Freeport-McMoRan (NYSE:FCX) Reaches New 1-Year High at $50.27

Freeport-McMoRan Inc. (NYSE:FCX - Get Free Report) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $50.27 and last traded at $49.73, with a volume of 1905557 shares changing hands. The stock had previously closed at $49.47.

Analysts Set New Price Targets

FCX has been the subject of a number of research reports. Royal Bank of Canada reissued a "sector perform" rating and set a $55.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, January 25th. UBS Group decreased their price objective on Freeport-McMoRan from $42.00 to $41.00 and set a "neutral" rating on the stock in a report on Wednesday, December 13th. Sanford C. Bernstein raised Freeport-McMoRan from a "market perform" rating to an "outperform" rating and boosted their target price for the stock from $41.00 to $48.50 in a report on Monday, January 8th. Finally, Raymond James boosted their target price on Freeport-McMoRan from $42.00 to $43.00 and gave the stock an "outperform" rating in a report on Thursday, January 4th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $44.95.

Freeport-McMoRan Stock Up 1.1 %

The firm's 50-day simple moving average is $41.61 and its 200 day simple moving average is $39.11. The company has a market cap of $71.76 billion, a P/E ratio of 39.39, a PEG ratio of 1.23 and a beta of 2.04. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.38 and a current ratio of 2.42.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results on Wednesday, January 24th. The natural resource company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.23 by $0.04. The company had revenue of $5.91 billion during the quarter, compared to analysts' expectations of $5.85 billion. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The business's revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.52 EPS. On average, research analysts forecast that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.20%. The ex-dividend date is Friday, April 12th. Freeport-McMoRan's payout ratio is 23.62%.

Institutional Trading of Freeport-McMoRan

Institutional investors and hedge funds have recently made changes to their positions in the business. CM Management LLC increased its position in shares of Freeport-McMoRan by 80.0% in the 3rd quarter. CM Management LLC now owns 36,000 shares of the natural resource company's stock valued at $1,342,000 after buying an additional 16,000 shares in the last quarter. Ion Asset Management Ltd. increased its position in shares of Freeport-McMoRan by 72.7% in the 2nd quarter. Ion Asset Management Ltd. now owns 504,000 shares of the natural resource company's stock valued at $20,160,000 after buying an additional 212,100 shares in the last quarter. PointState Capital LP increased its position in shares of Freeport-McMoRan by 171.9% in the 2nd quarter. PointState Capital LP now owns 1,439,447 shares of the natural resource company's stock valued at $57,578,000 after buying an additional 910,004 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Freeport-McMoRan by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,508,085 shares of the natural resource company's stock valued at $279,977,000 after buying an additional 102,466 shares in the last quarter. Finally, Alphinity Investment Management Pty Ltd increased its position in shares of Freeport-McMoRan by 57.4% in the 3rd quarter. Alphinity Investment Management Pty Ltd now owns 5,391,230 shares of the natural resource company's stock valued at $201,039,000 after buying an additional 1,965,987 shares in the last quarter. Institutional investors own 80.77% of the company's stock.

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.