Freeport-McMoRan (NYSE:FCX) Price Target Lowered to $58.00 at Scotiabank

Freeport-McMoRan (NYSE:FCX) had its target price lowered by Scotiabank from $60.00 to $58.00 in a research note issued to investors on Wednesday morning, Benzinga reports. Scotiabank currently has a sector outperform rating on the natural resource company’s stock.

A number of other analysts have also recently weighed in on FCX. HSBC increased their price target on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the stock a hold rating in a research note on Tuesday, April 23rd. Argus increased their price target on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the stock a buy rating in a research note on Thursday, April 25th. Bank of America upgraded shares of Freeport-McMoRan from a neutral rating to a buy rating and set a $59.00 target price for the company in a research note on Tuesday, April 9th. BNP Paribas upgraded shares of Freeport-McMoRan to a strong-buy rating in a research note on Friday, June 21st. Finally, JPMorgan Chase & Co. reduced their target price on shares of Freeport-McMoRan from $52.00 to $51.00 and set a neutral rating for the company in a research note on Wednesday, April 24th. Five 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’s stock. According to MarketBeat.com, Freeport-McMoRan 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. 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 firm’s fifty day moving average price is $49.68 and its 200 day moving average price is $46.05. 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 2.07 and a beta of 1.92. Freeport-McMoRan has a 12 month low of $32.83 and a 12 month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. The firm had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. Freeport-McMoRan’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.35 EPS. On average, sell-side analysts expect that Freeport-McMoRan will post 1.7 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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 paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.33%. The ex-dividend date is Monday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

Insider Activity at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 42,767 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the completion of the transaction, the chief accounting officer now directly owns 104,377 shares in the company, valued at approximately $5,255,381.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CAO Stephen T. Higgins sold 42,767 shares of Freeport-McMoRan stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the completion of the sale, the chief accounting officer now directly owns 104,377 shares in the company, valued at $5,255,381.95. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Douglas N. Currault II sold 55,000 shares of Freeport-McMoRan 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 sale, the vice president now 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 worth $22,755,070 over the last 90 days. Company insiders own 0.79% of the company’s stock.

Institutional Investors Weigh In On Freeport-McMoRan

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Tompkins Financial Corp boosted its position in shares of Freeport-McMoRan by 33.8% in the first quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock worth $37,000 after acquiring an additional 200 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its position in shares of Freeport-McMoRan by 0.3% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company’s stock worth $3,012,000 after acquiring an additional 203 shares during the last quarter. Proficio Capital Partners LLC boosted its position in shares of Freeport-McMoRan by 0.5% in the first quarter. Proficio Capital Partners LLC now owns 40,083 shares of the natural resource company’s stock worth $1,885,000 after acquiring an additional 207 shares during the last quarter. Kingsview Wealth Management LLC boosted its position in shares of Freeport-McMoRan by 4.3% in the first quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock worth $247,000 after acquiring an additional 214 shares during the last quarter. Finally, MV Capital Management Inc. increased its stake in Freeport-McMoRan by 38.6% during the first quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock valued at $37,000 after purchasing an additional 221 shares during the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

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.