Freeport-McMoRan (NYSE:FCX) PT Raised to $45.00

Freeport-McMoRan (NYSE:FCX) had its price target boosted by investment analysts at HSBC from $39.00 to $45.00 in a report issued on Tuesday. The brokerage presently has a “hold” rating on the natural resource company’s stock. HSBC’s price objective suggests a potential downside of 6.72% from the company’s previous close.

Several other research analysts also recently commented on the company. JPMorgan Chase & Co. lifted their target price on Freeport-McMoRan from $43.00 to $52.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 17th. Sanford C. Bernstein upgraded Freeport-McMoRan from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $41.00 to $48.50 in a research note on Monday, January 8th. Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target for the company in a research note on Tuesday, April 9th. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 price target on shares of Freeport-McMoRan in a research note on Thursday, January 25th. Finally, Scotiabank boosted their price target on Freeport-McMoRan from $48.00 to $55.00 and gave the company a “sector outperform” rating in a research note on Tuesday, April 9th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $49.77.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $48.24 on Tuesday. The company has a current ratio of 2.42, a quick ratio of 1.38 and a debt-to-equity ratio of 0.32. Freeport-McMoRan has a 12 month low of $32.83 and a 12 month high of $52.42. The stock has a 50 day moving average of $44.02 and a 200-day moving average of $40.14. The company has a market capitalization of $69.20 billion, a P/E ratio of 37.98, a P/E/G ratio of 2.25 and a beta of 2.04.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The company had revenue of $6.32 billion during the quarter, compared to the consensus estimate of $5.70 billion. During the same period in the previous year, the company posted $0.52 EPS. The firm’s revenue for the quarter was up 17.3% compared to the same quarter last year. As a group, equities research analysts predict that Freeport-McMoRan will post 1.57 EPS for the current year.

Hedge Funds Weigh In On Freeport-McMoRan

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Freeport-McMoRan by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 119,369,409 shares of the natural resource company’s stock worth $4,451,285,000 after buying an additional 305,912 shares in the last quarter. Capital Research Global Investors raised its holdings in shares of Freeport-McMoRan by 0.7% during the 4th quarter. Capital Research Global Investors now owns 59,752,726 shares of the natural resource company’s stock worth $2,543,676,000 after buying an additional 419,603 shares in the last quarter. Fisher Asset Management LLC raised its holdings in shares of Freeport-McMoRan by 1.9% during the 4th quarter. Fisher Asset Management LLC now owns 55,710,695 shares of the natural resource company’s stock worth $2,371,604,000 after buying an additional 1,030,451 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Freeport-McMoRan by 4.2% during the 3rd quarter. Northern Trust Corp now owns 17,756,034 shares of the natural resource company’s stock worth $662,123,000 after buying an additional 709,114 shares in the last quarter. Finally, Putnam Investments LLC increased its holdings in Freeport-McMoRan by 3.7% in the 4th quarter. Putnam Investments LLC now owns 16,647,339 shares of the natural resource company’s stock worth $708,677,000 after purchasing an additional 595,395 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

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.