Freeport-McMoRan (NYSE:FCX) had its price target lifted by UBS Group from $14.00 to $18.50 in a research note issued to investors on Tuesday, www.benzinga.com reports. The brokerage currently has a neutral rating on the natural resource company’s stock.
FCX has been the topic of several other reports. B. Riley set a $13.00 price target on Freeport-McMoRan and gave the company a hold rating in a research report on Wednesday, December 6th. Zacks Investment Research raised Freeport-McMoRan from a hold rating to a buy rating and set a $16.00 price target on the stock in a research report on Tuesday, November 14th. ValuEngine raised Freeport-McMoRan from a hold rating to a buy rating in a research report on Tuesday, February 20th. Scotiabank reaffirmed a hold rating and issued a $19.00 target price on shares of Freeport-McMoRan in a research report on Monday, January 8th. Finally, Clarkson Capital raised Freeport-McMoRan from a neutral rating to a buy rating in a research report on Wednesday, January 17th. Three research analysts have rated the stock with a sell rating, thirteen have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $16.49.
Freeport-McMoRan (FCX) opened at $18.43 on Tuesday. Freeport-McMoRan has a 52-week low of $11.05 and a 52-week high of $20.25. The stock has a market capitalization of $25,872.97, a P/E ratio of 15.27 and a beta of 2.42. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.14 and a quick ratio of 1.37.
In other news, VP C Donald Whitmire, Jr. sold 21,500 shares of the stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $19.49, for a total value of $419,035.00. Following the completion of the transaction, the vice president now owns 70,239 shares of the company’s stock, valued at $1,368,958.11. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 1.29% of the company’s stock.
Several large investors have recently added to or reduced their stakes in FCX. Bank of New York Mellon Corp grew its stake in shares of Freeport-McMoRan by 18.1% in the third quarter. Bank of New York Mellon Corp now owns 24,292,902 shares of the natural resource company’s stock worth $341,073,000 after purchasing an additional 3,724,271 shares in the last quarter. Oakmont Corp bought a new position in Freeport-McMoRan during the third quarter valued at about $41,553,000. Contrarius Investment Management Ltd boosted its stake in Freeport-McMoRan by 74.3% during the third quarter. Contrarius Investment Management Ltd now owns 6,176,460 shares of the natural resource company’s stock valued at $86,717,000 after buying an additional 2,633,409 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. boosted its stake in Freeport-McMoRan by 141.7% during the fourth quarter. Los Angeles Capital Management & Equity Research Inc. now owns 4,152,745 shares of the natural resource company’s stock valued at $78,736,000 after buying an additional 2,434,376 shares in the last quarter. Finally, Cornerstone Capital Management Holdings LLC. boosted its stake in Freeport-McMoRan by 522.6% during the third quarter. Cornerstone Capital Management Holdings LLC. now owns 2,554,280 shares of the natural resource company’s stock valued at $35,861,000 after buying an additional 2,144,008 shares in the last quarter. 69.56% of the stock is owned by institutional investors.
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Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.
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