Freeport-McMoRan (NYSE:FCX) PT Raised to $53.00

Freeport-McMoRan (NYSE:FCX) had its target price raised by investment analysts at Scotiabank from $52.00 to $53.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has a “sector perform” rating on the natural resource company’s stock. Scotiabank’s target price would indicate a potential upside of 9.39% from the stock’s current price.

Several other research firms have also weighed in on FCX. Morgan Stanley reduced their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. Raymond James boosted their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a report on Monday, September 23rd. Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a report on Monday, June 10th. Finally, UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price objective for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

Freeport-McMoRan Stock Performance

NYSE:FCX traded down $2.34 on Tuesday, hitting $48.45. The company’s stock had a trading volume of 9,286,670 shares, compared to its average volume of 13,282,773. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $69.60 billion, a P/E ratio of 42.85, a price-to-earnings-growth ratio of 2.89 and a beta of 1.90. Freeport-McMoRan has a one year low of $32.83 and a one year high of $55.24. The stock has a fifty day moving average of $44.30 and a two-hundred day moving average of $47.75.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share 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 during the quarter, compared to analysts’ expectations of $6 billion. During the same period in the previous year, the firm earned $0.35 EPS. The company’s quarterly revenue was up 15.5% compared to the same quarter last year. Research analysts predict that Freeport-McMoRan will post 1.61 earnings per share for the current year.

Hedge Funds Weigh In On Freeport-McMoRan

Institutional investors and hedge funds have recently modified their holdings of the business. Fisher Asset Management LLC boosted its stake in Freeport-McMoRan by 1.8% during the fourth quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock worth $2,369,312,000 after acquiring an additional 976,592 shares in the last quarter. Norden Group LLC grew its stake in shares of Freeport-McMoRan by 1,823.1% in the 1st quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock valued at $11,750,000 after buying an additional 236,891 shares during the period. Vanguard Group Inc. increased its position in Freeport-McMoRan by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock valued at $5,675,241,000 after buying an additional 1,210,833 shares in the last quarter. SageView Advisory Group LLC acquired a new position in Freeport-McMoRan during the 1st quarter worth approximately $770,000. Finally, Bornite Capital Management LP bought a new position in Freeport-McMoRan in the fourth quarter worth approximately $21,754,000. 80.77% of the stock is currently owned by institutional investors.

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.