Bernstein Bank Boosts Freeport-McMoRan (NYSE:FCX) Price Target to $52.50

Freeport-McMoRan (NYSE:FCX) had its price target lifted by equities research analysts at Bernstein Bank from $52.00 to $52.50 in a note issued to investors on Tuesday. The brokerage presently has an “overweight” rating on the natural resource company’s stock. Bernstein Bank’s price target points to a potential upside of 8.83% from the stock’s previous close.

A number of other brokerages also recently issued reports on FCX. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 price target on shares of Freeport-McMoRan in a report on Thursday, January 25th. HSBC increased their target price on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a report on Tuesday. Raymond James boosted their price target on Freeport-McMoRan from $42.00 to $43.00 and gave the stock an “outperform” rating in a research note on Thursday, January 4th. Scotiabank raised their price objective on Freeport-McMoRan from $48.00 to $55.00 and gave the company a “sector outperform” rating in a research note on Tuesday, April 9th. Finally, Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective for the company in a report on Tuesday, April 9th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $49.77.

Freeport-McMoRan Price Performance

Shares of FCX opened at $48.24 on Tuesday. The company has a current ratio of 2.42, a quick ratio of 1.38 and a debt-to-equity ratio of 0.32. The stock’s 50 day moving average is $44.02 and its two-hundred day moving average is $40.14. Freeport-McMoRan has a twelve month low of $32.83 and a twelve month high of $52.42. The firm has a market capitalization of $69.20 billion, a PE ratio of 37.98, a P/E/G ratio of 2.25 and a beta of 2.04.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results 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 firm had revenue of $6.32 billion for the quarter, compared to the consensus estimate of $5.70 billion. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The company’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.52 earnings per share. Research analysts anticipate that Freeport-McMoRan will post 1.57 earnings per share for the current year.

Institutional Investors Weigh In On Freeport-McMoRan

Hedge funds have recently modified their holdings of the company. HB Wealth Management LLC grew its stake in Freeport-McMoRan by 7.1% in the 3rd quarter. HB Wealth Management LLC now owns 11,861 shares of the natural resource company’s stock worth $442,000 after acquiring an additional 786 shares during the period. Avior Wealth Management LLC increased its stake in Freeport-McMoRan by 41.2% in the third quarter. Avior Wealth Management LLC now owns 1,680 shares of the natural resource company’s stock valued at $63,000 after purchasing an additional 490 shares during the last quarter. Founders Financial Securities LLC lifted its position in Freeport-McMoRan by 5.9% during the third quarter. Founders Financial Securities LLC now owns 16,514 shares of the natural resource company’s stock worth $616,000 after buying an additional 922 shares during the period. Strategic Blueprint LLC boosted its stake in Freeport-McMoRan by 24.9% in the 3rd quarter. Strategic Blueprint LLC now owns 81,207 shares of the natural resource company’s stock worth $3,028,000 after buying an additional 16,164 shares during the last quarter. Finally, CX Institutional grew its holdings in Freeport-McMoRan by 6.2% in the 3rd quarter. CX Institutional now owns 10,244 shares of the natural resource company’s stock valued at $382,000 after buying an additional 597 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.