Freeport-McMoRan (NYSE:FCX) Stock Rating Upgraded by StockNews.com

Freeport-McMoRan (NYSE:FCX) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday.

Several other research analysts have also weighed in on the stock. Bernstein Bank boosted their price objective on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research note on Tuesday. Raymond James boosted their price objective on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a research note on Wednesday. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 price objective on shares of Freeport-McMoRan in a research note on Thursday, January 25th. HSBC upped their price target on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research note on Tuesday. Finally, Scotiabank decreased their price target on shares of Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating on the stock in a research note on Wednesday. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $50.07.

Freeport-McMoRan Trading Up 2.2 %

FCX opened at $50.48 on Thursday. The stock has a market capitalization of $72.41 billion, a P/E ratio of 44.67, a P/E/G ratio of 2.21 and a beta of 2.04. Freeport-McMoRan has a 12 month low of $32.83 and a 12 month high of $52.42. The firm’s fifty day simple moving average is $44.47 and its 200 day simple moving average is $40.26. The company has a current ratio of 2.35, a quick ratio of 1.38 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The firm had revenue of $6.32 billion for the quarter, compared to analysts’ expectations of $5.70 billion. During the same period in the previous year, the firm posted $0.52 EPS. The company’s revenue for the quarter was up 17.3% on a year-over-year basis. As a group, research analysts anticipate that Freeport-McMoRan will post 1.58 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Signature Wealth Management Partners LLC acquired a new position in shares of Freeport-McMoRan during the 1st quarter worth approximately $216,000. Highview Capital Management LLC DE bought a new stake in shares of Freeport-McMoRan during the 1st quarter worth approximately $1,502,000. First National Trust Co lifted its holdings in shares of Freeport-McMoRan by 10.3% during the 1st quarter. First National Trust Co now owns 5,362 shares of the natural resource company’s stock worth $252,000 after acquiring an additional 500 shares during the period. Legacy Bridge LLC lifted its holdings in shares of Freeport-McMoRan by 111.6% during the 1st quarter. Legacy Bridge LLC now owns 3,692 shares of the natural resource company’s stock worth $174,000 after acquiring an additional 1,947 shares during the period. Finally, SYSTM Wealth Solutions LLC lifted its holdings in shares of Freeport-McMoRan by 8.5% during the 1st quarter. SYSTM Wealth Solutions LLC now owns 4,677 shares of the natural resource company’s stock worth $220,000 after acquiring an additional 365 shares during the period. Institutional investors and hedge funds 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.