Freeport-McMoRan (NYSE:FCX) Price Target Raised to $43.00

Freeport-McMoRan (NYSE:FCX - Get Free Report) had its price objective increased by research analysts at Scotiabank from $40.00 to $43.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a "sector perform" rating on the natural resource company's stock. Scotiabank's target price points to a potential upside of 10.53% from the stock's previous close.

Other analysts also recently issued research reports about the stock. StockNews.com downgraded shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Tuesday, April 8th. BMO Capital Markets dropped their price target on shares of Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating on the stock in a research note on Friday, January 24th. Hsbc Global Res upgraded shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 14th. Jefferies Financial Group reiterated a "buy" rating and issued a $50.00 price target (up from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. Finally, Argus cut Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Friday, January 31st. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $48.36.

Freeport-McMoRan Stock Down 1.4%

NYSE:FCX traded down $0.57 on Wednesday, hitting $38.91. The stock had a trading volume of 1,706,531 shares, compared to its average volume of 13,651,736. Freeport-McMoRan has a 52 week low of $27.66 and a 52 week high of $55.24. The business's fifty day moving average is $36.35 and its 200 day moving average is $39.07. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. The company has a market cap of $55.91 billion, a PE ratio of 30.15, a P/E/G ratio of 0.87 and a beta of 1.65.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.23 by $0.01. The business had revenue of $5.73 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.32 EPS. On average, equities research analysts expect that Freeport-McMoRan will post 1.68 EPS for the current fiscal year.

Institutional Trading of Freeport-McMoRan

Hedge funds have recently made changes to their positions in the stock. Asset Planning Inc bought a new stake in Freeport-McMoRan during the fourth quarter worth about $25,000. Mizuho Bank Ltd. purchased a new stake in Freeport-McMoRan in the fourth quarter worth approximately $26,000. Vision Financial Markets LLC bought a new position in Freeport-McMoRan during the fourth quarter valued at approximately $27,000. Laurel Wealth Advisors LLC raised its stake in shares of Freeport-McMoRan by 487.8% during the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company's stock worth $28,000 after acquiring an additional 600 shares in the last quarter. Finally, Roxbury Financial LLC bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth approximately $28,000. 80.77% of the stock is owned by institutional investors.

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.

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