Freeport-McMoRan (NYSE:FCX) Price Target Raised to $55.00 at JPMorgan Chase & Co.

Freeport-McMoRan (NYSE:FCX) had its price objective increased by JPMorgan Chase & Co. from $53.00 to $55.00 in a research report released on Tuesday morning, Benzinga reports. They currently have a neutral rating on the natural resource company’s stock.

Several other analysts have also weighed in on FCX. StockNews.com lowered Freeport-McMoRan from a buy rating to a hold rating in a report on Thursday, September 26th. Scotiabank boosted their price objective on Freeport-McMoRan from $52.00 to $53.00 and gave the stock a sector perform rating in a research note on Tuesday, October 8th. Raymond James boosted their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock an outperform rating in a research report on Monday, September 23rd. Royal Bank of Canada restated a sector perform rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Finally, UBS Group upgraded shares of Freeport-McMoRan from a neutral rating to a buy rating and increased their price target for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Six analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Freeport-McMoRan has an average rating of Moderate Buy and an average price target of $53.29.

Freeport-McMoRan Price Performance

NYSE FCX opened at $47.30 on Tuesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. Freeport-McMoRan has a 1 year low of $32.83 and a 1 year high of $55.24. The stock has a market capitalization of $67.95 billion, a P/E ratio of 41.86, a P/E/G ratio of 2.03 and a beta of 1.90. The business’s fifty day moving average is $45.03 and its two-hundred day moving average is $47.88.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. The firm had revenue of $6.62 billion for the quarter, compared to the consensus estimate of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The firm’s revenue was up 15.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.35 earnings per share. On average, research analysts forecast that Freeport-McMoRan will post 1.58 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be given a dividend of $0.075 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.63%. Freeport-McMoRan’s payout ratio is 26.55%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Capital Research Global Investors raised its position in shares of Freeport-McMoRan by 22.0% in the 1st quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock worth $3,427,583,000 after acquiring an additional 13,143,562 shares in the last quarter. Capital International Investors purchased a new position in Freeport-McMoRan in the 1st quarter worth approximately $417,752,000. Capital World Investors boosted its position in shares of Freeport-McMoRan by 40.9% during the first quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock valued at $712,600,000 after buying an additional 4,396,309 shares during the last quarter. Asia Research & Capital Management Ltd purchased a new position in shares of Freeport-McMoRan during the first quarter valued at approximately $197,966,000. Finally, Swedbank AB purchased a new position in Freeport-McMoRan in the first quarter worth about $162,464,000. 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.