Deutsche Bank Aktiengesellschaft Boosts Freeport-McMoRan (NYSE:FCX) Price Target to $72.00

Key Points

• Deutsche Bank raised its price target on Freeport-McMoRan to $72 (from $58) and kept a "buy" rating, implying about a 6.3% upside from the prior close.
• Broad analyst sentiment remains positive with a consensus rating of "Moderate Buy" and a consensus target of $65.02, while several firms (HSBC, Citigroup, Stifel) recently lifted targets—Stifel as high as $76.
• Insiders have been selling recently: the chairman sold 248,031 shares and the CFO sold 48,500, with total insider sales of 565,145 shares (~$35.8M); insiders now own 0.79% of the stock.

Freeport-McMoRan (NYSE:FCX - Get Free Report) had its price target upped by research analysts at Deutsche Bank Aktiengesellschaft from $58.00 to $72.00 in a research report issued to clients and investors on Wednesday,MarketScreener reports. The firm presently has a "buy" rating on the natural resource company's stock. Deutsche Bank Aktiengesellschaft's price target indicates a potential upside of 6.30% from the stock's previous close.

Other research analysts have also issued reports about the stock. HSBC increased their price target on shares of Freeport-McMoRan from $69.00 to $72.00 and gave the stock a "buy" rating in a research note on Tuesday. Citigroup upped their price objective on shares of Freeport-McMoRan from $48.00 to $67.00 and gave the stock a "buy" rating in a report on Monday, January 12th. Stifel Nicolaus lifted their target price on shares of Freeport-McMoRan from $52.00 to $76.00 and gave the company a "buy" rating in a report on Wednesday, February 11th. Wall Street Zen cut Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Saturday, February 14th. Finally, Freedom Capital upgraded Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Saturday, February 21st. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $65.02.

Freeport-McMoRan Stock Down 0.8%

Shares of NYSE:FCX opened at $67.74 on Wednesday. The firm has a market capitalization of $97.35 billion, a P/E ratio of 45.01, a P/E/G ratio of 0.80 and a beta of 1.48. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.05 and a current ratio of 2.29. The stock has a 50 day moving average price of $61.69 and a 200-day moving average price of $52.41. Freeport-McMoRan has a 52-week low of $32.12 and a 52-week high of $69.75.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.19. The company had revenue of $5.63 billion for the quarter, compared to analysts' expectations of $5.42 billion. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.50%.The firm's revenue for the quarter was down 1.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.31 earnings per share. As a group, equities research analysts anticipate that Freeport-McMoRan will post 1.68 EPS for the current fiscal year.

Insider Transactions at Freeport-McMoRan

In related news, Chairman Richard C. Adkerson sold 248,031 shares of the business's stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $62.80, for a total value of $15,576,346.80. Following the completion of the transaction, the chairman directly owned 3,509,119 shares in the company, valued at $220,372,673.20. The trade was a 6.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Maree E. Robertson sold 48,500 shares of the company's stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $61.55, for a total value of $2,985,175.00. Following the completion of the transaction, the chief financial officer directly owned 79,894 shares in the company, valued at $4,917,475.70. This trade represents a 37.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 565,145 shares of company stock valued at $35,839,918. 0.79% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Strategic Investment Solutions Inc. IL purchased a new position in Freeport-McMoRan in the 4th quarter worth about $25,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Freeport-McMoRan during the 4th quarter valued at about $29,000. SHP Wealth Management purchased a new stake in shares of Freeport-McMoRan during the 4th quarter valued at about $30,000. Steigerwald Gordon & Koch Inc. bought a new stake in shares of Freeport-McMoRan in the third quarter worth approximately $25,000. Finally, MV Capital Management Inc. bought a new stake in shares of Freeport-McMoRan in the fourth quarter worth approximately $34,000. Hedge funds and other institutional investors 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.

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