Freeport-McMoRan (NYSE:FCX) PT Raised to $57.00

Freeport-McMoRan (NYSE:FCX) had its target price raised by analysts at Raymond James from $55.00 to $57.00 in a report released 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 19.15% from the stock’s previous close.

FCX has been the topic of several other research reports. Scotiabank boosted their price target on Freeport-McMoRan from $52.00 to $53.00 and gave the company a “sector perform” rating in a research report on Tuesday, October 8th. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. JPMorgan Chase & Co. boosted their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and an average target price of $54.08.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock traded down $0.69 on Wednesday, hitting $47.84. The stock had a trading volume of 3,027,449 shares, compared to its average volume of 13,065,542. Freeport-McMoRan has a 52-week low of $32.83 and a 52-week high of $55.24. 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 stock has a market cap of $68.72 billion, a price-to-earnings ratio of 42.34, a P/E/G ratio of 2.03 and a beta of 1.90. The company’s 50 day moving average price is $45.74 and its 200 day moving average price is $47.86.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The business had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. During the same period in the previous year, the business earned $0.39 EPS. The business’s quarterly revenue was up 16.6% on a year-over-year basis. On average, research analysts anticipate that Freeport-McMoRan will post 1.58 EPS for the current year.

Institutional Investors Weigh In On Freeport-McMoRan

A number of institutional investors have recently added to or reduced their stakes in FCX. Capital Research Global Investors lifted its position in Freeport-McMoRan by 22.0% in the first quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock worth $3,427,583,000 after purchasing an additional 13,143,562 shares during the period. Capital International Investors bought a new position in shares of Freeport-McMoRan in the first quarter valued at $417,752,000. Capital World Investors increased its holdings in shares of Freeport-McMoRan by 40.9% in the first quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock valued at $712,600,000 after buying an additional 4,396,309 shares in the last quarter. Asia Research & Capital Management Ltd bought a new position in shares of Freeport-McMoRan in the first quarter valued at $197,966,000. Finally, Swedbank AB bought a new position in shares of Freeport-McMoRan in the first quarter valued at $162,464,000. 80.77% of the stock is currently 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.