Freeport-McMoRan (NYSE:FCX) Lifted to Neutral at Credit Suisse Group

Freeport-McMoRan (NYSE:FCXGet Rating) was upgraded by equities research analysts at Credit Suisse Group from an “underperform” rating to a “neutral” rating in a research report issued on Thursday, The Fly reports. The brokerage presently has a $38.00 price target on the natural resource company’s stock, up from their previous price target of $32.00. Credit Suisse Group’s target price suggests a potential downside of 9.95% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on FCX. Morgan Stanley reduced their price objective on shares of Freeport-McMoRan from $43.00 to $39.00 and set an “equal weight” rating on the stock in a research note on Monday, April 25th. Raymond James set a $59.00 price objective on shares of Freeport-McMoRan and gave the stock an “outperform” rating in a research note on Friday, April 22nd. Jefferies Financial Group increased their target price on shares of Freeport-McMoRan from $58.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, March 24th. Royal Bank of Canada increased their target price on shares of Freeport-McMoRan from $46.00 to $47.00 and gave the stock a “sector perform” rating in a report on Friday, April 22nd. Finally, StockNews.com raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Tuesday, April 5th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $47.21.

FCX stock opened at $42.20 on Thursday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.68 and a current ratio of 2.37. The company’s 50-day simple moving average is $42.25 and its 200 day simple moving average is $42.42. Freeport-McMoRan has a 52 week low of $30.02 and a 52 week high of $51.99. The company has a market capitalization of $61.16 billion, a PE ratio of 12.23, a price-to-earnings-growth ratio of 0.38 and a beta of 2.02.

Freeport-McMoRan (NYSE:FCXGet Rating) last released its quarterly earnings results on Thursday, April 21st. The natural resource company reported $1.07 EPS for the quarter, beating the consensus estimate of $0.88 by $0.19. Freeport-McMoRan had a net margin of 20.79% and a return on equity of 24.06%. The business had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.29 billion. During the same period in the prior year, the company posted $0.51 earnings per share. Freeport-McMoRan’s revenue was up 36.1% compared to the same quarter last year. On average, analysts forecast that Freeport-McMoRan will post 3.91 EPS for the current year.

In other Freeport-McMoRan news, Director Hugh Grant purchased 12,300 shares of Freeport-McMoRan stock in a transaction that occurred on Monday, April 25th. The stock was acquired at an average price of $40.75 per share, with a total value of $501,225.00. Following the transaction, the director now owns 15,776 shares in the company, valued at approximately $642,872. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Dustan E. Mccoy sold 8,200 shares of Freeport-McMoRan stock in a transaction on Tuesday, May 31st. The shares were sold at an average price of $39.24, for a total transaction of $321,768.00. Following the completion of the sale, the director now directly owns 134,400 shares of the company’s stock, valued at approximately $5,273,856. The disclosure for this sale can be found here. Company insiders own 0.72% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. ProShare Advisors LLC raised its stake in shares of Freeport-McMoRan by 17.3% during the 4th quarter. ProShare Advisors LLC now owns 424,303 shares of the natural resource company’s stock worth $17,707,000 after purchasing an additional 62,696 shares during the period. Fifth Third Bancorp raised its stake in shares of Freeport-McMoRan by 47.9% during the 4th quarter. Fifth Third Bancorp now owns 384,153 shares of the natural resource company’s stock worth $16,031,000 after purchasing an additional 124,410 shares during the period. Leavell Investment Management Inc. raised its stake in Freeport-McMoRan by 8.9% in the 4th quarter. Leavell Investment Management Inc. now owns 61,427 shares of the natural resource company’s stock valued at $2,563,000 after acquiring an additional 5,002 shares during the period. Stonebridge Capital Advisors LLC raised its stake in Freeport-McMoRan by 35.4% in the 4th quarter. Stonebridge Capital Advisors LLC now owns 8,244 shares of the natural resource company’s stock valued at $344,000 after acquiring an additional 2,155 shares during the period. Finally, State of Michigan Retirement System raised its stake in Freeport-McMoRan by 0.3% in the 4th quarter. State of Michigan Retirement System now owns 369,663 shares of the natural resource company’s stock valued at $15,426,000 after acquiring an additional 1,000 shares during the period. 77.37% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Company Profile (Get Rating)

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.

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