Freeport-McMoRan (NYSE:FCX) Sets New 12-Month High at $52.52

Freeport-McMoRan Inc. (NYSE:FCX)’s share price hit a new 52-week high during trading on Monday . The stock traded as high as $52.52 and last traded at $52.41, with a volume of 22023333 shares changing hands. The stock had previously closed at $50.50.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Bernstein Bank upped their price objective on Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research report on Tuesday, April 23rd. JPMorgan Chase & Co. lowered their target price on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a report on Wednesday, April 24th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 target price on shares of Freeport-McMoRan in a report on Thursday, January 25th. StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Thursday. Finally, Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective for the company in a research note on Tuesday, April 9th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.07.

Freeport-McMoRan Stock Up 3.8 %

The business has a fifty day moving average price of $44.70 and a two-hundred day moving average price of $40.40. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.41. The firm has a market capitalization of $75.18 billion, a price-to-earnings ratio of 44.69, a price-to-earnings-growth ratio of 8.18 and a beta of 2.04.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. The business had revenue of $6.32 billion for the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The company’s revenue was up 17.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.52 earnings per share. On average, equities analysts expect that Freeport-McMoRan Inc. will post 1.67 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

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 $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of FCX. Sycomore Asset Management grew its holdings in Freeport-McMoRan by 40.8% during the first quarter. Sycomore Asset Management now owns 110,376 shares of the natural resource company’s stock worth $5,190,000 after acquiring an additional 32,000 shares during the period. Signature Wealth Management Partners LLC acquired a new stake in Freeport-McMoRan during the first quarter worth about $216,000. Highview Capital Management LLC DE acquired a new stake in Freeport-McMoRan during the first quarter worth about $1,502,000. First National Trust Co grew its holdings in Freeport-McMoRan by 10.3% during the first quarter. First National Trust Co now owns 5,362 shares of the natural resource company’s stock worth $252,000 after acquiring an additional 500 shares during the period. Finally, Legacy Bridge LLC grew its holdings in Freeport-McMoRan by 111.6% during the first quarter. Legacy Bridge LLC now owns 3,692 shares of the natural resource company’s stock worth $174,000 after acquiring an additional 1,947 shares during the period. 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.