Freeport-McMoRan (NYSE:FCX) Stock Price Expected to Rise, UBS Group Analyst Says

Freeport-McMoRan (NYSE:FCX) had its price objective hoisted by UBS Group from $74.00 to $75.00 in a research note issued on Thursday,MarketScreener reports. The brokerage currently has a “buy” rating on the natural resource company’s stock. UBS Group’s target price would indicate a potential upside of 22.80% from the company’s previous close.

Several other equities analysts have also recently issued reports on the company. Stifel Nicolaus upped their price objective on Freeport-McMoRan from $52.00 to $76.00 and gave the company a “buy” rating in a research report on Wednesday, February 11th. Citigroup reduced their price target on shares of Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating for the company in a research note on Friday, May 1st. The Goldman Sachs Group lowered their price objective on shares of Freeport-McMoRan from $70.00 to $68.00 and set a “buy” rating on the stock in a research report on Friday, April 24th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $66.00 target price (down from $70.00) on shares of Freeport-McMoRan in a research report on Friday, April 24th. Finally, Raymond James Financial decreased their target price on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a research note on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $65.19.

Freeport-McMoRan Price Performance

Shares of FCX stock traded up $0.21 on Thursday, reaching $61.08. The company’s stock had a trading volume of 792,114 shares, compared to its average volume of 18,814,055. The stock’s 50 day simple moving average is $61.41 and its 200-day simple moving average is $56.17. Freeport-McMoRan has a 12-month low of $35.15 and a 12-month high of $70.96. The company has a market capitalization of $87.80 billion, a P/E ratio of 32.48, a PEG ratio of 0.71 and a beta of 1.32. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. The firm had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.24 EPS. As a group, equities analysts predict that Freeport-McMoRan will post 2.56 earnings per share for the current fiscal year.

Insider Buying and Selling at Freeport-McMoRan

In other news, CAO Stephen T. Higgins sold 29,654 shares of Freeport-McMoRan stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $63.00, for a total value of $1,868,202.00. Following the sale, the chief accounting officer directly owned 76,445 shares of the company’s stock, valued at approximately $4,816,035. The trade was a 27.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.75% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Freeport-McMoRan

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL purchased a new position in shares of Freeport-McMoRan in the fourth quarter valued at $25,000. Steph & Co. lifted its position in Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 150 shares during the last quarter. Cassaday & Co Wealth Management LLC purchased a new position in shares of Freeport-McMoRan in the 1st quarter worth $29,000. Kemnay Advisory Services Inc. bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth about $29,000. Finally, SHP Wealth Management purchased a new position in Freeport-McMoRan in the fourth quarter worth about $30,000. 80.77% of the stock is owned by institutional investors.

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.