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

Several analysts have recently updated their ratings and price targets for Freeport-McMoRan (NYSE: FCX):

• 9/30/2024 – Freeport-McMoRan was downgraded by analysts at Scotiabank from a “sector outperform” rating to a “sector perform” rating. They now have a $52.00 price target on the stock.
• 9/26/2024 – Freeport-McMoRan was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating.
• 9/23/2024 – Freeport-McMoRan had its price target raised by analysts at Raymond James from $53.00 to $55.00. They now have an “outperform” rating on the stock.
• 9/19/2024 – Freeport-McMoRan had its price target lowered by analysts at Morgan Stanley from $60.00 to $58.00. They now have an “overweight” rating on the stock.
• 9/18/2024 – Freeport-McMoRan was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.
• 9/10/2024 – Freeport-McMoRan was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating.
• 9/4/2024 – Freeport-McMoRan was upgraded by analysts at UBS Group AG from a “neutral” rating to a “buy” rating. They now have a $55.00 price target on the stock, up previously from $54.00.
• 8/19/2024 – Freeport-McMoRan had its price target lowered by analysts at Scotiabank from $58.00 to $52.00. They now have a “sector outperform” rating on the stock.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock traded down $0.97 during midday trading on Thursday, hitting $49.85. 5,407,485 shares of the company’s stock were exchanged, compared to its average volume of 13,309,892. The firm’s 50 day simple moving average is $43.96 and its 200 day simple moving average is $47.63. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $55.24. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. The stock has a market cap of $71.61 billion, a price-to-earnings ratio of 44.12, a price-to-earnings-growth ratio of 2.89 and a beta of 1.89.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $6.62 billion for the quarter, compared to analysts’ expectations of $6 billion. During the same quarter in the previous year, the firm posted $0.35 EPS. The firm’s revenue for the quarter was up 15.5% on a year-over-year basis. Equities research analysts predict that Freeport-McMoRan Inc. will post 1.61 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.60%. The ex-dividend date is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

Hedge Funds Weigh In On Freeport-McMoRan

Several institutional investors have recently bought and sold shares of the company. Capital Research Global Investors lifted its holdings in shares of Freeport-McMoRan by 22.0% in the 1st quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock valued at $3,427,583,000 after buying an additional 13,143,562 shares during the period. Capital International Investors acquired a new stake in Freeport-McMoRan in the first quarter valued at $417,752,000. Capital World Investors boosted its position in shares of Freeport-McMoRan by 40.9% during the 1st quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock worth $712,600,000 after purchasing an additional 4,396,309 shares in the last quarter. Asia Research & Capital Management Ltd acquired a new position in shares of Freeport-McMoRan during the 1st quarter worth $197,966,000. Finally, Swedbank AB purchased a new position in shares of Freeport-McMoRan in the 1st quarter valued at about $162,464,000. 80.77% of the stock is owned by institutional investors and hedge funds.

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.