Freeport-McMoRan (NYSE:FCX) Given New $75.00 Price Target at Morgan Stanley

Freeport-McMoRan (NYSE:FCX) had its target price lifted by stock analysts at Morgan Stanley from $70.00 to $75.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the natural resource company’s stock. Morgan Stanley’s price target indicates a potential upside of 4.70% from the company’s current price.

Several other research analysts have also weighed in on FCX. BMO Capital Markets boosted their price objective on shares of Freeport-McMoRan from $78.00 to $85.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 29th. BNP Paribas Exane raised their target price on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a research note on Thursday, June 18th. Royal Bank Of Canada lifted their price target on Freeport-McMoRan from $73.00 to $85.00 and gave the stock a “sector perform” rating in a report on Wednesday, September 16th. Sanford C. Bernstein lowered their price target on Freeport-McMoRan from $50.00 to $47.00 and set a “market perform” rating on the stock in a research report on Wednesday, September 9th. Finally, Stifel Nicolaus upped their price objective on Freeport-McMoRan from $76.00 to $80.00 and gave the company a “buy” rating in a research note on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average price target of $74.92.

Freeport-McMoRan Stock Down 1.3%

Shares of NYSE FCX traded down $0.93 during trading hours on Wednesday, hitting $71.63. The company had a trading volume of 1,583,373 shares, compared to its average volume of 16,265,782. Freeport-McMoRan has a 1-year low of $38.54 and a 1-year high of $80.24. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. The firm’s 50 day moving average is $71.17 and its 200-day moving average is $65.78. The stock has a market capitalization of $102.86 billion, a P/E ratio of 35.29, a price-to-earnings-growth ratio of 0.71 and a beta of 1.39.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.12. The business had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The firm’s revenue for the quarter was down 7.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.54 earnings per share. On average, analysts expect that Freeport-McMoRan will post 2.84 earnings per share for the current fiscal year.

Insider Activity at Freeport-McMoRan

In other Freeport-McMoRan news, EVP Douglas N. Currault II sold 80,000 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $78.56, for a total value of $6,284,800.00. Following the transaction, the executive vice president directly owned 211,016 shares of the company’s stock, valued at $16,577,416.96. This represents a 27.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Stephen T. Higgins sold 14,277 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total transaction of $992,251.50. Following the sale, the chief accounting officer owned 54,618 shares of the company’s stock, valued at $3,795,951. This trade represents a 20.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 110,398 shares of company stock worth $8,387,271. 0.73% of the stock is owned by corporate insiders.

Institutional Trading of Freeport-McMoRan

Institutional investors have recently added to or reduced their stakes in the company. Fifth Third Bancorp lifted its holdings in shares of Freeport-McMoRan by 34.5% during the first quarter. Fifth Third Bancorp now owns 1,062,916 shares of the natural resource company’s stock worth $62,478,000 after purchasing an additional 272,726 shares during the period. Iowa State Bank grew its stake in shares of Freeport-McMoRan by 50.7% in the third quarter. Iowa State Bank now owns 50,144 shares of the natural resource company’s stock worth $3,510,000 after purchasing an additional 16,868 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in Freeport-McMoRan by 1.4% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 9,970,872 shares of the natural resource company’s stock valued at $627,068,000 after purchasing an additional 141,738 shares during the period. HighTower Advisors LLC increased its holdings in Freeport-McMoRan by 17.1% in the second quarter. HighTower Advisors LLC now owns 1,249,858 shares of the natural resource company’s stock valued at $78,604,000 after purchasing an additional 182,714 shares during the period. Finally, Robinhood Asset Management LLC acquired a new stake in shares of Freeport-McMoRan in the second quarter valued at about $16,746,000. 80.77% of the stock is currently owned by institutional investors.

Key Freeport-McMoRan News

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: Wells Fargo raised its price target to $87 from $70 and maintained an Overweight rating, implying roughly 20% upside from the referenced share price. The revision provides a near-term sentiment boost and reflects greater confidence in copper prices and Freeport’s operating outlook. Wells Fargo Adjusts Price Target on Freeport-McMoRan to $87 From $70, Maintains Overweight Rating
• Positive Sentiment: Deutsche Bank sees copper prices potentially reaching $10 per pound, citing aggressive demand from AI and electric vehicles. A sustained copper rally would generally benefit FCX through higher realized prices, cash flow and potentially stronger earnings. Three stocks to buy as Deutsche Bank says copper could hit $10 a pound
• Positive Sentiment: Analysts are highlighting Freeport-McMoRan’s history of earnings surprises and the possibility of another beat in its next quarterly report. Expectations for stronger-than-consensus results could support the stock ahead of earnings, although this remains a forecast rather than a confirmed result. Will Freeport-McMoRan Beat Estimates Again in Its Next Earnings Report?
• Neutral Sentiment: A trading-focused article identifies FCX as a relatively established way to gain copper exposure and suggests the stock may still have room to catch up with elevated copper prices. However, it also emphasizes that volatility and copper-price movements remain key risks. 3 Sectors Where Volatility Is Creating Entry Points, Not Exit Signals
• Negative Sentiment: Reports are examining how gold shipment deferrals and steady copper production could shape FCX’s risk profile. Any delays in gold shipments could pressure near-term revenue or cash flow, while steady—rather than rising—copper output may limit the benefit of higher prices. How Gold Shipment Deferrals and Steady Copper Output Could Shape Freeport-McMoRan’s Risk Profile

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc (NYSE: FCX) is a leading international mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Copper is its principal product and is used in electrical systems, construction, transportation, renewable energy infrastructure and other industrial applications. The company also produces copper cathodes and concentrates, gold, molybdenum products and certain quantities of silver and other byproducts.

Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America and Indonesia.