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

Freeport-McMoRan (NYSE:FCX) had its price objective upped by equities research analysts at JPMorgan Chase & Co. from $43.00 to $52.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the natural resource company’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 3.67% from the stock’s previous close.

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

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $50.16 on Wednesday. The business has a 50 day moving average price of $43.32 and a 200 day moving average price of $39.82. Freeport-McMoRan has a twelve month low of $32.83 and a twelve month high of $52.42. The company has a market cap of $71.95 billion, a price-to-earnings ratio of 39.50, a PEG ratio of 2.23 and a beta of 2.04. The company has a quick ratio of 1.38, a current ratio of 2.42 and a debt-to-equity ratio of 0.32.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share 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 firm had revenue of $5.91 billion during the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter in the prior year, the company earned $0.52 EPS. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. Research analysts predict that Freeport-McMoRan will post 1.6 earnings per share for the current year.

Hedge Funds Weigh In On Freeport-McMoRan

Hedge funds have recently modified their holdings of the stock. Tompkins Financial Corp increased its holdings in Freeport-McMoRan by 33.8% during the 1st quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock valued at $37,000 after purchasing an additional 200 shares in the last quarter. MV Capital Management Inc. increased its holdings in Freeport-McMoRan by 38.6% during the 1st quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock valued at $37,000 after purchasing an additional 221 shares in the last quarter. Mather Group LLC. increased its holdings in Freeport-McMoRan by 1.3% during the 1st quarter. Mather Group LLC. now owns 17,417 shares of the natural resource company’s stock valued at $819,000 after purchasing an additional 222 shares in the last quarter. Foster Group Inc. increased its holdings in Freeport-McMoRan by 0.8% during the 1st quarter. Foster Group Inc. now owns 32,050 shares of the natural resource company’s stock valued at $1,507,000 after purchasing an additional 247 shares in the last quarter. Finally, FinTrust Capital Advisors LLC increased its holdings in Freeport-McMoRan by 5.1% during the 4th quarter. FinTrust Capital Advisors LLC now owns 5,252 shares of the natural resource company’s stock valued at $200,000 after purchasing an additional 253 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Company Profile

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.