Freeport-McMoRan (NYSE:FCX) Stock Rating Upgraded by JPMorgan Chase & Co.

Freeport-McMoRan (NYSE:FCX) was upgraded by research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a report released on Thursday, Marketbeat Ratings reports. The firm currently has a $52.00 target price on the natural resource company’s stock, up from their previous target price of $48.00. JPMorgan Chase & Co.‘s target price suggests a potential upside of 28.99% from the company’s previous close.

Several other research analysts have also issued reports on the company. BMO Capital Markets decreased their target price on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, January 24th. Argus lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 target price for the company in a research report on Thursday, March 6th. Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. Finally, Scotiabank decreased their target price on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a research report on Friday, January 24th. Six investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $52.04.

Freeport-McMoRan Trading Down 1.0 %

FCX opened at $40.31 on Thursday. The business has a 50 day simple moving average of $38.03 and a two-hundred day simple moving average of $41.96. The firm has a market capitalization of $57.93 billion, a price-to-earnings ratio of 31.25, a PEG ratio of 0.87 and a beta of 1.87. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. Freeport-McMoRan has a one year low of $33.98 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 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%. Analysts predict that Freeport-McMoRan will post 1.68 EPS for the current year.

Institutional Trading of Freeport-McMoRan

Several institutional investors have recently added to or reduced their stakes in the business. 111 Capital purchased a new stake in Freeport-McMoRan during the 4th quarter valued at $503,000. Wealth Enhancement Advisory Services LLC boosted its stake in Freeport-McMoRan by 14.0% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 180,623 shares of the natural resource company’s stock valued at $6,878,000 after purchasing an additional 22,206 shares during the last quarter. NorthCrest Asset Manangement LLC boosted its stake in Freeport-McMoRan by 3.0% during the 4th quarter. NorthCrest Asset Manangement LLC now owns 444,942 shares of the natural resource company’s stock valued at $16,943,000 after purchasing an additional 12,816 shares during the last quarter. Lansforsakringar Fondforvaltning AB publ purchased a new stake in Freeport-McMoRan during the 4th quarter valued at $17,815,000. Finally, PKO Investment Management Joint Stock Co purchased a new stake in Freeport-McMoRan during the 4th quarter valued at $1,908,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

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.