Freeport-McMoRan (NYSE:FCX) Price Target Lowered to $51.00 at JPMorgan Chase & Co.

Freeport-McMoRan (NYSE:FCX) had its price target cut by JPMorgan Chase & Co. from $52.00 to $51.00 in a report issued on Wednesday, Benzinga reports. They currently have a neutral rating on the natural resource company’s stock.

A number of other brokerages also recently commented on FCX. HSBC increased their price objective on Freeport-McMoRan from $39.00 to $45.00 and gave the company a hold rating in a research report on Tuesday. Royal Bank of Canada restated a sector perform rating and set a $55.00 price target on shares of Freeport-McMoRan in a report on Thursday, January 25th. Scotiabank increased their price target on shares of Freeport-McMoRan from $48.00 to $55.00 and gave the stock a sector outperform rating in a research note on Tuesday, April 9th. Bernstein Bank increased their price objective on Freeport-McMoRan from $52.00 to $52.50 and gave the company an overweight rating in a report on Tuesday. Finally, Sanford C. Bernstein upgraded shares of Freeport-McMoRan from a market perform rating to an outperform rating and lifted their target price for the stock from $41.00 to $48.50 in a report on Monday, January 8th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $49.77.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $48.24 on Wednesday. The firm’s 50-day simple moving average is $44.02 and its 200 day simple moving average is $40.14. The stock has a market cap of $69.20 billion, a P/E ratio of 42.69, a P/E/G ratio of 2.20 and a beta of 2.04. The company has a quick ratio of 1.38, a current ratio of 2.35 and a debt-to-equity ratio of 0.31. Freeport-McMoRan has a fifty-two week low of $32.83 and a fifty-two week high of $52.42.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The company had revenue of $6.32 billion for the quarter, compared to the consensus estimate of $5.70 billion. During the same period in the previous year, the firm earned $0.52 EPS. Freeport-McMoRan’s revenue was up 17.3% on a year-over-year basis. Equities analysts expect that Freeport-McMoRan will post 1.57 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

Institutional Trading of Freeport-McMoRan

Several large investors have recently modified their holdings of FCX. Bruce G. Allen Investments LLC bought a new position in shares of Freeport-McMoRan during the fourth quarter valued at $27,000. BluePath Capital Management LLC acquired a new stake in Freeport-McMoRan in the third quarter worth $28,000. Jones Financial Companies Lllp increased its stake in Freeport-McMoRan by 422.2% in the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after purchasing an additional 532 shares in the last quarter. Vermillion & White Wealth Management Group LLC acquired a new position in shares of Freeport-McMoRan during the fourth quarter valued at about $32,000. Finally, EdgeRock Capital LLC acquired a new position in shares of Freeport-McMoRan during the fourth quarter valued at about $35,000. 80.77% of the stock is owned by institutional investors and hedge funds.

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.