HSBC Raises Freeport-McMoRan (NYSE:FCX) Price Target to $45.00

Freeport-McMoRan (NYSE:FCX) had its target price upped by HSBC from $39.00 to $45.00 in a report published on Tuesday morning. They currently have a hold rating on the natural resource company’s stock.

A number of other research firms have also recently commented on FCX. Bank of America upgraded Freeport-McMoRan from a neutral rating to a buy rating and set a $59.00 price objective for the company in a research report on Tuesday, April 9th. JPMorgan Chase & Co. upped their price objective on Freeport-McMoRan from $43.00 to $52.00 and gave the company a neutral rating in a research report on Wednesday, April 17th. Sanford C. Bernstein upgraded Freeport-McMoRan from a market perform rating to an outperform rating and upped their price objective for the company from $41.00 to $48.50 in a research report on Monday, January 8th. Royal Bank of Canada restated a sector perform rating and issued a $55.00 price target on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Finally, Scotiabank upped their price target on Freeport-McMoRan from $48.00 to $55.00 and gave the stock a sector outperform rating in a research report on Tuesday, April 9th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $50.07.

Freeport-McMoRan Stock Up 2.2 %

FCX stock opened at $50.48 on Tuesday. Freeport-McMoRan has a 1-year low of $32.83 and a 1-year high of $52.42. The business has a fifty day moving average price of $44.47 and a 200-day moving average price of $40.26. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.38. The stock has a market capitalization of $72.41 billion, a P/E ratio of 44.67, a P/E/G ratio of 2.21 and a beta of 2.04.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.05. The firm had revenue of $6.32 billion during the quarter, compared to analysts’ expectations of $5.70 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The company’s revenue was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.52 earnings per share. Equities analysts forecast that Freeport-McMoRan will post 1.58 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date of this dividend is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

Hedge Funds Weigh In On Freeport-McMoRan

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FCX. HB Wealth Management LLC boosted its stake in Freeport-McMoRan by 7.1% during the third quarter. HB Wealth Management LLC now owns 11,861 shares of the natural resource company’s stock valued at $442,000 after buying an additional 786 shares during the last quarter. Avior Wealth Management LLC boosted its stake in Freeport-McMoRan by 41.2% during the third 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. Founders Financial Securities LLC boosted its stake in Freeport-McMoRan by 5.9% during the third quarter. Founders Financial Securities LLC now owns 16,514 shares of the natural resource company’s stock valued at $616,000 after buying an additional 922 shares during the last quarter. Strategic Blueprint LLC raised its position in Freeport-McMoRan by 24.9% during the third quarter. Strategic Blueprint LLC now owns 81,207 shares of the natural resource company’s stock valued at $3,028,000 after purchasing an additional 16,164 shares during the period. Finally, CX Institutional raised its position in Freeport-McMoRan by 6.2% during the third quarter. CX Institutional now owns 10,244 shares of the natural resource company’s stock valued at $382,000 after purchasing an additional 597 shares during the period. 80.77% of the stock is owned by institutional investors.

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.