Freeport-McMoRan (NYSE:FCX) Price Target Raised to $55.00

Freeport-McMoRan (NYSE:FCX - Free Report) had its price objective lifted by Scotiabank from $48.00 to $55.00 in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have a sector outperform rating on the natural resource company's stock.

FCX has been the topic of a number of other reports. Royal Bank of Canada reissued a sector perform rating and set a $55.00 price objective on shares of Freeport-McMoRan in a report on Thursday, January 25th. Sanford C. Bernstein raised shares of Freeport-McMoRan from a market perform rating to an outperform rating and boosted their price objective for the company from $41.00 to $48.50 in a report on Monday, January 8th. UBS Group dropped their price objective on shares of Freeport-McMoRan from $42.00 to $41.00 and set a neutral rating on the stock in a report on Wednesday, December 13th. Bank of America raised shares of Freeport-McMoRan from a neutral rating to a buy rating and set a $59.00 price objective on the stock in a report on Tuesday. Finally, Raymond James boosted their price objective on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the company an outperform rating in a report on Thursday, January 4th. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Freeport-McMoRan currently has an average rating of Hold and a consensus target price of $46.71.

Freeport-McMoRan Stock Up 2.6 %

NYSE:FCX traded up $1.30 during trading hours on Tuesday, reaching $51.30. The company's stock had a trading volume of 17,624,776 shares, compared to its average volume of 13,447,552. The company has a market capitalization of $73.59 billion, a P/E ratio of 39.95, a price-to-earnings-growth ratio of 1.23 and a beta of 2.04. Freeport-McMoRan has a 12 month low of $32.83 and a 12 month high of $52.03. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.38 and a current ratio of 2.42. The stock has a 50 day moving average price of $41.61 and a two-hundred day moving average price of $39.11.

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

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.17%. The ex-dividend date is Friday, April 12th. Freeport-McMoRan's payout ratio is 23.62%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FCX. Boston Partners raised its position in shares of Freeport-McMoRan by 13,248.4% in the fourth quarter. Boston Partners now owns 5,351,630 shares of the natural resource company's stock worth $227,747,000 after acquiring an additional 5,311,538 shares during the period. Voya Investment Management LLC boosted its position in shares of Freeport-McMoRan by 274.6% during the 4th quarter. Voya Investment Management LLC now owns 6,257,523 shares of the natural resource company's stock worth $266,383,000 after purchasing an additional 4,587,236 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Freeport-McMoRan by 14.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 34,490,074 shares of the natural resource company's stock valued at $1,468,244,000 after buying an additional 4,465,687 shares during the period. Capital Wealth Planning LLC acquired a new stake in shares of Freeport-McMoRan in the 3rd quarter valued at $160,160,000. Finally, Mizuho Markets Americas LLC acquired a new stake in Freeport-McMoRan during the 3rd quarter worth $141,407,000. Institutional investors and hedge funds own 80.77% of the company's stock.

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.