Analysts’ Weekly Ratings Updates for Freeport-McMoRan (FCX)

Several brokerages have updated their recommendations and price targets on shares of Freeport-McMoRan (NYSE: FCX) in the last few weeks:

• 4/25/2024 – Freeport-McMoRan was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.
• 4/25/2024 – Freeport-McMoRan had its price target raised by analysts at Argus from $44.00 to $54.00. They now have a “buy” rating on the stock.
• 4/24/2024 – Freeport-McMoRan had its price target lowered by analysts at Scotiabank from $55.00 to $53.00. They now have a “sector outperform” rating on the stock.
• 4/24/2024 – Freeport-McMoRan had its price target raised by analysts at Raymond James from $49.50 to $54.00. They now have an “outperform” rating on the stock.
• 4/24/2024 – Freeport-McMoRan had its price target lowered by analysts at JPMorgan Chase & Co. from $52.00 to $51.00. They now have a “neutral” rating on the stock.
• 4/23/2024 – Freeport-McMoRan had its price target raised by analysts at Bernstein Bank from $52.00 to $52.50. They now have an “overweight” rating on the stock.
• 4/23/2024 – Freeport-McMoRan had its price target raised by analysts at HSBC Holdings plc from $39.00 to $45.00. They now have a “hold” rating on the stock.
• 4/17/2024 – Freeport-McMoRan had its price target raised by analysts at JPMorgan Chase & Co. from $43.00 to $52.00. They now have a “neutral” rating on the stock.
• 4/9/2024 – Freeport-McMoRan had its price target raised by analysts at Scotiabank from $48.00 to $55.00. They now have a “sector outperform” rating on the stock.
• 4/9/2024 – Freeport-McMoRan was upgraded by analysts at Bank of America Co. from a “neutral” rating to a “buy” rating. They now have a $59.00 price target on the stock.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $49.91 on Thursday. The company has a current ratio of 2.35, a quick ratio of 1.41 and a debt-to-equity ratio of 0.31. The business has a 50-day moving average price of $45.21 and a two-hundred day moving average price of $40.62. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $52.52. The company has a market cap of $71.59 billion, a P/E ratio of 44.17, a PEG ratio of 8.49 and a beta of 2.04.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The firm had revenue of $6.32 billion during the quarter, compared to the consensus estimate of $5.70 billion. During the same period last year, the business posted $0.52 EPS. The business’s revenue was up 17.3% compared to the same quarter last year. As a group, analysts anticipate that Freeport-McMoRan Inc. will post 1.67 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th were paid a $0.15 dividend. The ex-dividend date of this dividend was Friday, April 12th. This represents a $0.60 annualized dividend and a dividend yield of 1.20%. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

Insider Activity

In other news, VP Douglas N. Currault II sold 55,000 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $8,529,843.33. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, VP Douglas N. Currault II sold 55,000 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $8,529,843.33. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Richard C. Adkerson sold 169,229 shares of the firm’s stock in a transaction dated Tuesday, April 30th. The shares were 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 $187,438,509.44. The disclosure for this sale can be found here. 0.78% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Freeport-McMoRan

Large investors have recently added to or reduced their stakes in the business. Bruce G. Allen Investments LLC bought a new position in Freeport-McMoRan in the 4th quarter valued at about $27,000. Jones Financial Companies Lllp lifted its position in Freeport-McMoRan by 422.2% in the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after acquiring an additional 532 shares in the last quarter. American National Bank lifted its position in Freeport-McMoRan by 348.8% in the 1st quarter. American National Bank now owns 745 shares of the natural resource company’s stock valued at $35,000 after acquiring an additional 579 shares in the last quarter. Vermillion & White Wealth Management Group LLC bought a new position in Freeport-McMoRan in the 4th quarter valued at about $32,000. Finally, BluePath Capital Management LLC bought a new position in Freeport-McMoRan in the 3rd quarter valued at about $28,000. Institutional investors own 80.77% of the company’s stock.

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.