HSBC Increases Freeport-McMoRan (NYSE:FCX) Price Target to $45.00

Freeport-McMoRan (NYSE:FCX) had its price target hoisted by equities research analysts at HSBC from $39.00 to $45.00 in a research note issued on Tuesday. The firm currently has a “hold” rating on the natural resource company’s stock. HSBC’s price target suggests a potential downside of 6.72% from the stock’s previous close.

Other equities analysts have also recently issued reports about the company. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 price objective on shares of Freeport-McMoRan in a report on Thursday, January 25th. JPMorgan Chase & Co. increased their price target on shares of Freeport-McMoRan from $43.00 to $52.00 and gave the company a “neutral” rating in a research report on Wednesday, April 17th. Scotiabank lifted their price target on shares of Freeport-McMoRan from $48.00 to $55.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, April 9th. Raymond James upped their price objective on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a research note on Thursday, January 4th. Finally, Sanford C. Bernstein upgraded shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $41.00 to $48.50 in a research report on Monday, January 8th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $49.77.

Freeport-McMoRan Stock Up 0.5 %

FCX stock opened at $48.24 on Tuesday. Freeport-McMoRan has a 1-year low of $32.83 and a 1-year high of $52.42. The stock has a market cap of $69.20 billion, a price-to-earnings ratio of 37.98, a price-to-earnings-growth ratio of 2.25 and a beta of 2.04. 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’s 50 day moving average is $44.02 and its 200 day moving average is $40.14.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.05. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The firm had revenue of $6.32 billion for the quarter, compared to analysts’ expectations of $5.70 billion. During the same quarter last year, the company posted $0.52 EPS. The business’s quarterly revenue was up 17.3% on a year-over-year basis. Sell-side analysts predict that Freeport-McMoRan will post 1.57 EPS for the current fiscal year.

Institutional Investors Weigh In On Freeport-McMoRan

A number of large investors have recently made changes to their positions in the business. Tompkins Financial Corp raised its holdings in shares of Freeport-McMoRan by 33.8% during the first quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock valued at $37,000 after acquiring an additional 200 shares in the last quarter. MV Capital Management Inc. raised its holdings in Freeport-McMoRan by 38.6% in the 1st quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock worth $37,000 after purchasing an additional 221 shares in the last quarter. Mather Group LLC. lifted its position in shares of Freeport-McMoRan by 1.3% in the 1st quarter. Mather Group LLC. now owns 17,417 shares of the natural resource company’s stock worth $819,000 after purchasing an additional 222 shares during the period. Archford Capital Strategies LLC lifted its position in shares of Freeport-McMoRan by 1.3% in the 1st quarter. Archford Capital Strategies LLC now owns 18,489 shares of the natural resource company’s stock worth $869,000 after purchasing an additional 237 shares during the period. Finally, Hartford Financial Management Inc. boosted its stake in shares of Freeport-McMoRan by 1.5% during the 1st quarter. Hartford Financial Management Inc. now owns 16,302 shares of the natural resource company’s stock valued at $767,000 after purchasing an additional 247 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

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.