Freeport-McMoRan (NYSE:FCX) Price Target Raised to $54.00 at Raymond James

Freeport-McMoRan (NYSE:FCX) had its price target upped by Raymond James from $49.50 to $54.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the natural resource company’s stock. Raymond James’ price objective would suggest a potential upside of 9.31% from the stock’s previous close. Raymond James also issued estimates for Freeport-McMoRan’s Q2 2024 earnings at $0.49 EPS, Q1 2025 earnings at $0.48 EPS, Q2 2025 earnings at $0.49 EPS, Q3 2025 earnings at $0.51 EPS and Q4 2025 earnings at $0.53 EPS.

Several other equities research analysts also recently weighed in on FCX. JPMorgan Chase & Co. lowered their target price on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research note on Wednesday. Scotiabank lowered their price objective on Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating for the company in a research report on Wednesday. HSBC upped their target price on Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research report on Tuesday. Bernstein Bank boosted their price target on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $55.00 price target on shares of Freeport-McMoRan in a research note on Thursday, January 25th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $50.07.

Freeport-McMoRan Trading Up 2.4 %

NYSE:FCX opened at $49.40 on Wednesday. Freeport-McMoRan has a one year low of $32.83 and a one year high of $52.42. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.38 and a current ratio of 2.35. The firm has a market cap of $70.86 billion, a P/E ratio of 43.72, a P/E/G ratio of 2.20 and a beta of 2.04. The firm has a 50-day simple moving average of $44.24 and a 200-day simple moving average of $40.20.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.27 by $0.05. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The business had revenue of $6.32 billion during the quarter, compared to analyst estimates of $5.70 billion. During the same quarter in the previous year, the business posted $0.52 EPS. The company’s quarterly revenue was up 17.3% compared to the same quarter last year. Equities analysts anticipate that Freeport-McMoRan will post 1.57 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. CM Management LLC lifted its holdings in Freeport-McMoRan by 80.0% in the third quarter. CM Management LLC now owns 36,000 shares of the natural resource company’s stock valued at $1,342,000 after acquiring an additional 16,000 shares during the period. Signature Estate & Investment Advisors LLC raised its stake in shares of Freeport-McMoRan by 6.4% during the 4th quarter. Signature Estate & Investment Advisors LLC now owns 345,917 shares of the natural resource company’s stock worth $14,726,000 after buying an additional 20,894 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Freeport-McMoRan by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,508,085 shares of the natural resource company’s stock worth $279,977,000 after buying an additional 102,466 shares during the period. Cadinha & Co. LLC raised its stake in shares of Freeport-McMoRan by 59.0% during the 4th quarter. Cadinha & Co. LLC now owns 647,691 shares of the natural resource company’s stock worth $27,572,000 after buying an additional 240,340 shares during the period. Finally, Alphinity Investment Management Pty Ltd raised its stake in shares of Freeport-McMoRan by 57.4% during the 3rd quarter. Alphinity Investment Management Pty Ltd now owns 5,391,230 shares of the natural resource company’s stock worth $201,039,000 after buying an additional 1,965,987 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.