Analysts Set Freeport-McMoRan Inc. (NYSE:FCX) PT at $65.14

Freeport-McMoRan Inc. (NYSE:FCX) has earned an average recommendation of “Moderate Buy” from the twenty-two research firms that are currently covering the company, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $65.1381.

A number of equities research analysts have issued reports on FCX shares. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Freeport-McMoRan in a research note on Friday. The Goldman Sachs Group reduced their price objective on shares of Freeport-McMoRan from $70.00 to $68.00 and set a “buy” rating on the stock in a research note on Friday, April 24th. Jefferies Financial Group set a $75.00 price objective on shares of Freeport-McMoRan in a research note on Thursday, April 23rd. Morgan Stanley reiterated an “equal weight” rating and set a $66.00 price objective (down from $70.00) on shares of Freeport-McMoRan in a research note on Friday, April 24th. Finally, UBS Group increased their price objective on shares of Freeport-McMoRan from $66.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, April 23rd.

Insiders Place Their Bets

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 29,654 shares of the business’s stock in a transaction on Friday, February 20th. The shares were sold at an average price of $63.00, for a total transaction of $1,868,202.00. Following the sale, the chief accounting officer owned 76,445 shares of the company’s stock, valued at approximately $4,816,035. The trade was a 27.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.79% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FCX. Pinnacle Bancorp Inc. raised its position in Freeport-McMoRan by 7.9% in the first quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company’s stock valued at $118,000 after purchasing an additional 147 shares during the last quarter. Steph & Co. increased its stake in shares of Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after buying an additional 150 shares during the period. Essex Bank increased its stake in shares of Freeport-McMoRan by 1.2% in the first quarter. Essex Bank now owns 14,104 shares of the natural resource company’s stock valued at $829,000 after buying an additional 163 shares during the period. Leo Wealth LLC raised its holdings in Freeport-McMoRan by 2.5% in the 4th quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock valued at $347,000 after buying an additional 170 shares during the last quarter. Finally, Klein Pavlis & Peasley Financial Inc. raised its holdings in Freeport-McMoRan by 0.9% in the 1st quarter. Klein Pavlis & Peasley Financial Inc. now owns 18,674 shares of the natural resource company’s stock valued at $1,098,000 after buying an additional 175 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Trading Down 3.1%

Shares of Freeport-McMoRan stock opened at $58.64 on Wednesday. The company has a market capitalization of $84.30 billion, a price-to-earnings ratio of 31.19, a PEG ratio of 0.73 and a beta of 1.32. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. Freeport-McMoRan has a 12-month low of $35.15 and a 12-month high of $70.96. The firm’s 50-day moving average price is $61.40 and its two-hundred day moving average price is $56.03.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. The firm had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The business’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.24 earnings per share. On average, analysts forecast that Freeport-McMoRan will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were paid a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is presently 15.96%.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.