Freeport-McMoRan (NYSE:FCX) PT Lowered to $52.00 at Scotiabank

Freeport-McMoRan (NYSE:FCX) had its target price decreased by Scotiabank from $58.00 to $52.00 in a research report released on Monday morning, Benzinga reports. Scotiabank currently has a sector outperform rating on the natural resource company’s stock.

Several other research firms have also recently commented on FCX. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the stock a hold rating in a research report on Monday, June 10th. Bernstein Bank boosted their price objective on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an overweight rating in a research report on Tuesday, April 23rd. Royal Bank of Canada reiterated a sector perform rating and set a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Raymond James reduced their price target on shares of Freeport-McMoRan from $54.00 to $53.00 and set an outperform rating for the company in a research report on Wednesday, July 24th. Finally, Argus lifted their price objective on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the stock a buy rating in a research report on Thursday, April 25th. Five equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $52.67.

Freeport-McMoRan Trading Up 0.8 %

NYSE:FCX opened at $43.88 on Monday. Freeport-McMoRan has a one year low of $32.83 and a one year high of $55.24. The company has a market cap of $63.03 billion, a PE ratio of 38.81, a PEG ratio of 2.07 and a beta of 1.92. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. The firm has a 50-day moving average of $46.57 and a 200-day moving average of $46.45.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) 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 the consensus estimate of $6 billion. During the same quarter in the prior year, the company posted $0.35 earnings per share. Freeport-McMoRan’s revenue was up 15.5% compared to the same quarter last year. As a group, equities research analysts expect that Freeport-McMoRan will post 1.67 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.37%. The ex-dividend date of this dividend was Monday, July 15th. Freeport-McMoRan’s payout ratio is presently 26.55%.

Institutional Investors Weigh In On Freeport-McMoRan

Institutional investors and hedge funds have recently modified their holdings of the company. Hazlett Burt & Watson Inc. increased its holdings in Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after acquiring an additional 480 shares during the period. Spectrum Wealth Counsel LLC bought a new position in shares of Freeport-McMoRan in the second quarter worth $25,000. LRI Investments LLC purchased a new stake in shares of Freeport-McMoRan in the first quarter worth $26,000. Lynx Investment Advisory bought a new stake in Freeport-McMoRan during the second quarter valued at $26,000. Finally, Jones Financial Companies Lllp grew its position in Freeport-McMoRan by 422.2% during the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after buying an additional 532 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other 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.