Freeport-McMoRan (NYSE:FCX) Given New $57.00 Price Target at Raymond James

Freeport-McMoRan (NYSE:FCX) had its price objective increased by Raymond James from $55.00 to $57.00 in a research note issued to investors on Wednesday morning, Benzinga reports. The firm currently has an outperform rating on the natural resource company’s stock. Raymond James also issued estimates for Freeport-McMoRan’s Q4 2024 earnings at $0.43 EPS and Q1 2025 earnings at $0.52 EPS.

Several other research firms have also weighed in on FCX. Morgan Stanley dropped their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price target for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Finally, JPMorgan Chase & Co. raised their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $54.00.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $46.60 on Wednesday. The firm has a market cap of $66.96 billion, a PE ratio of 34.01, a price-to-earnings-growth ratio of 1.99 and a beta of 1.90. The firm’s 50-day simple moving average is $45.99 and its 200-day simple moving average is $47.80. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.34 and a current ratio of 2.33. Freeport-McMoRan has a 1 year low of $32.83 and a 1 year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.01. The firm had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. Freeport-McMoRan’s quarterly revenue was up 16.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.39 earnings per share. Equities analysts forecast that Freeport-McMoRan will post 1.59 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be issued a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.64%. The ex-dividend date is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.90%.

Institutional Trading of Freeport-McMoRan

A number of large investors have recently added to or reduced their stakes in the business. Deane Retirement Strategies Inc. boosted its holdings in Freeport-McMoRan by 0.4% during the third quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company’s stock worth $2,357,000 after buying an additional 201 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in Freeport-McMoRan by 0.3% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company’s stock worth $3,012,000 after buying an additional 203 shares in the last quarter. Proficio Capital Partners LLC boosted its holdings in Freeport-McMoRan by 0.5% during the first quarter. Proficio Capital Partners LLC now owns 40,083 shares of the natural resource company’s stock worth $1,885,000 after buying an additional 207 shares in the last quarter. Kingsview Wealth Management LLC boosted its holdings in Freeport-McMoRan by 4.3% during the first quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock worth $247,000 after buying an additional 214 shares in the last quarter. Finally, Koshinski Asset Management Inc. boosted its holdings in Freeport-McMoRan by 1.0% during the third quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company’s stock worth $1,037,000 after buying an additional 214 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

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.