Freeport-McMoRan (NYSE:FCX) Sets New 12-Month High at $52.52

Freeport-McMoRan Inc. (NYSE:FCX - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $52.52 and last traded at $52.41, with a volume of 22023333 shares trading hands. The stock had previously closed at $50.50.

Analyst Ratings Changes

A number of equities research analysts have issued reports on FCX shares. Argus boosted their price target on Freeport-McMoRan from $44.00 to $54.00 and gave the company a "buy" rating in a research note on Thursday. Raymond James boosted their price target on Freeport-McMoRan from $49.50 to $54.00 and gave the company an "outperform" rating in a research note on Wednesday, April 24th. HSBC boosted their price target on Freeport-McMoRan from $39.00 to $45.00 and gave the company a "hold" rating in a research note on Tuesday, April 23rd. StockNews.com upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating in a research note on Thursday. Finally, Scotiabank cut their price objective on Freeport-McMoRan from $55.00 to $53.00 and set a "sector outperform" rating for the company in a research note on Wednesday, April 24th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $50.07.

Freeport-McMoRan Stock Up 3.8 %

The company has a fifty day moving average of $44.97 and a two-hundred day moving average of $40.51. The company has a market cap of $75.18 billion, a PE ratio of 46.38, a price-to-earnings-growth ratio of 8.18 and a beta of 2.04. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.41 and a current ratio of 2.35.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.05. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The company had revenue of $6.32 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same quarter in the prior year, the firm posted $0.52 EPS. Freeport-McMoRan's quarterly revenue was up 17.3% compared to the same quarter last year. As a group, analysts anticipate that Freeport-McMoRan Inc. will post 1.67 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be issued a dividend of $0.15 per share. The ex-dividend date is Friday, April 12th. This represents a $0.60 annualized dividend and a yield of 1.14%. Freeport-McMoRan's payout ratio is presently 26.55%.

Hedge Funds Weigh In On Freeport-McMoRan

Hedge funds have recently bought and sold shares of the business. CM Management LLC grew its position in 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 acquiring an additional 16,000 shares during the last quarter. Signature Estate & Investment Advisors LLC grew its position in Freeport-McMoRan by 6.4% in the 4th quarter. Signature Estate & Investment Advisors LLC now owns 345,917 shares of the natural resource company's stock valued at $14,726,000 after acquiring an additional 20,894 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in 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 acquiring an additional 102,466 shares during the last quarter. Cadinha & Co. LLC grew its position in Freeport-McMoRan by 59.0% in the 4th quarter. Cadinha & Co. LLC now owns 647,691 shares of the natural resource company's stock valued at $27,572,000 after acquiring an additional 240,340 shares during the last quarter. Finally, Alphinity Investment Management Pty Ltd grew its position in 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 acquiring an additional 1,965,987 shares during 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.