Freeport-McMoRan (NYSE:FCX) Price Target Raised to $54.00 at Raymond James

Freeport-McMoRan (NYSE:FCX) had its price target hoisted by research analysts at Raymond James from $49.50 to $54.00 in a report released on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the natural resource company’s stock. Raymond James’ price objective would indicate a potential upside of 13.23% from the stock’s previous close.

A number of other analysts also recently issued reports on the stock. JPMorgan Chase & Co. reduced their price target on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating on the stock in a report on Wednesday. Scotiabank decreased their target price on Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating on the stock in a research report on Wednesday. HSBC boosted their target price on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a report on Tuesday. Bernstein Bank lifted their price target on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research report on Tuesday. Finally, Sanford C. Bernstein raised Freeport-McMoRan from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $41.00 to $48.50 in a research note on Monday, January 8th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average target price of $49.77.

Freeport-McMoRan Price Performance

NYSE:FCX traded down $0.30 on Wednesday, reaching $47.69. 6,768,782 shares of the company’s stock traded hands, compared to its average volume of 13,839,442. The firm has a market cap of $68.41 billion, a PE ratio of 37.50, a P/E/G ratio of 2.25 and a beta of 2.04. The company has a quick ratio of 1.38, a current ratio of 2.42 and a debt-to-equity ratio of 0.32. The stock has a 50-day simple moving average of $44.02 and a 200-day simple moving average of $40.14. Freeport-McMoRan has a 12 month low of $32.83 and a 12 month high of $52.42.

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FCX. CM Management LLC boosted its position in Freeport-McMoRan by 80.0% in the 3rd quarter. CM Management LLC now owns 36,000 shares of the natural resource company’s stock valued at $1,342,000 after buying an additional 16,000 shares during the period. Signature Estate & Investment Advisors LLC lifted its holdings in shares of Freeport-McMoRan by 6.4% in the 4th quarter. Signature Estate & Investment Advisors LLC now owns 345,917 shares of the natural resource company’s stock worth $14,726,000 after buying an additional 20,894 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Freeport-McMoRan by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,508,085 shares of the natural resource company’s stock worth $279,977,000 after buying an additional 102,466 shares in the last quarter. Cadinha & Co. LLC raised its holdings in shares of Freeport-McMoRan by 59.0% in the fourth quarter. Cadinha & Co. LLC now owns 647,691 shares of the natural resource company’s stock valued at $27,572,000 after acquiring an additional 240,340 shares in the last quarter. Finally, Alphinity Investment Management Pty Ltd grew its holdings in Freeport-McMoRan by 57.4% during the 3rd quarter. Alphinity Investment Management Pty Ltd now owns 5,391,230 shares of the natural resource company’s stock worth $201,039,000 after acquiring an additional 1,965,987 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

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.