Freeport-McMoRan (NYSE:FCX) Price Target Raised to $54.00

Freeport-McMoRan (NYSE:FCX - Get Free Report) had its price objective hoisted by analysts at Royal Bank of Canada from $52.00 to $54.00 in a report issued on Wednesday,BayStreet.CA reports. The brokerage presently has a "sector perform" rating on the natural resource company's stock. Royal Bank of Canada's price target would suggest a potential upside of 29.62% from the company's current price.

Several other brokerages have also recently weighed in on FCX. Wolfe Research raised Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 price objective for the company in a report on Wednesday, April 16th. JPMorgan Chase & Co. decreased their target price on Freeport-McMoRan from $52.00 to $42.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. UBS Group decreased their target price on Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Jefferies Financial Group restated a "buy" rating and set a $50.00 target price (up from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. Finally, Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 target price for the company in a research report on Thursday, March 6th. Five analysts have rated the stock with a hold rating, eight have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, Freeport-McMoRan currently has an average rating of "Moderate Buy" and a consensus price target of $47.82.

Freeport-McMoRan Trading Up 2.0%

NYSE:FCX traded up $0.80 on Wednesday, hitting $41.66. 17,268,790 shares of the stock were exchanged, compared to its average volume of 13,426,701. The stock has a market capitalization of $59.87 billion, a price-to-earnings ratio of 32.30, a P/E/G ratio of 0.87 and a beta of 1.64. Freeport-McMoRan has a 52 week low of $27.66 and a 52 week high of $52.61. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. The company's 50-day moving average price is $36.38 and its 200 day moving average price is $38.38.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.01. The firm had revenue of $5.73 billion during the quarter, compared to analysts' expectations of $5.36 billion. Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. The company's quarterly revenue was down 9.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.32 EPS. On average, equities research analysts forecast that Freeport-McMoRan will post 1.68 earnings per share for the current year.

Insider Activity at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 8,584 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $40.02, for a total value of $343,531.68. Following the completion of the transaction, the chief accounting officer now directly owns 48,333 shares in the company, valued at approximately $1,934,286.66. The trade was a 15.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.75% of the stock is owned by insiders.

Hedge Funds Weigh In On Freeport-McMoRan

Several institutional investors and hedge funds have recently modified their holdings of FCX. First Hawaiian Bank lifted its stake in Freeport-McMoRan by 5.0% in the 1st quarter. First Hawaiian Bank now owns 30,192 shares of the natural resource company's stock valued at $1,143,000 after acquiring an additional 1,442 shares in the last quarter. Drummond Knight Asset Management Pty Ltd bought a new stake in Freeport-McMoRan in the 1st quarter valued at approximately $41,437,000. Inspire Investing LLC lifted its stake in Freeport-McMoRan by 7.5% in the 1st quarter. Inspire Investing LLC now owns 146,029 shares of the natural resource company's stock valued at $5,529,000 after acquiring an additional 10,176 shares in the last quarter. Strs Ohio bought a new stake in Freeport-McMoRan in the 1st quarter valued at approximately $23,631,000. Finally, GK Wealth Management LLC bought a new stake in Freeport-McMoRan in the 1st quarter valued at approximately $235,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

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.