Freeport-McMoRan (NYSE:FCX) PT Raised to $52.50

Freeport-McMoRan (NYSE:FCX) had its target price lifted by equities researchers at Bernstein Bank from $52.00 to $52.50 in a research note issued to investors on Tuesday. The firm presently has an “overweight” rating on the natural resource company’s stock. Bernstein Bank’s price objective would suggest a potential upside of 8.83% from the stock’s previous close.

Several other equities analysts have also commented on the stock. HSBC increased their price objective on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research report on Tuesday. JPMorgan Chase & Co. lifted their price objective on shares of Freeport-McMoRan from $43.00 to $52.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 17th. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 target price on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Raymond James raised their price objective on Freeport-McMoRan from $42.00 to $43.00 and gave the stock an “outperform” rating in a research note on Thursday, January 4th. Finally, Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target for the company in a research report on Tuesday, April 9th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.77.

Freeport-McMoRan Price Performance

Shares of FCX opened at $48.24 on Tuesday. The company has a 50 day moving average of $44.02 and a two-hundred day moving average of $40.14. The company has a quick ratio of 1.38, a current ratio of 2.42 and a debt-to-equity ratio of 0.32. Freeport-McMoRan has a twelve month low of $32.83 and a twelve month high of $52.42. The company has a market cap of $69.20 billion, a price-to-earnings ratio of 37.98, a price-to-earnings-growth ratio of 2.25 and a beta of 2.04.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The firm had revenue of $6.32 billion during the quarter, compared to analysts’ expectations of $5.70 billion. During the same quarter last year, the firm earned $0.52 EPS. The business’s quarterly revenue was up 17.3% on a year-over-year basis. As a group, analysts predict that Freeport-McMoRan will post 1.57 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FCX. Bruce G. Allen Investments LLC acquired a new position in shares of Freeport-McMoRan during the 4th quarter worth approximately $27,000. BluePath Capital Management LLC purchased a new position in Freeport-McMoRan during the third quarter worth approximately $28,000. Jones Financial Companies Lllp boosted its stake in Freeport-McMoRan by 422.2% during the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after buying an additional 532 shares during the last quarter. Vermillion & White Wealth Management Group LLC purchased a new stake in Freeport-McMoRan in the 4th quarter valued at $32,000. Finally, EdgeRock Capital LLC acquired a new stake in shares of Freeport-McMoRan in the 4th quarter worth $35,000. 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.