JPMorgan Chase & Co. Raises Freeport-McMoRan (NYSE:FCX) Price Target to $52.00

Freeport-McMoRan (NYSE:FCX - Free Report) had its price target increased by JPMorgan Chase & Co. from $43.00 to $52.00 in a report issued on Wednesday, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the natural resource company's stock.

FCX has been the topic of several other reports. 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 research report on Tuesday, April 9th. Scotiabank increased their price objective on shares of Freeport-McMoRan from $48.00 to $55.00 and gave the company a sector outperform rating in a research report on Tuesday, April 9th. Sanford C. Bernstein raised shares of Freeport-McMoRan from a market perform rating to an outperform rating and increased their price objective for the company from $41.00 to $48.50 in a research report on Monday, January 8th. Raymond James increased their price objective on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the company an outperform rating in a research report on Thursday, January 4th. Finally, 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. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of Hold and a consensus target price of $47.54.

Freeport-McMoRan Stock Up 0.8 %

Shares of Freeport-McMoRan stock traded up $0.40 during trading on Wednesday, hitting $49.81. The company's stock had a trading volume of 15,793,245 shares, compared to its average volume of 13,708,850. 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 company has a fifty day simple moving average of $43.08 and a two-hundred day simple moving average of $39.75. The company has a market capitalization of $71.45 billion, a PE ratio of 39.22, a P/E/G ratio of 2.26 and a beta of 2.04. Freeport-McMoRan has a 52 week low of $32.83 and a 52 week high of $52.42.

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 the consensus estimate of $0.23 by $0.04. The company had revenue of $5.91 billion during the quarter, compared to analyst estimates of $5.85 billion. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. Freeport-McMoRan's quarterly revenue was up 2.6% compared to the same quarter last year. During the same period last year, the business earned $0.52 EPS. Equities research analysts predict that Freeport-McMoRan will post 1.6 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be paid a $0.15 dividend. 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 dividend payout ratio (DPR) is presently 23.62%.

Hedge Funds Weigh In On Freeport-McMoRan

Institutional investors have recently made changes to their positions in the business. Fairfield Bush & CO. bought a new stake in Freeport-McMoRan during the 1st quarter worth approximately $26,000. KB Financial Partners LLC bought a new stake in Freeport-McMoRan during the 1st quarter worth approximately $26,000. Bruce G. Allen Investments LLC bought a new stake in Freeport-McMoRan during the 4th quarter worth approximately $27,000. Retirement Group LLC raised its stake in Freeport-McMoRan by 97.1% during the 2nd quarter. Retirement Group LLC now owns 670 shares of the natural resource company's stock worth $27,000 after acquiring an additional 330 shares during the period. Finally, BluePath Capital Management LLC bought a new stake in Freeport-McMoRan during the 3rd quarter worth approximately $28,000. Institutional investors 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.