Freeport-McMoRan (NYSE:FCX) PT Raised to $52.00

Freeport-McMoRan (NYSE:FCX) had its price target boosted by JPMorgan Chase & Co. from $43.00 to $52.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the natural resource company’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 3.67% from the company’s previous close.

Several other research firms also recently commented on FCX. Sanford C. Bernstein raised Freeport-McMoRan from a “market perform” rating to an “outperform” rating and upped their target price for the company from $41.00 to $48.50 in a research report on Monday, January 8th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $55.00 target price on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Scotiabank increased their price target on Freeport-McMoRan from $48.00 to $55.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, April 9th. Raymond James increased their price target on Freeport-McMoRan from $42.00 to $43.00 and gave the stock an “outperform” rating in a research report on Thursday, January 4th. Finally, Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target on the stock in a research report on Tuesday, April 9th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $47.54.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $50.16 on Wednesday. Freeport-McMoRan has a 12 month low of $32.83 and a 12 month high of $52.42. The stock’s 50 day moving average is $43.32 and its 200-day moving average is $39.82. The company has a current ratio of 2.42, a quick ratio of 1.38 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $71.95 billion, a price-to-earnings ratio of 39.50, a PEG ratio of 2.23 and a beta of 2.04.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Wednesday, January 24th. The natural resource company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.23 by $0.04. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The company had revenue of $5.91 billion for the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter in the prior year, the business earned $0.52 earnings per share. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. Equities research analysts expect that Freeport-McMoRan will post 1.6 EPS for the current year.

Institutional Investors Weigh In On Freeport-McMoRan

A number of large investors have recently modified their holdings of FCX. Fairfield Bush & CO. acquired a new stake in shares of Freeport-McMoRan in the 1st quarter valued at $26,000. Synovus Financial Corp lifted its stake in shares of Freeport-McMoRan by 15.2% in the 1st quarter. Synovus Financial Corp now owns 11,101 shares of the natural resource company’s stock valued at $553,000 after acquiring an additional 1,468 shares during the last quarter. Blair William & Co. IL lifted its stake in shares of Freeport-McMoRan by 40.8% in the 1st quarter. Blair William & Co. IL now owns 112,066 shares of the natural resource company’s stock valued at $5,574,000 after acquiring an additional 32,474 shares during the last quarter. Sei Investments Co. lifted its stake in shares of Freeport-McMoRan by 73.6% in the 1st quarter. Sei Investments Co. now owns 132,043 shares of the natural resource company’s stock valued at $6,624,000 after acquiring an additional 55,987 shares during the last quarter. Finally, Baird Financial Group Inc. lifted its stake in shares of Freeport-McMoRan by 22.0% in the 1st quarter. Baird Financial Group Inc. now owns 79,686 shares of the natural resource company’s stock valued at $3,964,000 after acquiring an additional 14,388 shares during the last quarter. 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.