Freeport-McMoRan Inc. (NYSE:FCX) Stock Has Consensus Target Price of $75.30 According to Brokerages

Freeport-McMoRan Inc. (NYSE:FCX) has received a consensus rating of “Moderate Buy” from the twenty-five ratings firms that are covering the company, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold recommendation, twenty have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $75.30.

FCX has been the topic of a number of research analyst reports. Scotiabank lowered their price objective on shares of Freeport-McMoRan from $80.00 to $78.00 and set a “sector outperform” rating on the stock in a research report on Wednesday, October 28th. Citigroup upped their price objective on shares of Freeport-McMoRan from $66.00 to $84.00 and gave the company a “buy” rating in a research note on Monday, October 5th. BMO Capital Markets increased their target price on shares of Freeport-McMoRan from $78.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 29th. Freedom Broker decreased their target price on shares of Freeport-McMoRan from $75.00 to $68.00 and set a “hold” rating for the company in a research note on Monday, November 2nd. Finally, Erste Group Bank started coverage on shares of Freeport-McMoRan in a report on Thursday, August 27th. They set a “buy” rating on the stock.

Freeport-McMoRan Trading Down 3.4%

NYSE:FCX opened at $60.23 on Wednesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.02 and a quick ratio of 0.91. Freeport-McMoRan has a fifty-two week low of $38.85 and a fifty-two week high of $80.24. The stock’s 50-day moving average is $69.25 and its two-hundred day moving average is $65.29. The stock has a market cap of $86.50 billion, a PE ratio of 25.31, a price-to-earnings-growth ratio of 0.58 and a beta of 1.38.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, October 27th. The natural resource company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.06. The business had revenue of $7.55 billion during the quarter, compared to analyst estimates of $7.36 billion. Freeport-McMoRan had a net margin of 13.03% and a return on equity of 12.09%. The firm’s revenue was up 8.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.50 earnings per share. As a group, equities research analysts forecast that Freeport-McMoRan will post 3.02 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 2nd. Investors of record on Thursday, October 15th were issued a dividend of $0.0750 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Thursday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 12.61%.

Insiders Place Their Bets

In other Freeport-McMoRan news, EVP Douglas N. Currault II sold 80,000 shares of the business’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $78.56, for a total value of $6,284,800.00. Following the transaction, the executive vice president owned 211,016 shares in the company, valued at $16,577,416.96. The trade was a 27.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Lydia H. Kennard sold 3,798 shares of the company’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $79.11, for a total value of $300,459.78. Following the completion of the transaction, the director directly owned 122,702 shares in the company, valued at approximately $9,706,955.22. The trade was a 3.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.73% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Freeport-McMoRan

Several institutional investors have recently made changes to their positions in the company. TOWER TRUST & INVESTMENT Co grew its position in Freeport-McMoRan by 1.3% in the third quarter. TOWER TRUST & INVESTMENT Co now owns 12,177 shares of the natural resource company’s stock worth $852,000 after acquiring an additional 157 shares in the last quarter. Richardson Financial Services Inc. raised its holdings in shares of Freeport-McMoRan by 11.6% during the 2nd quarter. Richardson Financial Services Inc. now owns 1,539 shares of the natural resource company’s stock valued at $97,000 after purchasing an additional 160 shares in the last quarter. Breakwater Capital Group raised its holdings in shares of Freeport-McMoRan by 1.0% during the 3rd quarter. Breakwater Capital Group now owns 15,930 shares of the natural resource company’s stock valued at $1,115,000 after purchasing an additional 160 shares in the last quarter. Signature Wealth Management Partners LLC lifted its stake in shares of Freeport-McMoRan by 1.4% in the 3rd quarter. Signature Wealth Management Partners LLC now owns 12,271 shares of the natural resource company’s stock valued at $859,000 after purchasing an additional 166 shares during the last quarter. Finally, Fiduciary Financial Group LLC lifted its stake in shares of Freeport-McMoRan by 2.6% in the 2nd quarter. Fiduciary Financial Group LLC now owns 6,788 shares of the natural resource company’s stock valued at $427,000 after purchasing an additional 173 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc. is a mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Its products serve industries including construction, manufacturing, electronics and energy. The company operates mines and related facilities in North America, South America and Indonesia. Its assets include the Grasberg minerals district in Indonesia and copper operations in the United States, Peru and Chile. Freeport-McMoRan traces its roots to Freeport Sulphur Company, founded in 1912, and has since developed into a major international mining business.