Freeport-McMoRan (NYSE:FCX) Price Target Raised to $84.00

Freeport-McMoRan (NYSE:FCX) had its target price upped by Barclays from $83.00 to $84.00 in a research report released on Monday,Benzinga reports. Barclays currently has an overweight rating on the natural resource company’s stock.

A number of other brokerages have also recently commented on FCX. Royal Bank Of Canada increased their price objective on shares of Freeport-McMoRan from $73.00 to $85.00 and gave the company a “sector perform” rating in a research note on Wednesday, September 16th. BMO Capital Markets lifted 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. Bank of America lifted their target price on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Freeport-McMoRan in a report on Thursday, September 10th. Finally, JPMorgan Chase & Co. upped their price target on shares of Freeport-McMoRan from $77.00 to $92.00 and gave the company an “overweight” rating in a report on Wednesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $76.27.

Freeport-McMoRan Stock Down 0.0%

Freeport-McMoRan stock opened at $68.85 on Monday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07. The firm has a market capitalization of $98.87 billion, a price-to-earnings ratio of 33.91, a price-to-earnings-growth ratio of 0.64 and a beta of 1.39. Freeport-McMoRan has a fifty-two week low of $38.54 and a fifty-two week high of $80.24. The stock’s fifty day moving average is $72.09 and its two-hundred day moving average is $66.89.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. The business had revenue of $7.03 billion during the quarter, compared to analysts’ expectations of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%. The business’s revenue for the quarter was down 7.3% on a year-over-year basis. During the same quarter last year, the business posted $0.54 earnings per share. Analysts predict that Freeport-McMoRan will post 2.95 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Thursday, October 15th will be given a dividend of $0.0750 per share. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.4%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 14.78%.

Insider Buying and Selling

In other news, EVP Douglas N. Currault II sold 80,000 shares of the company’s stock in a transaction on 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 sale, the executive vice president directly owned 211,016 shares in the company, valued at $16,577,416.96. This represents a 27.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lydia H. Kennard sold 3,798 shares of the stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $79.11, for a total value of $300,459.78. Following the sale, 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 position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 110,398 shares of company stock valued at $8,387,271. 0.73% of the stock is owned by insiders.

Institutional Trading of Freeport-McMoRan

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Crescent Grove Advisors LLC boosted its stake in shares of Freeport-McMoRan by 85.6% during the 3rd quarter. Crescent Grove Advisors LLC now owns 14,244 shares of the natural resource company’s stock worth $997,000 after purchasing an additional 6,569 shares during the last quarter. Wealth Management Partners LLC grew its holdings in shares of Freeport-McMoRan by 1.3% during the third quarter. Wealth Management Partners LLC now owns 17,706 shares of the natural resource company’s stock worth $1,239,000 after buying an additional 226 shares in the last quarter. Signature Wealth Management Partners LLC grew its holdings in shares of Freeport-McMoRan by 1.4% during the third quarter. Signature Wealth Management Partners LLC now owns 12,271 shares of the natural resource company’s stock worth $859,000 after buying an additional 166 shares in the last quarter. Magnus Financial Group LLC raised its position in shares of Freeport-McMoRan by 10.2% in the third quarter. Magnus Financial Group LLC now owns 6,868 shares of the natural resource company’s stock valued at $481,000 after buying an additional 638 shares during the last quarter. Finally, Hartford Financial Management Inc. raised its position in shares of Freeport-McMoRan by 1.0% in the third quarter. Hartford Financial Management Inc. now owns 18,147 shares of the natural resource company’s stock valued at $1,270,000 after buying an additional 180 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Trending Headlines about Freeport-McMoRan

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: Barclays raises target to $84: Barclays increased its price target for Freeport-McMoRan, signaling greater confidence in the copper producer’s valuation and upside potential. A separate report said the analyst expects FCX shares to rise. Barclays raises target to USD 84.00 Freeport-McMoRan Stock Price Expected to Rise
• Positive Sentiment: Potential earnings beat: Analysts expect FCX’s upcoming earnings report to show growth, with Zacks citing a combination of factors that could support a beat. The company is also expected to announce results shortly, making earnings expectations a likely near-term trading catalyst. Freeport-McMoRan Earnings Expected to Grow Freeport-McMoRan Expected to Announce Earnings
• Neutral Sentiment: Copper versus rare-earth comparison: An investment comparison with MP Materials highlights FCX as a way to gain exposure to copper, a metal central to electricity-grid investment, rather than the higher-growth rare-earth market. The article does not identify a specific new catalyst for FCX. Rare Earths vs. Copper
• Negative Sentiment: Recent market underperformance: FCX declined during the latest reported session even as the broader market gained, indicating continued pressure on the shares despite favorable analyst commentary. Reports also question whether broker recommendations are overly optimistic and compare FCX’s performance with the basic-materials sector. Freeport-McMoRan Stock Sinks As Market Gains Freeport-McMoRan Considered a Good Investment

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc (NYSE: FCX) is a global mining company primarily engaged in the exploration, development, and production of copper. Copper is used extensively in electrical wiring, construction, transportation, renewable energy systems, and other industrial applications. The company also produces gold and molybdenum, a metal used in steelmaking and other industrial processes, as well as certain other byproducts.

Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America, and Indonesia.