Raymond James Issues Positive Forecast for Freeport-McMoRan (NYSE:FCX) Stock Price

Freeport-McMoRan (NYSE:FCX) had its price objective increased by Raymond James from $49.00 to $51.00 in a research note published on Friday morning,Benzinga reports. Raymond James currently has an outperform rating on the natural resource company’s stock. Raymond James also issued estimates for Freeport-McMoRan’s Q1 2025 earnings at $0.20 EPS, Q2 2025 earnings at $0.45 EPS, Q3 2025 earnings at $0.45 EPS, Q4 2025 earnings at $0.48 EPS and FY2025 earnings at $1.59 EPS.

Several other brokerages also recently weighed in on FCX. StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Monday, March 31st. Jefferies Financial Group raised Freeport-McMoRan from a “hold” rating to a “buy” rating and raised their price target for the stock from $40.00 to $48.00 in a research note on Thursday, February 27th. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. Scotiabank lowered their target price on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a report on Friday, January 24th. Finally, Argus downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Five investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $51.61.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $29.14 on Friday. Freeport-McMoRan has a fifty-two week low of $28.49 and a fifty-two week high of $55.24. The company has a market capitalization of $41.88 billion, a price-to-earnings ratio of 22.59, a PEG ratio of 0.87 and a beta of 1.71. The stock has a fifty day moving average of $37.75 and a two-hundred day moving average of $41.74. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. On average, analysts anticipate that Freeport-McMoRan will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Tuesday, April 15th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date is Tuesday, April 15th. Freeport-McMoRan’s payout ratio is 23.26%.

Hedge Funds Weigh In On Freeport-McMoRan

Institutional investors have recently added to or reduced their stakes in the company. Asset Planning Inc acquired a new stake in Freeport-McMoRan during the 4th quarter valued at approximately $25,000. Mizuho Bank Ltd. purchased a new position in shares of Freeport-McMoRan during the 4th quarter valued at approximately $26,000. Vision Financial Markets LLC acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth approximately $27,000. Laurel Wealth Advisors LLC increased its stake in shares of Freeport-McMoRan by 487.8% in the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after buying an additional 600 shares during the last quarter. Finally, Roxbury Financial LLC acquired a new stake in Freeport-McMoRan in the fourth quarter valued at $28,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

About Freeport-McMoRan

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.