Freeport-McMoRan (NYSE:FCX) Price Target Raised to $66.00 at Raymond James Financial

Freeport-McMoRan (NYSE:FCX) had its target price lifted by stock analysts at Raymond James Financial from $53.00 to $66.00 in a research note issued to investors on Thursday,MarketScreener reports. The brokerage presently has an “outperform” rating on the natural resource company’s stock. Raymond James Financial’s price target would indicate a potential upside of 10.15% from the stock’s current price.

Other analysts have also issued research reports about the stock. Dbs Bank decreased their target price on shares of Freeport-McMoRan from $51.00 to $48.00 in a report on Thursday, October 2nd. CICC Research decreased their target price on Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating for the company in a report on Friday, September 26th. Royal Bank Of Canada cut their price objective on Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating on the stock in a research report on Wednesday, October 1st. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Freeport-McMoRan in a research report on Wednesday, November 26th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Freeport-McMoRan in a research note on Wednesday, October 8th. Three research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $54.30.

Freeport-McMoRan Stock Down 0.7%

Shares of NYSE FCX traded down $0.43 during trading on Thursday, hitting $59.92. 18,274,864 shares of the company traded hands, compared to its average volume of 21,665,992. The business’s fifty day moving average is $47.09 and its 200 day moving average is $44.30. Freeport-McMoRan has a fifty-two week low of $27.66 and a fifty-two week high of $60.71. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.19 and a current ratio of 2.45. The firm has a market capitalization of $86.04 billion, a price-to-earnings ratio of 42.20, a P/E/G ratio of 0.73 and a beta of 1.45.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The firm had revenue of $6.97 billion during the quarter, compared to analyst estimates of $6.74 billion. During the same period in the previous year, the company posted $0.38 EPS. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. Equities research analysts predict that Freeport-McMoRan will post 1.68 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 28,423 shares of the firm’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $47.99, for a total transaction of $1,364,019.77. Following the transaction, the chief accounting officer directly owned 105,294 shares in the company, valued at $5,053,059.06. This trade represents a 21.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Ellie L. Mikes sold 9,572 shares of the company’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $47.66, for a total transaction of $456,201.52. Following the completion of the sale, the chief accounting officer directly owned 38,761 shares of the company’s stock, valued at $1,847,349.26. The trade was a 19.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.75% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of FCX. Steigerwald Gordon & Koch Inc. acquired a new position in Freeport-McMoRan during the third quarter worth $25,000. Twin Peaks Wealth Advisors LLC acquired a new position in Freeport-McMoRan during the 2nd quarter worth approximately $28,000. Salomon & Ludwin LLC increased its holdings in Freeport-McMoRan by 1,962.9% in the third quarter. Salomon & Ludwin LLC now owns 722 shares of the natural resource company’s stock valued at $29,000 after buying an additional 687 shares during the last quarter. JPL Wealth Management LLC acquired a new stake in Freeport-McMoRan during the third quarter worth approximately $33,000. Finally, Pilgrim Partners Asia Pte Ltd purchased a new stake in Freeport-McMoRan in the third quarter valued at $36,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.