Freeport-McMoRan (NYSE:FCX) Price Target Raised to $64.40 at CICC Research

Freeport-McMoRan (NYSE:FCX) had its target price lifted by equities research analysts at CICC Research from $50.40 to $64.40 in a research report issued on Monday,MarketScreener reports. The firm currently has an “outperform” rating on the natural resource company’s stock. CICC Research’s price target suggests a potential upside of 2.05% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. Clarkson Capital raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $46.00 target price on the stock in a research report on Wednesday, November 19th. Weiss Ratings reiterated a “hold (c)” rating on shares of Freeport-McMoRan in a report on Thursday. Wells Fargo & Company upped their price objective on Freeport-McMoRan from $55.00 to $64.00 and gave the company an “overweight” rating in a research note on Tuesday, January 13th. Jefferies Financial Group reiterated a “buy” rating and set a $68.00 target price on shares of Freeport-McMoRan in a research note on Monday, January 5th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Freeport-McMoRan in a report on Wednesday, November 26th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $57.59.

Freeport-McMoRan Stock Up 4.5%

Freeport-McMoRan stock traded up $2.70 during mid-day trading on Monday, reaching $63.11. The stock had a trading volume of 8,420,095 shares, compared to its average volume of 21,026,037. The firm has a market capitalization of $90.62 billion, a PE ratio of 41.87, a price-to-earnings-growth ratio of 0.71 and a beta of 1.45. The stock’s 50-day simple moving average is $49.78 and its 200-day simple moving average is $45.00. Freeport-McMoRan has a fifty-two week low of $27.66 and a fifty-two week high of $63.58. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.05 and a current ratio of 2.29.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.19. The company had revenue of $5.63 billion for the quarter, compared to analyst estimates of $5.42 billion. Freeport-McMoRan had a net margin of 8.50% and a return on equity of 8.50%. The firm’s revenue was down 1.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.31 EPS. On average, sell-side analysts forecast that Freeport-McMoRan will post 1.68 EPS for the current fiscal year.

Insider Transactions at Freeport-McMoRan

In related news, CAO Stephen T. Higgins sold 28,423 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $47.99, for a total value of $1,364,019.77. Following the completion of the sale, the chief accounting officer owned 105,294 shares in the company, valued at $5,053,059.06. The trade was a 21.26% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Ellie L. Mikes sold 9,572 shares of the stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $47.66, for a total transaction 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 position. The disclosure for this sale is available in the SEC filing. 0.79% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Leo Wealth LLC increased its stake in shares of Freeport-McMoRan by 2.5% in the 4th quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock worth $347,000 after purchasing an additional 170 shares in the last quarter. Iowa State Bank increased its position in Freeport-McMoRan by 0.4% in the fourth quarter. Iowa State Bank now owns 49,059 shares of the natural resource company’s stock worth $2,492,000 after buying an additional 213 shares in the last quarter. Putney Financial Group LLC raised its stake in shares of Freeport-McMoRan by 2.8% in the fourth quarter. Putney Financial Group LLC now owns 8,377 shares of the natural resource company’s stock worth $425,000 after buying an additional 225 shares during the period. Armstrong Advisory Group Inc. lifted its position in shares of Freeport-McMoRan by 17.3% during the 4th quarter. Armstrong Advisory Group Inc. now owns 1,628 shares of the natural resource company’s stock valued at $83,000 after buying an additional 240 shares in the last quarter. Finally, Portside Wealth Group LLC increased its holdings in Freeport-McMoRan by 0.8% in 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. Institutional investors own 80.77% of the company’s stock.

About Freeport-McMoRan

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.