Freeport-McMoRan (NYSE:FCX) PT Raised to $55.00

Freeport-McMoRan (NYSE:FCX) had its price target lifted by investment analysts at Raymond James from $53.00 to $55.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has an “outperform” rating on the natural resource company’s stock. Raymond James’ price objective would indicate a potential upside of 20.59% from the company’s current price.

FCX has been the subject of a number of other reports. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research report on Monday, June 10th. Morgan Stanley dropped their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Scotiabank dropped their price target on Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a research note on Monday, August 19th. Finally, StockNews.com upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Wednesday, September 18th. Four equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $52.93.

Freeport-McMoRan Stock Performance

Shares of FCX stock traded up $1.08 during trading on Monday, reaching $45.61. 4,259,392 shares of the company’s stock were exchanged, compared to its average volume of 13,134,107. Freeport-McMoRan has a twelve month low of $32.83 and a twelve month high of $55.24. The firm’s fifty day moving average price is $43.55 and its 200-day moving average price is $47.23. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $65.52 billion, a PE ratio of 40.36, a PEG ratio of 1.94 and a beta of 1.89.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.07. The firm had revenue of $6.62 billion during the quarter, compared to the consensus estimate of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The business’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same period last year, the business posted $0.35 earnings per share. As a group, sell-side analysts anticipate that Freeport-McMoRan will post 1.68 EPS for the current year.

Institutional Investors Weigh In On Freeport-McMoRan

A number of institutional investors have recently made changes to their positions in the business. Belpointe Asset Management LLC grew its stake in shares of Freeport-McMoRan by 38.6% in the fourth quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock worth $719,000 after purchasing an additional 4,703 shares during the last quarter. Fisher Asset Management LLC increased its stake in shares of Freeport-McMoRan by 1.8% during the fourth quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock valued at $2,369,312,000 after buying an additional 976,592 shares during the period. Oaktree Capital Management LP raised its holdings in shares of Freeport-McMoRan by 7.8% during the fourth quarter. Oaktree Capital Management LP now owns 2,917,913 shares of the natural resource company’s stock valued at $124,216,000 after acquiring an additional 211,608 shares in the last quarter. Norden Group LLC lifted its stake in Freeport-McMoRan by 1,823.1% in the first quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock worth $11,750,000 after acquiring an additional 236,891 shares during the period. Finally, Vanguard Group Inc. lifted its stake in Freeport-McMoRan by 1.0% in the first quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock worth $5,675,241,000 after acquiring an additional 1,210,833 shares during the period. 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.