Freeport-McMoRan (NYSE:FCX) PT Raised to $57.00

Freeport-McMoRan (NYSE:FCX) had its price objective hoisted by equities researchers at Raymond James from $55.00 to $57.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the natural resource company’s stock. Raymond James’ price objective would suggest a potential upside of 19.15% from the company’s previous close.

Several other research firms have also recently weighed in on FCX. Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Morgan Stanley decreased their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. JPMorgan Chase & Co. increased their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. Finally, UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price target for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $54.08.

Freeport-McMoRan Stock Down 1.4 %

NYSE FCX traded down $0.69 during mid-day trading on Wednesday, hitting $47.84. The company’s stock had a trading volume of 3,027,449 shares, compared to its average volume of 13,065,542. The company’s 50 day simple moving average is $45.74 and its 200 day simple moving average is $47.86. Freeport-McMoRan has a twelve month low of $32.83 and a twelve month high of $55.24. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $68.72 billion, a price-to-earnings ratio of 42.34, a PEG ratio of 2.03 and a beta of 1.90.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The company had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. During the same period in the previous year, the business posted $0.39 EPS. The business’s revenue for the quarter was up 16.6% compared to the same quarter last year. Analysts anticipate that Freeport-McMoRan will post 1.58 earnings per share for the current year.

Institutional Investors Weigh In On Freeport-McMoRan

Institutional investors have recently modified their holdings of the company. Woodard & Co. Asset Management Group Inc. ADV grew its stake in Freeport-McMoRan by 10.7% during the 3rd quarter. Woodard & Co. Asset Management Group Inc. ADV now owns 36,157 shares of the natural resource company’s stock worth $1,805,000 after purchasing an additional 3,496 shares in the last quarter. Global Trust Asset Management LLC grew its stake in Freeport-McMoRan by 59.1% during the 3rd quarter. Global Trust Asset Management LLC now owns 3,502 shares of the natural resource company’s stock worth $175,000 after purchasing an additional 1,301 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in Freeport-McMoRan by 12.8% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,764,414 shares of the natural resource company’s stock worth $88,080,000 after purchasing an additional 200,516 shares in the last quarter. IFM Investors Pty Ltd grew its stake in Freeport-McMoRan by 1.6% during the 3rd quarter. IFM Investors Pty Ltd now owns 285,491 shares of the natural resource company’s stock worth $14,252,000 after purchasing an additional 4,519 shares in the last quarter. Finally, Grimes & Company Inc. purchased a new stake in Freeport-McMoRan during the 3rd quarter worth about $238,000. 80.77% of the stock is owned by institutional investors and hedge funds.

About Freeport-McMoRan

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.