Wall Street Zen Upgrades Freeport-McMoRan (NYSE:FCX) to Buy

Key Points

• Wall Street Zen upgraded Freeport-McMoRan to Buy from Hold. Analysts overall rate the stock “Moderate Buy,” with a consensus price target of $75.30.
• Freeport-McMoRan beat quarterly expectations, reporting EPS of $0.88 versus $0.82 forecast and revenue of $7.55 billion versus $7.36 billion; revenue rose 8.2% year over year.
• The shares were down 2.1% and opened at $59.20, below their 50-day moving average of $68.50.

Freeport-McMoRan (NYSE:FCX - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued on Saturday, Wall Street Zen reports.

Several other brokerages have also recently weighed in on FCX. Scotiabank dropped their price target on shares of Freeport-McMoRan from $80.00 to $78.00 and set a "sector outperform" rating on the stock in a research report on Wednesday, October 28th. Erste Group Bank began coverage on Freeport-McMoRan in a report on Thursday, August 27th. They set a "buy" rating for the company. Sanford C. Bernstein lowered their price objective on Freeport-McMoRan from $50.00 to $47.00 and set a "market perform" rating for the company in a research note on Wednesday, September 9th. UBS Group lowered their price objective on Freeport-McMoRan from $88.00 to $85.00 and set a "buy" rating for the company in a research note on Wednesday, October 28th. Finally, The Goldman Sachs Group restated a "buy" rating on shares of Freeport-McMoRan in a report on Thursday, September 10th. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $75.30.

Freeport-McMoRan Stock Down 2.1%

Freeport-McMoRan stock opened at $59.20 on Friday. Freeport-McMoRan has a 1-year low of $38.85 and a 1-year high of $80.24. The firm has a market capitalization of $84.95 billion, a price-to-earnings ratio of 24.88, a price-to-earnings-growth ratio of 0.55 and a beta of 1.38. The firm's fifty day moving average price is $68.50 and its two-hundred day moving average price is $65.27. The company has a current ratio of 2.02, a quick ratio of 0.91 and a debt-to-equity ratio of 0.23.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Tuesday, October 27th. The natural resource company reported $0.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.82 by $0.06. The firm had revenue of $7.55 billion during the quarter, compared to analysts' expectations of $7.36 billion. Freeport-McMoRan had a net margin of 13.03% and a return on equity of 12.09%. The business's revenue was up 8.2% on a year-over-year basis. During the same period last year, the company earned $0.50 earnings per share. On average, equities research analysts predict that Freeport-McMoRan will post 3.05 earnings per share for the current fiscal year.

Insider Activity at Freeport-McMoRan

In related news, Director Lydia Kennard sold 3,798 shares of the stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $79.11, for a total transaction of $300,459.78. Following the completion of the sale, the director directly owned 122,702 shares of the company's stock, valued at approximately $9,706,955.22. This trade represents a 3.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Douglas Currault, II sold 80,000 shares of Freeport-McMoRan stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $78.56, for a total value of $6,284,800.00. Following the sale, the executive vice president owned 211,016 shares in the company, valued at $16,577,416.96. This trade represents a 27.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.73% of the company's stock.

Hedge Funds Weigh In On Freeport-McMoRan

Institutional investors have recently added to or reduced their stakes in the stock. NBH Bank bought a new stake in shares of Freeport-McMoRan in the 2nd quarter worth approximately $28,000. REAP Financial Group LLC bought a new position in Freeport-McMoRan during the third quarter valued at $32,000. Cassaday & Co Wealth Management LLC bought a new position in Freeport-McMoRan during the first quarter valued at $29,000. Joseph Group Capital Management increased its position in Freeport-McMoRan by 68.2% in the third quarter. Joseph Group Capital Management now owns 587 shares of the natural resource company's stock worth $41,000 after buying an additional 238 shares during the last quarter. Finally, Roxbury Financial LLC increased its position in Freeport-McMoRan by 196.5% in the second quarter. Roxbury Financial LLC now owns 593 shares of the natural resource company's stock worth $37,000 after buying an additional 393 shares during the last quarter. Institutional investors own 80.77% of the company's stock.

Freeport-McMoRan News Summary

Here's some of the latest news about FCX:

• Positive Sentiment: Zacks Research raised multiple earnings forecasts, including its FY2027 estimate to $3.90 per share from $3.47 and FY2028 estimate to $4.14 from $3.41. It also increased several quarterly forecasts, signaling stronger expected earnings growth. MarketBeat coverage
• Positive Sentiment: Argus Research reaffirmed its Buy rating on FCX, maintaining a bullish analyst stance. Argus Research rating report

About Freeport-McMoRan

Freeport-McMoRan Inc. is a mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Its products serve industries including construction, manufacturing, electronics and energy. The company operates mines and related facilities in North America, South America and Indonesia. Its assets include the Grasberg minerals district in Indonesia and copper operations in the United States, Peru and Chile. Freeport-McMoRan traces its roots to Freeport Sulphur Company, founded in 1912, and has since developed into a major international mining business.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.