Freeport-McMoRan (NYSE:FCX) Price Target Raised to $85.00 at Jefferies Financial Group

Freeport-McMoRan (NYSE:FCX) had its price objective boosted by research analysts at Jefferies Financial Group from $75.00 to $85.00 in a research note issued on Monday,MarketScreener reports. The brokerage currently has a “buy” rating on the natural resource company’s stock. Jefferies Financial Group’s target price would indicate a potential upside of 31.72% from the stock’s current price.

Other research analysts have also issued reports about the stock. Wells Fargo & Company lowered their price objective on shares of Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, April 24th. Sanford C. Bernstein reduced their price target on Freeport-McMoRan from $54.00 to $53.50 and set a “market perform” rating for the company in a report on Friday, April 24th. Freedom Capital raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Barclays began coverage on Freeport-McMoRan in a research note on Thursday, May 21st. They issued an “overweight” rating and a $77.00 price objective on the stock. Finally, Argus raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Friday, February 13th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $66.50.

Freeport-McMoRan Stock Up 1.8%

Shares of NYSE:FCX traded up $1.16 during trading on Monday, hitting $64.53. 1,644,738 shares of the company were exchanged, compared to its average volume of 18,117,221. Freeport-McMoRan has a fifty-two week low of $35.15 and a fifty-two week high of $72.09. The stock has a market cap of $92.76 billion, a price-to-earnings ratio of 34.38, a P/E/G ratio of 0.76 and a beta of 1.35. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. The firm has a fifty day moving average price of $63.48 and a two-hundred day moving average price of $58.31.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The business had revenue of $6.23 billion during the quarter, compared to analysts’ expectations of $5.73 billion. During the same period last year, the business earned $0.24 earnings per share. The firm’s revenue was up 8.8% on a year-over-year basis. As a group, research analysts anticipate that Freeport-McMoRan will post 2.56 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Freeport-McMoRan

Several institutional investors and hedge funds have recently made changes to their positions in FCX. Brighton Jones LLC increased its position in Freeport-McMoRan by 24.2% during the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after buying an additional 2,882 shares during the period. Bison Wealth LLC grew its stake in shares of Freeport-McMoRan by 5.6% in the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after acquiring an additional 507 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in shares of Freeport-McMoRan in the second quarter valued at about $560,000. Brown Advisory Inc. increased its position in Freeport-McMoRan by 27.0% during the second quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock worth $539,000 after acquiring an additional 2,648 shares during the period. Finally, Jump Financial LLC increased its position in Freeport-McMoRan by 42.7% during the second quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock worth $2,172,000 after acquiring an additional 14,992 shares during the period. Institutional investors and hedge funds 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.