Raymond James Trims Freeport-McMoRan (NYSE:FCX) Target Price to $53.00

Freeport-McMoRan (NYSE:FCX) had its price objective lowered by Raymond James from $54.00 to $53.00 in a research report released on Wednesday morning, Benzinga reports. Raymond James currently has an outperform rating on the natural resource company’s stock. Raymond James also issued estimates for Freeport-McMoRan’s Q3 2024 earnings at $0.47 EPS, FY2024 earnings at $1.68 EPS, Q1 2025 earnings at $0.47 EPS and Q4 2025 earnings at $0.47 EPS.

Other equities research analysts have also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft increased their price objective on Freeport-McMoRan from $48.00 to $51.00 and gave the stock a hold rating in a report on Monday, June 10th. Bernstein Bank increased their target price on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an overweight rating in a research report on Tuesday, April 23rd. HSBC increased their target price on Freeport-McMoRan from $39.00 to $45.00 and gave the stock a hold rating in a research report on Tuesday, April 23rd. UBS Group increased their target price on Freeport-McMoRan from $41.00 to $54.00 and gave the stock a neutral rating in a research report on Tuesday, May 14th. Finally, Scotiabank decreased their target price on Freeport-McMoRan from $60.00 to $58.00 and set a sector outperform rating for the company in a research report on Wednesday. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $53.07.

Freeport-McMoRan Trading Up 1.1 %

NYSE FCX opened at $45.00 on Wednesday. Freeport-McMoRan has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.41 and a current ratio of 2.40. The stock has a 50 day simple moving average of $49.68 and a two-hundred day simple moving average of $46.05. The stock has a market cap of $64.64 billion, a P/E ratio of 39.82, a price-to-earnings-growth ratio of 2.09 and a beta of 1.92.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The business had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. During the same quarter last year, the business posted $0.35 EPS. The business’s revenue was up 15.5% on a year-over-year basis. On average, analysts forecast that Freeport-McMoRan will post 1.66 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Monday, July 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date of this dividend is Monday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Insider Activity at Freeport-McMoRan

In related news, VP Douglas N. Currault II sold 55,000 shares of the firm’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $51.99, for a total transaction of $2,859,450.00. Following the completion of the transaction, the vice president now owns 164,067 shares of the company’s stock, valued at approximately $8,529,843.33. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Freeport-McMoRan news, CEO Richard C. Adkerson sold 169,229 shares of Freeport-McMoRan stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $50.56, for a total value of $8,556,218.24. Following the completion of the sale, the chief executive officer now owns 3,707,249 shares of the company’s stock, valued at approximately $187,438,509.44. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Douglas N. Currault II sold 55,000 shares of Freeport-McMoRan stock in a transaction on Monday, April 29th. The stock was sold at an average price of $51.99, for a total value of $2,859,450.00. Following the completion of the sale, the vice president now directly owns 164,067 shares of the company’s stock, valued at approximately $8,529,843.33. The disclosure for this sale can be found here. Insiders sold a total of 445,667 shares of company stock valued at $22,755,070 in the last 90 days. Corporate insiders own 0.79% of the company’s stock.

Institutional Trading of Freeport-McMoRan

A number of institutional investors and hedge funds have recently modified their holdings of FCX. Capital Research Global Investors increased its holdings in shares of Freeport-McMoRan by 22.0% in the 1st quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock worth $3,427,583,000 after purchasing an additional 13,143,562 shares in the last quarter. Capital International Investors purchased a new position in shares of Freeport-McMoRan in the 1st quarter worth $417,752,000. Boston Partners boosted its stake in shares of Freeport-McMoRan by 13,248.4% in the 4th quarter. Boston Partners now owns 5,351,630 shares of the natural resource company’s stock worth $227,747,000 after buying an additional 5,311,538 shares during the last quarter. Capital World Investors boosted its stake in shares of Freeport-McMoRan by 40.9% in the 1st quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock worth $712,600,000 after buying an additional 4,396,309 shares during the last quarter. Finally, Asia Research & Capital Management Ltd purchased a new position in shares of Freeport-McMoRan in the 1st quarter worth $197,966,000. Institutional investors own 80.77% of the company’s stock.

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.