JPMorgan Chase & Co. Raises Freeport-McMoRan (NYSE:FCX) Price Target to $58.00

Freeport-McMoRan (NYSE:FCX) had its price objective hoisted by equities researchers at JPMorgan Chase & Co. from $50.00 to $58.00 in a research report issued on Friday,MarketScreener reports. The firm currently has an “overweight” rating on the natural resource company’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 27.08% from the stock’s current price.

A number of other equities analysts have also recently issued reports on FCX. Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 price target on the stock in a report on Tuesday, September 30th. Morgan Stanley dropped their price objective on shares of Freeport-McMoRan from $46.00 to $44.00 and set an “overweight” rating on the stock in a report on Wednesday, November 19th. Sanford C. Bernstein cut their price objective on shares of Freeport-McMoRan from $48.50 to $45.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 14th. UBS Group set a $48.00 target price on Freeport-McMoRan and gave the company a “buy” rating in a research report on Friday, October 3rd. Finally, CICC Research lowered their target price on Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a research report on Friday, September 26th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan presently has an average rating of “Buy” and an average target price of $47.30.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $45.64 on Friday. The firm has a market cap of $65.54 billion, a P/E ratio of 32.12, a P/E/G ratio of 1.00 and a beta of 1.49. The stock’s 50 day moving average is $40.98 and its 200 day moving average is $42.12. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.45 and a quick ratio of 1.19. Freeport-McMoRan has a one year low of $27.66 and a one year high of $49.12.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The business had revenue of $6.97 billion during the quarter, compared to the consensus estimate of $6.74 billion. During the same quarter last year, the firm earned $0.38 earnings per share. Freeport-McMoRan’s quarterly revenue was up 2.7% on a year-over-year basis. As a group, research analysts expect that Freeport-McMoRan will post 1.68 EPS for the current year.

Institutional Investors Weigh In On Freeport-McMoRan

Several large investors have recently added to or reduced their stakes in FCX. Brighton Jones LLC lifted its position in shares of Freeport-McMoRan by 24.2% during the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after acquiring an additional 2,882 shares in the last quarter. Bison Wealth LLC lifted its stake in Freeport-McMoRan by 5.6% in the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after purchasing an additional 507 shares during the last quarter. Blair William & Co. IL lifted its position in Freeport-McMoRan by 10.8% in the first quarter. Blair William & Co. IL now owns 72,827 shares of the natural resource company’s stock valued at $2,757,000 after purchasing an additional 7,123 shares during the last quarter. Wealthspire Advisors LLC boosted its position in Freeport-McMoRan by 79.5% during the 1st quarter. Wealthspire Advisors LLC now owns 20,308 shares of the natural resource company’s stock valued at $769,000 after buying an additional 8,992 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings in Freeport-McMoRan by 21.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 11,968,781 shares of the natural resource company’s stock valued at $453,138,000 after purchasing an additional 2,133,846 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Company Profile

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.