Freeport-McMoRan (NYSE:FCX) PT Raised to $54.00

Freeport-McMoRan (NYSE:FCX - Free Report) had its price objective increased by Raymond James from $49.50 to $54.00 in a research report released on Wednesday, Benzinga reports. They currently have an outperform rating on the natural resource company's stock.

Several other brokerages have also recently weighed in on FCX. Scotiabank decreased their price objective on Freeport-McMoRan from $55.00 to $53.00 and set a sector outperform rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. reduced their target price on Freeport-McMoRan from $52.00 to $51.00 and set a neutral rating for the company in a report on Wednesday. Sanford C. Bernstein raised shares of Freeport-McMoRan from a market perform rating to an outperform rating and increased their price target for the stock from $41.00 to $48.50 in a report on Monday, January 8th. Royal Bank of Canada reaffirmed a sector perform rating and set a $55.00 price objective on shares of Freeport-McMoRan in a research note on Thursday, January 25th. Finally, HSBC increased their target price on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the stock a hold rating in a research note on Tuesday. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $49.77.

Freeport-McMoRan Stock Performance

Shares of FCX traded up $0.25 during trading hours on Wednesday, hitting $48.24. The company's stock had a trading volume of 11,808,498 shares, compared to its average volume of 13,907,176. The business has a 50 day simple moving average of $44.02 and a two-hundred day simple moving average of $40.14. Freeport-McMoRan has a 52-week low of $32.83 and a 52-week high of $52.42. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.42 and a quick ratio of 1.38. The company has a market cap of $69.20 billion, a price-to-earnings ratio of 37.98, a PEG ratio of 2.25 and a beta of 2.04.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The company had revenue of $6.32 billion during the quarter, compared to the consensus estimate of $5.70 billion. During the same period last year, the firm earned $0.52 EPS. Freeport-McMoRan's revenue for the quarter was up 17.3% on a year-over-year basis. On average, equities analysts expect that Freeport-McMoRan will post 1.57 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be given a $0.15 dividend. The ex-dividend date is Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a yield of 1.24%. Freeport-McMoRan's payout ratio is 23.62%.

Institutional Investors Weigh In On Freeport-McMoRan

A number of hedge funds have recently made changes to their positions in FCX. Tompkins Financial Corp boosted its holdings in Freeport-McMoRan by 33.8% during the 1st quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company's stock valued at $37,000 after acquiring an additional 200 shares during the period. MV Capital Management Inc. lifted its position in Freeport-McMoRan by 38.6% in the first quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company's stock valued at $37,000 after purchasing an additional 221 shares during the last quarter. Mather Group LLC. boosted its stake in shares of Freeport-McMoRan by 1.3% during the first quarter. Mather Group LLC. now owns 17,417 shares of the natural resource company's stock valued at $819,000 after purchasing an additional 222 shares during the period. Archford Capital Strategies LLC grew its holdings in shares of Freeport-McMoRan by 1.3% in the first quarter. Archford Capital Strategies LLC now owns 18,489 shares of the natural resource company's stock worth $869,000 after purchasing an additional 237 shares during the last quarter. Finally, Foster Group Inc. grew its holdings in shares of Freeport-McMoRan by 0.8% in the first quarter. Foster Group Inc. now owns 32,050 shares of the natural resource company's stock worth $1,507,000 after purchasing an additional 247 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

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.