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

Freeport-McMoRan (NYSE:FCX) had its price objective raised by equities research analysts at Scotiabank from $48.00 to $55.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has a “sector outperform” rating on the natural resource company’s stock. Scotiabank’s price target would indicate a potential upside of 8.06% from the company’s previous close.

A number of other research analysts also recently issued reports on the company. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 price target on shares of Freeport-McMoRan in a report on Thursday, January 25th. Sanford C. Bernstein upgraded Freeport-McMoRan from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $41.00 to $48.50 in a report on Monday, January 8th. Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target on the stock in a report on Tuesday. UBS Group cut their price target on Freeport-McMoRan from $42.00 to $41.00 and set a “neutral” rating on the stock in a report on Wednesday, December 13th. Finally, Raymond James lifted their price target on Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a report on Thursday, January 4th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $46.71.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $50.90 on Tuesday. Freeport-McMoRan has a 52-week low of $32.83 and a 52-week high of $52.03. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.38 and a current ratio of 2.42. The firm has a market capitalization of $73.01 billion, a P/E ratio of 40.08, a P/E/G ratio of 1.23 and a beta of 2.04. The stock has a 50 day moving average price of $42.06 and a 200 day moving average price of $39.30.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Wednesday, January 24th. The natural resource company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.23 by $0.04. The company had revenue of $5.91 billion for the quarter, compared to the consensus estimate of $5.85 billion. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. Freeport-McMoRan’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period last year, the business posted $0.52 EPS. As a group, sell-side analysts predict that Freeport-McMoRan will post 1.53 earnings per share for the current year.

Hedge Funds Weigh In On Freeport-McMoRan

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. CM Management LLC lifted its position in Freeport-McMoRan by 80.0% in the third quarter. CM Management LLC now owns 36,000 shares of the natural resource company’s stock valued at $1,342,000 after purchasing an additional 16,000 shares during the period. PointState Capital LP lifted its position in Freeport-McMoRan by 171.9% in the second quarter. PointState Capital LP now owns 1,439,447 shares of the natural resource company’s stock valued at $57,578,000 after purchasing an additional 910,004 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Freeport-McMoRan by 1.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 7,508,085 shares of the natural resource company’s stock valued at $279,977,000 after purchasing an additional 102,466 shares during the period. Cadinha & Co. LLC lifted its position in Freeport-McMoRan by 59.0% in the fourth quarter. Cadinha & Co. LLC now owns 647,691 shares of the natural resource company’s stock valued at $27,572,000 after purchasing an additional 240,340 shares during the period. Finally, Alphinity Investment Management Pty Ltd lifted its position in Freeport-McMoRan by 57.4% in the third quarter. Alphinity Investment Management Pty Ltd now owns 5,391,230 shares of the natural resource company’s stock valued at $201,039,000 after purchasing an additional 1,965,987 shares during the period. 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.