Freeport-McMoRan (NYSE:FCX) Given New $54.00 Price Target at Raymond James

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

Other equities research analysts have also issued research reports about the stock. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 price objective on shares of Freeport-McMoRan in a research note on Thursday, January 25th. Bernstein Bank upped their price objective on Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research note on Tuesday. HSBC increased their price target on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research report on Tuesday. Scotiabank dropped their target price on shares of Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating on the stock in a research note on Wednesday. Finally, Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price for the company in a research report on Tuesday, April 9th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $49.77.

Freeport-McMoRan Stock Down 0.6 %

Shares of FCX stock traded down $0.30 on Wednesday, reaching $47.69. 6,768,782 shares of the company were exchanged, compared to its average volume of 13,839,442. Freeport-McMoRan has a one year low of $32.83 and a one year high of $52.42. The company has a market cap of $68.41 billion, a price-to-earnings ratio of 37.50, a PEG ratio of 2.25 and a beta of 2.04. The company has a 50-day moving average of $44.02 and a 200-day moving average of $40.14. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.42 and a quick ratio of 1.38.

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

Institutional Investors Weigh In On Freeport-McMoRan

Several large investors have recently added to or reduced their stakes in the business. Avior Wealth Management LLC lifted its position in Freeport-McMoRan by 41.2% during the third quarter. Avior Wealth Management LLC now owns 1,680 shares of the natural resource company’s stock valued at $63,000 after purchasing an additional 490 shares during the last quarter. CX Institutional lifted its holdings in shares of Freeport-McMoRan by 6.2% during the 3rd quarter. CX Institutional now owns 10,244 shares of the natural resource company’s stock worth $382,000 after acquiring an additional 597 shares during the last quarter. Fiduciary Alliance LLC grew its position in Freeport-McMoRan by 12.8% in the third quarter. Fiduciary Alliance LLC now owns 184,685 shares of the natural resource company’s stock worth $6,887,000 after acquiring an additional 20,931 shares in the last quarter. Czech National Bank increased its stake in Freeport-McMoRan by 47.7% in the third quarter. Czech National Bank now owns 250,570 shares of the natural resource company’s stock valued at $9,344,000 after acquiring an additional 80,898 shares during the last quarter. Finally, Aaron Wealth Advisors LLC raised its position in Freeport-McMoRan by 4.7% during the third quarter. Aaron Wealth Advisors LLC now owns 279,168 shares of the natural resource company’s stock valued at $10,410,000 after purchasing an additional 12,414 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

About Freeport-McMoRan

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.