Freeport-McMoRan (NYSE:FCX) Price Target Raised to $70.00 at Morgan Stanley

Freeport-McMoRan (NYSE:FCX) had its price target lifted by equities researchers at Morgan Stanley from $66.00 to $70.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the natural resource company’s stock. Morgan Stanley’s price target suggests a potential upside of 18.10% from the stock’s current price.

FCX has been the topic of several other research reports. CICC Research cut their price target on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a research report on Tuesday, April 28th. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a research report on Friday, May 15th. Barclays began coverage on shares of Freeport-McMoRan in a report on Thursday, May 21st. They issued an “overweight” rating and a $77.00 target price on the stock. The Goldman Sachs Group upped their price target on shares of Freeport-McMoRan from $68.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Finally, Scotiabank increased their price target on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a research note on Monday, June 15th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $68.54.

Freeport-McMoRan Stock Down 2.8%

Shares of NYSE:FCX opened at $59.27 on Wednesday. The firm has a 50 day simple moving average of $63.77 and a 200-day simple moving average of $61.51. Freeport-McMoRan has a twelve month low of $35.15 and a twelve month high of $72.28. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $85.21 billion, a PE ratio of 31.53, a P/E/G ratio of 0.63 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. The business had revenue of $6.23 billion for the quarter, compared to analysts’ expectations of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The business’s revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.24 earnings per share. On average, equities analysts predict that Freeport-McMoRan will post 2.59 EPS for the current fiscal year.

Hedge Funds Weigh In On Freeport-McMoRan

Hedge funds and other institutional investors have recently bought and sold shares of the company. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Freeport-McMoRan in the 4th quarter worth $25,000. Steph & Co. increased its stake in shares of Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after acquiring an additional 150 shares during the period. Cassaday & Co Wealth Management LLC acquired a new position in shares of Freeport-McMoRan during the first quarter worth about $29,000. Kemnay Advisory Services Inc. purchased a new position in Freeport-McMoRan during the fourth quarter worth about $29,000. Finally, SHP Wealth Management purchased a new stake in Freeport-McMoRan in the 4th quarter valued at approximately $30,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.