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

Freeport-McMoRan (NYSE:FCX) had its price objective decreased by Raymond James from $54.00 to $53.00 in a research report report published on Wednesday, 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.

Several other research firms have also issued reports on FCX. BNP Paribas upgraded shares of Freeport-McMoRan to a strong-buy rating in a report on Friday, June 21st. Bank of America raised Freeport-McMoRan from a neutral rating to a buy rating and set a $59.00 price objective on the stock in a research note on Tuesday, April 9th. HSBC raised their target price on Freeport-McMoRan from $39.00 to $45.00 and gave the stock a hold rating in a research note on Tuesday, April 23rd. Scotiabank dropped their price target on Freeport-McMoRan from $60.00 to $58.00 and set a sector outperform rating on the stock in a research note on Wednesday. Finally, Deutsche Bank Aktiengesellschaft raised their price objective 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. Five analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $53.07.

Freeport-McMoRan Price Performance

Shares of FCX opened at $45.00 on Wednesday. The business has a 50-day moving average of $49.68 and a 200-day moving average of $46.05. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.41. The company has a market capitalization of $64.64 billion, a price-to-earnings ratio of 39.82, a price-to-earnings-growth ratio of 2.09 and a beta of 1.92. 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 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. The firm had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The company’s revenue was up 15.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.35 EPS. As a group, equities research analysts anticipate that Freeport-McMoRan will post 1.66 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

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

Insider Activity at Freeport-McMoRan

In other Freeport-McMoRan news, VP Douglas N. Currault II sold 55,000 shares of the business’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 sale, the vice president now directly owns 164,067 shares of the company’s stock, valued at approximately $8,529,843.33. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Stephen T. Higgins sold 80,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $52.03, for a total transaction of $4,162,400.00. Following the transaction, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at $5,430,735.31. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Douglas N. Currault II sold 55,000 shares of the company’s stock in a transaction dated 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 sale, the vice president now directly owns 164,067 shares of the company’s stock, valued at $8,529,843.33. The disclosure for this sale can be found here. Insiders sold 445,667 shares of company stock valued at $22,755,070 in the last three months. Corporate insiders own 0.79% of the company’s stock.

Hedge Funds Weigh In On Freeport-McMoRan

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Lynx Investment Advisory bought a new stake in Freeport-McMoRan during the second quarter worth $26,000. LRI Investments LLC purchased a new position in Freeport-McMoRan in the first quarter worth $26,000. RFP Financial Group LLC boosted its position in Freeport-McMoRan by 261.3% in the second quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 426 shares during the last quarter. POM Investment Strategies LLC purchased a new position in Freeport-McMoRan in the second quarter worth $31,000. Finally, Versant Capital Management Inc boosted its position in Freeport-McMoRan by 209.9% in the second quarter. Versant Capital Management Inc now owns 657 shares of the natural resource company’s stock worth $32,000 after purchasing an additional 445 shares during the last quarter. Hedge funds and other 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.