Raymond James Raises Freeport-McMoRan (NYSE:FCX) Price Target to $55.00

Freeport-McMoRan (NYSE:FCX) had its target price increased by Raymond James from $53.00 to $55.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has an “outperform” rating on the natural resource company’s stock. Raymond James’ price target would suggest a potential upside of 20.59% from the company’s previous close.

Other analysts have also recently issued reports about the company. Deutsche Bank Aktiengesellschaft raised their target price on Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research report on Monday, June 10th. Morgan Stanley lowered their price target on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday. Scotiabank reduced their price objective on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a report on Monday, August 19th. StockNews.com raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Wednesday, September 18th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Four research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $52.93.

Freeport-McMoRan Stock Performance

FCX traded up $1.08 during trading hours on Monday, hitting $45.61. 4,259,392 shares of the stock were exchanged, compared to its average volume of 13,134,107. The stock has a market cap of $65.52 billion, a price-to-earnings ratio of 40.36, a price-to-earnings-growth ratio of 1.94 and a beta of 1.89. The stock has a 50-day simple moving average of $43.55 and a 200-day simple moving average of $47.23. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. Freeport-McMoRan has a 12 month low of $32.83 and a 12 month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.39 by $0.07. The company had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The business’s revenue was up 15.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.35 earnings per share. Analysts anticipate that Freeport-McMoRan will post 1.68 earnings per share for the current year.

Institutional Trading of Freeport-McMoRan

Large investors have recently made changes to their positions in the company. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Freeport-McMoRan during the 2nd quarter worth about $1,143,000. University of Texas Texas AM Investment Management Co. bought a new stake in Freeport-McMoRan in the 2nd quarter valued at approximately $27,000. Newbridge Financial Services Group Inc. boosted its position in Freeport-McMoRan by 20.1% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 3,286 shares of the natural resource company’s stock worth $160,000 after acquiring an additional 551 shares during the last quarter. Heritage Wealth Management Inc. bought a new position in shares of Freeport-McMoRan during the 2nd quarter worth approximately $1,696,000. Finally, Sanctuary Advisors LLC bought a new position in shares of Freeport-McMoRan during the 2nd quarter worth approximately $7,582,000. Institutional investors 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.