Freeport-McMoRan (NYSE:FCX) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports. The brokerage currently has a $49.00 price target on the natural resource company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 14.62% from the company’s current price.
According to Zacks, “Freeport’s adjusted earnings for the first quarter of 2021 were in line with the Zacks Consensus Estimate while sales missed the same. The company is conducting exploration activities near existing mines to expand reserves. It is expected to gain from progress in exploration activities that will boost production capacity. Freeport’s Lone Star project provides additional upside. The company is also well-positioned to benefit from automotive electrification, which is positive for copper as electrical vehicles are copper intensive. Higher copper prices are also expected to support its margins. The demand-supply imbalance is driving copper prices. The company's efforts to reduce debt is also encouraging. Its margins are likely to be supported by lower interest rates. Freeport has also outperformed the industry over the past year.”
FCX has been the subject of a number of other research reports. UBS Group lifted their price objective on Freeport-McMoRan from $30.00 to $36.00 and gave the stock a “neutral” rating in a research report on Monday, April 26th. BMO Capital Markets initiated coverage on shares of Freeport-McMoRan in a research report on Friday, April 23rd. They issued a “buy” rating and a $45.00 price objective for the company. Citigroup upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $36.00 target price on the stock in a research report on Tuesday, February 16th. Raymond James boosted their price target on Freeport-McMoRan from $41.00 to $43.00 and gave the company an “outperform” rating in a report on Friday, April 23rd. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Freeport-McMoRan from $20.00 to $33.00 and gave the stock a “buy” rating in a report on Wednesday, January 13th. Five analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $28.29.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, April 22nd. The natural resource company reported $0.51 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.51. The firm had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.74 billion. Freeport-McMoRan had a positive return on equity of 1.56% and a negative net margin of 0.73%. The company’s quarterly revenue was up 73.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.18) EPS. On average, analysts forecast that Freeport-McMoRan will post 0.56 EPS for the current fiscal year.
In related news, Director Gerald J. Ford sold 2,020,000 shares of the company’s stock in a transaction on Wednesday, March 3rd. The shares were sold at an average price of $34.93, for a total transaction of $70,558,600.00. Also, VP C Donald Whitmire, Jr. sold 48,240 shares of the stock in a transaction on Friday, February 12th. The shares were sold at an average price of $30.84, for a total value of $1,487,721.60. Following the completion of the sale, the vice president now owns 85,492 shares of the company’s stock, valued at $2,636,573.28. The disclosure for this sale can be found here. Insiders have sold a total of 2,174,716 shares of company stock valued at $76,058,651 in the last quarter. Company insiders own 1.00% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. BlackRock Inc. raised its holdings in shares of Freeport-McMoRan by 12.4% during the 1st quarter. BlackRock Inc. now owns 136,810,440 shares of the natural resource company’s stock valued at $4,505,168,000 after buying an additional 15,067,867 shares during the period. FMR LLC raised its stake in shares of Freeport-McMoRan by 15.4% during the fourth quarter. FMR LLC now owns 56,365,482 shares of the natural resource company’s stock valued at $1,466,630,000 after purchasing an additional 7,504,643 shares during the period. Itau Unibanco Holding S.A. lifted its position in shares of Freeport-McMoRan by 736,350.9% during the fourth quarter. Itau Unibanco Holding S.A. now owns 53,760,919 shares of the natural resource company’s stock worth $2,731,000 after purchasing an additional 53,753,619 shares in the last quarter. Fisher Asset Management LLC boosted its stake in shares of Freeport-McMoRan by 3.4% in the first quarter. Fisher Asset Management LLC now owns 44,298,584 shares of the natural resource company’s stock valued at $1,458,752,000 after purchasing an additional 1,440,759 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its holdings in Freeport-McMoRan by 45.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 34,978,663 shares of the natural resource company’s stock valued at $910,145,000 after purchasing an additional 10,954,358 shares in the last quarter. Institutional investors and hedge funds own 72.30% of the company’s stock.
Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.
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