Freeport-McMoRan (NYSE:FCX) PT Raised to $55.00

by · The Markets Daily

Freeport-McMoRan (NYSE:FCX – Get Free Report) had its price target raised by investment analysts at Raymond James from $53.00 to $55.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has an “outperform” rating on the natural resource company’s stock. Raymond James’ target price suggests a potential upside of 12.87% from the company’s current price.

Several other equities analysts have also recently issued reports on FCX. Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price objective for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Morgan Stanley decreased their price target on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research note on Monday, June 10th. Four equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus target price of $52.93.

Read Our Latest Analysis on FCX

Freeport-McMoRan Trading Up 8.0 %

NYSE FCX opened at $48.73 on Monday. The company has a market cap of $70.00 billion, a price-to-earnings ratio of 43.12, a price-to-earnings-growth ratio of 1.94 and a beta of 1.89. Freeport-McMoRan has a twelve month low of $32.83 and a twelve month high of $55.24. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. The business’s fifty day moving average is $43.42 and its 200 day moving average is $47.33.

Freeport-McMoRan (NYSE:FCX – Get Free Report) last announced its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The firm had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. During the same period last year, the firm posted $0.35 earnings per share. The business’s revenue for the quarter was up 15.5% on a year-over-year basis. As a group, sell-side analysts expect that Freeport-McMoRan will post 1.68 EPS for the current fiscal year.

Institutional Investors Weigh In On Freeport-McMoRan

A number of large investors have recently bought and sold shares of FCX. Spectrum Wealth Counsel LLC bought a new position in shares of Freeport-McMoRan during the 2nd quarter worth about $25,000. Hazlett Burt & Watson Inc. boosted its holdings in Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after acquiring an additional 480 shares in the last quarter. Lynx Investment Advisory acquired a new stake in Freeport-McMoRan in the second quarter valued at approximately $26,000. LRI Investments LLC bought a new stake in shares of Freeport-McMoRan during the first quarter valued at approximately $26,000. Finally, University of Texas Texas AM Investment Management Co. bought a new stake in shares of Freeport-McMoRan during the second quarter valued at approximately $27,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

About Freeport-McMoRan

(Get Free Report)

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.

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