Freeport-McMoRan (FCX) Given New $22.00 Price Target at Royal Bank of Canada

Freeport-McMoRan (NYSE:FCX) had its target price hoisted by Royal Bank of Canada to $22.00 in a report released on Monday morning, The Fly reports. The brokerage currently has a sector perform rating on the natural resource company’s stock.

FCX has been the topic of several other research reports. B. Riley set a $13.00 price objective on Freeport-McMoRan and gave the stock a hold rating in a report on Wednesday, December 6th. UBS Group increased their price target on Freeport-McMoRan from $14.00 to $18.50 and gave the company a neutral rating in a research note on Tuesday, March 6th. Zacks Investment Research raised Freeport-McMoRan from a hold rating to a buy rating and set a $16.00 price target on the stock in a research note on Tuesday, November 14th. ValuEngine raised Freeport-McMoRan from a hold rating to a buy rating in a research note on Tuesday, February 20th. Finally, Clarkson Capital raised Freeport-McMoRan from a neutral rating to a buy rating in a research note on Wednesday, January 17th. Three equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Freeport-McMoRan currently has a consensus rating of Hold and a consensus price target of $16.75.

Freeport-McMoRan (NYSE FCX) opened at $18.56 on Monday. Freeport-McMoRan has a 1-year low of $11.05 and a 1-year high of $20.25. The company has a current ratio of 2.14, a quick ratio of 1.37 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $26,683.77, a price-to-earnings ratio of 14.97 and a beta of 2.42.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, January 25th. The natural resource company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.02. Freeport-McMoRan had a return on equity of 16.57% and a net margin of 11.08%. The firm had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $4.89 billion. During the same quarter in the prior year, the business earned $0.25 EPS. The business’s revenue for the quarter was up 15.2% compared to the same quarter last year. equities analysts expect that Freeport-McMoRan will post 2.31 earnings per share for the current year.

In related news, VP C Donald Whitmire, Jr. sold 21,500 shares of the firm’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $19.49, for a total transaction of $419,035.00. Following the sale, the vice president now owns 70,239 shares of the company’s stock, valued at approximately $1,368,958.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.29% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. American Beacon Advisors Inc. acquired a new stake in Freeport-McMoRan during the 4th quarter worth $131,000. Thompson Davis & CO. Inc. raised its stake in Freeport-McMoRan by 756.8% during the 4th quarter. Thompson Davis & CO. Inc. now owns 9,348 shares of the natural resource company’s stock worth $177,000 after buying an additional 8,257 shares during the period. Ballew Advisors Inc acquired a new stake in Freeport-McMoRan during the 4th quarter worth $190,000. Sowell Financial Services LLC acquired a new stake in Freeport-McMoRan during the 4th quarter worth $196,000. Finally, Belpointe Asset Management LLC acquired a new stake in Freeport-McMoRan during the 3rd quarter worth $150,000. 69.84% of the stock is currently owned by institutional investors and hedge funds.

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Freeport-McMoRan Company Profile

Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.

The Fly

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