Freeport-McMoRan (NYSE:FCX) Price Target Increased to $55.00 by Analysts at Raymond James

Freeport-McMoRan (NYSE:FCX) had its target price upped by equities researchers at Raymond James from $53.00 to $55.00 in a research report issued on Monday, Benzinga reports. The firm currently has an “outperform” rating on the natural resource company’s stock. Raymond James’ price target indicates a potential upside of 12.87% from the stock’s previous close.

FCX has been the topic of a number of other reports. Deutsche Bank Aktiengesellschaft lifted their price objective 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. BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Scotiabank reduced their price objective on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a research report on Monday, August 19th. Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Finally, StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Wednesday, September 18th. Four investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus target price of $52.93.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $48.73 on Monday. The stock has a market cap of $70.00 billion, a price-to-earnings ratio of 43.12, a PEG ratio of 1.94 and a beta of 1.89. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. Freeport-McMoRan has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The firm’s 50-day simple moving average is $43.42 and its 200 day simple moving average is $47.33.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. The company had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The company’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter last year, the company earned $0.35 earnings per share. As a group, research analysts anticipate that Freeport-McMoRan will post 1.68 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Freeport-McMoRan

Several large investors have recently added to or reduced their stakes in FCX. Tompkins Financial Corp boosted its position in Freeport-McMoRan by 33.8% during the first quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock worth $37,000 after purchasing an additional 200 shares during the period. Envestnet Portfolio Solutions Inc. grew its stake in Freeport-McMoRan by 0.3% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company’s stock valued at $3,012,000 after buying an additional 203 shares in the last quarter. Proficio Capital Partners LLC raised its holdings in Freeport-McMoRan by 0.5% during the 1st quarter. Proficio Capital Partners LLC now owns 40,083 shares of the natural resource company’s stock valued at $1,885,000 after acquiring an additional 207 shares during the period. Kingsview Wealth Management LLC lifted its position in shares of Freeport-McMoRan by 4.3% during the first quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock worth $247,000 after acquiring an additional 214 shares in the last quarter. Finally, MV Capital Management Inc. lifted its position in shares of Freeport-McMoRan by 38.6% during the first quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock worth $37,000 after acquiring an additional 221 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

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.