Freeport-McMoRan (NYSE:FCX) Price Target Cut to $73.00 by Analysts at JPMorgan Chase & Co.

Key Points

• JPMorgan cut its price target on Freeport‑McMoRan to $73 from $76 but kept an overweight rating, implying roughly a 20.94% upside from the current price.
• Freeport reported Q1 EPS of $0.57, topping the $0.47 consensus, while revenue was $6.23 billion versus $6.40 billion expected.
• Street coverage remains generally positive with a consensus rating of Moderate Buy and an average price target of $65.42 (1 Strong Buy, 16 Buy, 5 Hold).

Freeport-McMoRan (NYSE:FCX - Get Free Report) had its target price decreased by analysts at JPMorgan Chase & Co. from $76.00 to $73.00 in a research note issued to investors on Monday,MarketScreener reports. The firm currently has an "overweight" rating on the natural resource company's stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 20.94% from the stock's current price.

A number of other analysts have also weighed in on the company. Freedom Capital upgraded shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Saturday, February 21st. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Freeport-McMoRan from $72.00 to $68.00 and set a "buy" rating for the company in a research note on Friday. BNP Paribas Exane boosted their price target on Freeport-McMoRan from $56.00 to $75.00 and gave the company an "outperform" rating in a report on Thursday, February 12th. HSBC increased their price objective on Freeport-McMoRan from $69.00 to $72.00 and gave the stock a "buy" rating in a research note on Tuesday, April 14th. Finally, CICC Research lifted their target price on Freeport-McMoRan from $50.40 to $64.40 and gave the company an "outperform" rating in a research report on Monday, January 26th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Freeport-McMoRan currently has a consensus rating of "Moderate Buy" and a consensus price target of $65.42.

Freeport-McMoRan Trading Down 1.1%

FCX opened at $60.36 on Monday. Freeport-McMoRan has a 12 month low of $34.45 and a 12 month high of $70.96. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. The stock has a 50-day moving average of $62.47 and a 200 day moving average of $53.95. The firm has a market cap of $86.75 billion, a P/E ratio of 32.56, a P/E/G ratio of 0.70 and a beta of 1.48.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.10. The firm had revenue of $6.23 billion during the quarter, compared to analyst estimates of $6.40 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The business's revenue was up 8.8% on a year-over-year basis. During the same quarter last year, the business earned $0.24 EPS. As a group, research analysts forecast that Freeport-McMoRan will post 2.54 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Maree E. Robertson sold 48,500 shares of the company's stock in a transaction on Friday, February 13th. The stock was sold at an average price of $61.55, for a total value of $2,985,175.00. Following the transaction, the chief financial officer directly owned 79,894 shares of the company's stock, valued at $4,917,475.70. This represents a 37.77% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Ellie L. Mikes sold 11,000 shares of the firm's stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $62.03, for a total value of $682,330.00. Following the completion of the transaction, the chief accounting officer owned 40,773 shares of the company's stock, valued at $2,529,149.19. This trade represents a 21.25% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 565,145 shares of company stock valued at $35,839,918. Corporate insiders own 0.79% of the company's stock.

Hedge Funds Weigh In On Freeport-McMoRan

Institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP raised its stake in shares of Freeport-McMoRan by 190.9% during the 3rd quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company's stock valued at $1,431,326,000 after buying an additional 23,950,557 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in Freeport-McMoRan by 98.8% during 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 acquiring an additional 9,924,573 shares during the period. Franklin Resources Inc. raised its position in Freeport-McMoRan by 31.2% during 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 acquiring an additional 8,891,743 shares in the last quarter. Amundi raised its position in Freeport-McMoRan by 102.5% during the fourth quarter. Amundi now owns 14,211,579 shares of the natural resource company's stock valued at $721,806,000 after acquiring an additional 7,192,955 shares in the last quarter. Finally, PointState Capital LP purchased a new position in Freeport-McMoRan during the fourth quarter valued at approximately $198,523,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Company Profile

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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