boosted its position in shares of Freeport-McMoRan by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 123,219,298 shares of the natural resource company's stock valued at $4,692,191,000 after purchasing an additional 642,776 shares during the period. Wellington Management Group LLP boosted its position in shares of Freeport-McMoRan by 237.4% in the 4th quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company's stock valued at $351,041,000 after purchasing an additional 6,486,011 shares during the period. Stratos Investment Management LLC boosted its position in shares of Freeport-McMoRan by 238.5% in the 1st quarter. Stratos Investment Management LLC now owns 64,519 shares of the natural resource company's stock valued at $2,443,000 after purchasing an additional 45,458 shares during the period. Finally, Community Bank N.A. boosted its position in shares of Freeport-McMoRan by 18.5% in the 1st 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. 80.77% of the stock is owned by institutional investors and hedge funds.

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.