Stifel Nicolaus Boosts Freeport-McMoRan (NYSE:FCX) Price Target to $80.00

Freeport-McMoRan (NYSE:FCX) had its price objective boosted by analysts at Stifel Nicolaus from $76.00 to $80.00 in a note issued to investors on Tuesday,BayStreet.CA reports. The brokerage currently has a “buy” rating on the natural resource company’s stock. Stifel Nicolaus’ price objective suggests a potential upside of 27.98% from the company’s previous close.

A number of other analysts have also recently weighed in on FCX. Weiss Ratings cut shares of Freeport-McMoRan from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, July 7th. Wall Street Zen raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Saturday, June 13th. JPMorgan Chase & Co. raised their target price on shares of Freeport-McMoRan from $73.00 to $77.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. HSBC lifted their price target on shares of Freeport-McMoRan from $72.00 to $75.00 in a report on Friday, June 12th. Finally, Raymond James Financial decreased their price objective on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $68.95.

Freeport-McMoRan Stock Up 6.3%

Shares of NYSE FCX traded up $3.72 during mid-day trading on Tuesday, reaching $62.51. 7,294,756 shares of the company were exchanged, compared to its average volume of 17,558,541. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. The stock has a market cap of $89.86 billion, a price-to-earnings ratio of 33.27, a P/E/G ratio of 0.58 and a beta of 1.37. Freeport-McMoRan has a 1 year low of $35.15 and a 1 year high of $72.28. The firm has a 50-day moving average of $63.76 and a 200 day moving average of $62.06.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.10. The company had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.24 earnings per share. On average, research analysts expect that Freeport-McMoRan will post 2.68 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Arrowstreet Capital Limited Partnership raised its stake in shares of Freeport-McMoRan by 98.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company’s stock worth $1,014,434,000 after purchasing an additional 9,924,573 shares during the last quarter. Franklin Resources Inc. boosted its position in Freeport-McMoRan by 31.2% in the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock valued at $1,897,202,000 after buying an additional 8,891,743 shares during the last quarter. Amundi increased its holdings in Freeport-McMoRan by 102.5% in the 4th quarter. Amundi now owns 14,211,579 shares of the natural resource company’s stock worth $721,806,000 after buying an additional 7,192,955 shares during the period. Bank of America Corp DE raised its position in Freeport-McMoRan by 20.0% during the 1st quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company’s stock worth $2,489,069,000 after buying an additional 7,044,775 shares during the last quarter. Finally, Janus Henderson Group PLC raised its position in Freeport-McMoRan by 101.2% during the 1st quarter. Janus Henderson Group PLC now owns 11,498,267 shares of the natural resource company’s stock worth $675,896,000 after buying an additional 5,784,156 shares during the last quarter. 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.