Raymond James Financial Forecasts Strong Price Appreciation for Freeport-McMoRan (NYSE:FCX) Stock

by · The Markets Daily

Freeport-McMoRan (NYSE:FCX – Get Free Report) had its price target increased by stock analysts at Raymond James Financial from $49.00 to $53.00 in a research note issued on Wednesday,MarketScreener reports. The brokerage presently has an “outperform” rating on the natural resource company’s stock. Raymond James Financial’s price target would indicate a potential upside of 3.45% from the stock’s current price.

Several other research analysts have also recently weighed in on FCX. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Freeport-McMoRan in a research report on Wednesday, November 26th. UBS Group boosted their price target on Freeport-McMoRan from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, December 12th. Johnson Rice decreased their target price on shares of Freeport-McMoRan from $55.00 to $48.00 in a research note on Monday, September 29th. Citigroup upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 target price on the stock in a research report on Wednesday, October 8th. Finally, Royal Bank Of Canada decreased their price target on Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 1st. Three investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Freeport-McMoRan has an average rating of “Buy” and a consensus target price of $49.87.

View Our Latest Research Report on Freeport-McMoRan

Freeport-McMoRan Stock Down 0.3%

Shares of NYSE FCX opened at $51.23 on Wednesday. The firm’s 50-day moving average is $43.95 and its 200-day moving average is $43.27. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29. Freeport-McMoRan has a 1 year low of $27.66 and a 1 year high of $53.76. The firm has a market capitalization of $73.56 billion, a PE ratio of 36.18, a price-to-earnings-growth ratio of 1.16 and a beta of 1.49.

Freeport-McMoRan (NYSE:FCX – Get Free Report) last issued its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.41 by $0.09. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The business had revenue of $6.97 billion for the quarter, compared to the consensus estimate of $6.74 billion. During the same quarter last year, the business posted $0.38 EPS. The firm’s revenue was up 2.7% compared to the same quarter last year. Equities analysts expect that Freeport-McMoRan will post 1.68 EPS for the current year.

Insider Transactions at Freeport-McMoRan

In related news, CAO Stephen T. Higgins sold 28,423 shares of the company’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $47.99, for a total value of $1,364,019.77. Following the completion of the transaction, the chief accounting officer directly owned 105,294 shares in the company, valued at approximately $5,053,059.06. The trade was a 21.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Ellie L. Mikes sold 9,572 shares of the firm’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $47.66, for a total value of $456,201.52. Following the transaction, the chief accounting officer directly owned 38,761 shares in the company, valued at approximately $1,847,349.26. This represents a 19.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.79% of the company’s stock.

Hedge Funds Weigh In On Freeport-McMoRan

A number of institutional investors have recently added to or reduced their stakes in FCX. Portside Wealth Group LLC raised its holdings in shares of Freeport-McMoRan by 0.8% during the 2nd quarter. Portside Wealth Group LLC now owns 30,333 shares of the natural resource company’s stock worth $1,315,000 after acquiring an additional 245 shares in the last quarter. Hollencrest Capital Management increased its position in Freeport-McMoRan by 0.6% in the second quarter. Hollencrest Capital Management now owns 45,133 shares of the natural resource company’s stock worth $1,957,000 after purchasing an additional 250 shares during the last quarter. Benjamin Edwards Inc. lifted its position in Freeport-McMoRan by 0.6% during the third quarter. Benjamin Edwards Inc. now owns 45,095 shares of the natural resource company’s stock valued at $1,769,000 after purchasing an additional 250 shares during the last quarter. Waterloo Capital L.P. increased its holdings in shares of Freeport-McMoRan by 3.9% in the 2nd quarter. Waterloo Capital L.P. now owns 6,658 shares of the natural resource company’s stock worth $289,000 after buying an additional 251 shares during the last quarter. Finally, Mengis Capital Management Inc. raised its position in shares of Freeport-McMoRan by 0.7% during the 3rd quarter. Mengis Capital Management Inc. now owns 34,404 shares of the natural resource company’s stock valued at $1,349,000 after buying an additional 251 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Company Profile

(Get Free Report)

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.

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