Freeport-McMoRan (NYSE:FCX) Given New $54.00 Price Target at Raymond James

Freeport-McMoRan (NYSE:FCX) had its target price hoisted by Raymond James from $49.50 to $54.00 in a research report report published on Wednesday, Benzinga reports. They currently have an outperform rating on the natural resource company’s stock. Raymond James also issued estimates for Freeport-McMoRan’s Q2 2024 earnings at $0.49 EPS, Q3 2024 earnings at $0.51 EPS, Q4 2024 earnings at $0.50 EPS, FY2024 earnings at $1.82 EPS, Q1 2025 earnings at $0.48 EPS, Q2 2025 earnings at $0.49 EPS, Q3 2025 earnings at $0.51 EPS, Q4 2025 earnings at $0.53 EPS and FY2025 earnings at $2.01 EPS.

A number of other equities analysts have also recently weighed in on the company. Royal Bank of Canada reissued a sector perform rating and issued a $55.00 price target on shares of Freeport-McMoRan in a research note on Thursday, January 25th. Sanford C. Bernstein raised Freeport-McMoRan from a market perform rating to an outperform rating and lifted their price target for the stock from $41.00 to $48.50 in a research note on Monday, January 8th. Scotiabank dropped their price target on Freeport-McMoRan from $55.00 to $53.00 and set a sector outperform rating on the stock in a research note on Wednesday. HSBC lifted their price target on Freeport-McMoRan from $39.00 to $45.00 and gave the stock a hold rating in a research note on Tuesday, April 23rd. Finally, JPMorgan Chase & Co. decreased their price objective on Freeport-McMoRan from $52.00 to $51.00 and set a neutral rating for the company in a research report on Wednesday. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan has a consensus rating of Moderate Buy and a consensus price target of $50.07.

Freeport-McMoRan Price Performance

NYSE:FCX opened at $50.50 on Wednesday. The business’s 50-day moving average price is $44.70 and its 200 day moving average price is $40.38. The firm has a market cap of $72.44 billion, a P/E ratio of 44.69, a PEG ratio of 8.18 and a beta of 2.04. Freeport-McMoRan has a 52-week low of $32.83 and a 52-week high of $52.42. The company has a quick ratio of 1.38, a current ratio of 2.35 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. The firm had revenue of $6.32 billion for the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. Freeport-McMoRan’s revenue was up 17.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.52 earnings per share. As a group, sell-side analysts predict that Freeport-McMoRan will post 1.67 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be issued a dividend of $0.15 per share. The ex-dividend date is Friday, April 12th. This represents a $0.60 annualized dividend and a dividend yield of 1.19%. Freeport-McMoRan’s dividend payout ratio is 26.55%.

Institutional Investors Weigh In On Freeport-McMoRan

Several institutional investors have recently made changes to their positions in FCX. Avior Wealth Management LLC lifted its holdings in shares of Freeport-McMoRan by 41.2% during the 3rd quarter. Avior Wealth Management LLC now owns 1,680 shares of the natural resource company’s stock valued at $63,000 after buying an additional 490 shares during the last quarter. CX Institutional lifted its holdings in Freeport-McMoRan by 6.2% in the 3rd quarter. CX Institutional now owns 10,244 shares of the natural resource company’s stock worth $382,000 after purchasing an additional 597 shares during the last quarter. Fiduciary Alliance LLC lifted its holdings in Freeport-McMoRan by 12.8% in the 3rd quarter. Fiduciary Alliance LLC now owns 184,685 shares of the natural resource company’s stock worth $6,887,000 after purchasing an additional 20,931 shares during the last quarter. Czech National Bank lifted its holdings in Freeport-McMoRan by 47.7% in the 3rd quarter. Czech National Bank now owns 250,570 shares of the natural resource company’s stock worth $9,344,000 after purchasing an additional 80,898 shares during the last quarter. Finally, Aaron Wealth Advisors LLC lifted its holdings in Freeport-McMoRan by 4.7% in the 3rd quarter. Aaron Wealth Advisors LLC now owns 279,168 shares of the natural resource company’s stock worth $10,410,000 after purchasing an additional 12,414 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

About Freeport-McMoRan

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.