Scotiabank Trims Freeport-McMoRan (NYSE:FCX) Target Price to $52.00

Freeport-McMoRan (NYSE:FCX) had its price objective decreased by Scotiabank from $58.00 to $52.00 in a research report report published on Monday, Benzinga reports. Scotiabank currently has a sector outperform rating on the natural resource company’s stock.

Several other research firms have also weighed in on FCX. Raymond James lowered their price objective on Freeport-McMoRan from $54.00 to $53.00 and set an outperform rating for the company in a research report on Wednesday, July 24th. HSBC raised their target price on Freeport-McMoRan from $39.00 to $45.00 and gave the company a hold rating in a research note on Tuesday, April 23rd. 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 research note on Wednesday, April 24th. UBS Group raised their target price on Freeport-McMoRan from $41.00 to $54.00 and gave the company a neutral rating in a research note on Tuesday, May 14th. Finally, BNP Paribas upgraded Freeport-McMoRan to a strong-buy rating in a research note on Friday, June 21st. Five investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $53.00.

Freeport-McMoRan Stock Down 1.3 %

Shares of NYSE:FCX opened at $43.30 on Monday. The firm has a market cap of $62.20 billion, a P/E ratio of 38.32, a P/E/G ratio of 2.07 and a beta of 1.92. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. Freeport-McMoRan has a 12-month low of $32.83 and a 12-month high of $55.24. The business has a fifty day simple moving average of $46.46 and a 200 day simple moving average of $46.43.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.07. The business had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. Freeport-McMoRan’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same period last year, the company earned $0.35 EPS. Analysts predict that Freeport-McMoRan will post 1.67 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were given a dividend of $0.15 per share. The ex-dividend date was Monday, July 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.39%. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Hedge Funds Weigh In On Freeport-McMoRan

Several hedge funds have recently modified their holdings of FCX. International Assets Investment Management LLC lifted its position in shares of Freeport-McMoRan by 16.5% during the 4th quarter. International Assets Investment Management LLC now owns 31,112 shares of the natural resource company’s stock worth $1,324,000 after buying an additional 4,397 shares in the last quarter. Greenleaf Trust lifted its position in shares of Freeport-McMoRan by 8.0% during the 4th quarter. Greenleaf Trust now owns 24,647 shares of the natural resource company’s stock worth $1,049,000 after buying an additional 1,817 shares in the last quarter. abrdn plc raised its holdings in shares of Freeport-McMoRan by 83.7% in the 4th quarter. abrdn plc now owns 664,672 shares of the natural resource company’s stock worth $28,295,000 after purchasing an additional 302,762 shares during the period. Verdence Capital Advisors LLC bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth approximately $209,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in shares of Freeport-McMoRan by 1.0% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 128,882 shares of the natural resource company’s stock worth $5,487,000 after purchasing an additional 1,294 shares during the period. 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.