Freeport-McMoRan (NYSE:FCX) Given New $13.00 Price Target at B. Riley

Freeport-McMoRan (NYSE:FCX) had its price target decreased by B. Riley from $14.00 to $13.00 in a research note released on Tuesday, Briefing.com Automated Import reports. B. Riley currently has a buy rating on the natural resource company’s stock. B. Riley also issued estimates for Freeport-McMoRan’s Q3 2019 earnings at $0.00 EPS, Q4 2019 earnings at $0.09 EPS, FY2019 earnings at $0.10 EPS, Q1 2020 earnings at $0.18 EPS, Q2 2020 earnings at $0.18 EPS, Q3 2020 earnings at $0.19 EPS, Q4 2020 earnings at $0.22 EPS, FY2020 earnings at $0.77 EPS, FY2021 earnings at $1.59 EPS and FY2022 earnings at $1.86 EPS.

A number of other equities research analysts have also issued reports on FCX. Clarkson Capital reissued a neutral rating on shares of Freeport-McMoRan in a research report on Monday, September 23rd. Exane BNP Paribas initiated coverage on Freeport-McMoRan in a research note on Friday, September 20th. They issued an outperform rating for the company. Barclays upgraded Freeport-McMoRan from an underweight rating to an equal weight rating and set a $12.00 price target for the company in a research note on Tuesday, July 16th. ValuEngine upgraded Freeport-McMoRan from a hold rating to a buy rating in a research note on Thursday, September 5th. Finally, Raymond James restated a market perform rating and issued a $13.00 price target on shares of Freeport-McMoRan in a research note on Thursday, July 25th. Nine research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Freeport-McMoRan presently has a consensus rating of Hold and an average target price of $13.38.

Shares of Freeport-McMoRan stock opened at $9.55 on Tuesday. The business’s 50 day simple moving average is $9.53 and its 200 day simple moving average is $10.90. Freeport-McMoRan has a 52-week low of $8.43 and a 52-week high of $14.68. The firm has a market cap of $12.41 billion, a PE ratio of 6.28 and a beta of 2.40. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.32 and a current ratio of 2.66.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, July 24th. The natural resource company reported ($0.04) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.01. Freeport-McMoRan had a return on equity of 4.08% and a net margin of 4.11%. The business had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.54 billion. During the same quarter last year, the firm earned $0.59 EPS. Freeport-McMoRan’s revenue for the quarter was down 31.4% compared to the same quarter last year. As a group, equities research analysts predict that Freeport-McMoRan will post 0.08 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be paid a $0.05 dividend. The ex-dividend date is Friday, October 11th. This represents a $0.20 dividend on an annualized basis and a yield of 2.09%. Freeport-McMoRan’s dividend payout ratio is 13.16%.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Clearbridge Investments LLC boosted its stake in shares of Freeport-McMoRan by 2.4% during the 1st quarter. Clearbridge Investments LLC now owns 32,070,928 shares of the natural resource company’s stock worth $413,394,000 after acquiring an additional 738,220 shares during the period. Northern Trust Corp boosted its stake in shares of Freeport-McMoRan by 2.2% during the 2nd quarter. Northern Trust Corp now owns 21,091,006 shares of the natural resource company’s stock worth $244,867,000 after acquiring an additional 446,954 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Freeport-McMoRan by 10.6% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 12,037,806 shares of the natural resource company’s stock worth $139,759,000 after acquiring an additional 1,155,099 shares during the period. Nuveen Asset Management LLC boosted its stake in shares of Freeport-McMoRan by 14,378.6% during the 2nd quarter. Nuveen Asset Management LLC now owns 10,964,634 shares of the natural resource company’s stock worth $127,299,000 after acquiring an additional 10,888,904 shares during the period. Finally, Invesco Ltd. boosted its stake in shares of Freeport-McMoRan by 8.5% during the 2nd quarter. Invesco Ltd. now owns 9,703,380 shares of the natural resource company’s stock worth $112,656,000 after acquiring an additional 761,139 shares during the period. Institutional investors own 72.60% of the company’s stock.

Freeport-McMoRan Company Profile

Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.

Featured Article: Why is the ex-dividend date different from the record date?

Analyst Recommendations for Freeport-McMoRan (NYSE:FCX)

Receive News & Ratings for Freeport-McMoRan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoRan and related companies with MarketBeat.com's FREE daily email newsletter.



Comments


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit