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

Freeport-McMoRan (NYSE:FCX) had its target price upped by stock analysts at Raymond James from $55.00 to $57.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the natural resource company’s stock. Raymond James’ price objective indicates a potential upside of 21.69% from the stock’s current price.

A number of other equities analysts also recently weighed in on the stock. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their target price for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. JPMorgan Chase & Co. lifted their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Scotiabank increased their target price on Freeport-McMoRan from $52.00 to $53.00 and gave the stock a “sector perform” rating in a research note on Tuesday, October 8th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Finally, StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Six analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $46.84 on Wednesday. The company has a 50-day simple moving average of $45.93 and a two-hundred day simple moving average of $47.85. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. The firm has a market capitalization of $67.29 billion, a PE ratio of 41.45, a price-to-earnings-growth ratio of 2.03 and a beta of 1.90. Freeport-McMoRan has a one year low of $32.83 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.37 by $0.01. The business had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.45 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 16.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.39 earnings per share. On average, analysts anticipate that Freeport-McMoRan will post 1.58 EPS for the current fiscal year.

Institutional Trading of Freeport-McMoRan

A number of hedge funds have recently bought and sold shares of FCX. Hazlett Burt & Watson Inc. grew its stake in shares of Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after purchasing an additional 480 shares during the period. Spectrum Wealth Counsel LLC bought a new stake in Freeport-McMoRan during the second quarter valued at approximately $25,000. Matrix Trust Co purchased a new stake in Freeport-McMoRan during the third quarter valued at approximately $25,000. LRI Investments LLC purchased a new stake in Freeport-McMoRan during the first quarter valued at approximately $26,000. Finally, Lynx Investment Advisory bought a new position in Freeport-McMoRan in the second quarter worth approximately $26,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

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.