Freeport-McMoRan (NYSE:FCX) Price Target Raised to $52.00 at Scotiabank

Freeport-McMoRan (NYSE:FCX - Get Free Report) had its price target raised by research analysts at Scotiabank from $48.00 to $52.00 in a report released on Wednesday,Benzinga reports. The firm currently has a "sector outperform" rating on the natural resource company's stock. Scotiabank's target price would indicate a potential upside of 14.02% from the company's current price.

FCX has been the subject of several other reports. JPMorgan Chase & Co. lifted their price objective on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a research note on Wednesday. Stifel Nicolaus initiated coverage on shares of Freeport-McMoRan in a research note on Wednesday. They set a "buy" rating and a $56.00 price objective for the company. Wall Street Zen downgraded shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Tuesday, April 8th. UBS Group lowered their price objective on shares of Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Finally, 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. Six equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Freeport-McMoRan has a consensus rating of "Moderate Buy" and an average price target of $50.64.

Freeport-McMoRan Stock Down 1.4%

NYSE FCX traded down $0.67 on Wednesday, hitting $45.61. The stock had a trading volume of 11,302,873 shares, compared to its average volume of 13,640,337. The business's fifty day moving average price is $40.52 and its 200 day moving average price is $38.39. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.32 and a quick ratio of 1.13. Freeport-McMoRan has a 52-week low of $27.66 and a 52-week high of $52.61. The stock has a market cap of $65.54 billion, a price-to-earnings ratio of 37.69, a price-to-earnings-growth ratio of 0.86 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.23 by $0.01. Freeport-McMoRan had a net margin of 7.11% and a return on equity of 7.03%. The business had revenue of $5.73 billion during the quarter, compared to the consensus estimate of $5.36 billion. During the same period in the previous year, the firm posted $0.32 earnings per share. The business's revenue for the quarter was down 9.4% compared to the same quarter last year. Equities research analysts anticipate that Freeport-McMoRan will post 1.68 earnings per share for the current year.

Insiders Place Their Bets

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of Freeport-McMoRan stock in a transaction on Monday, June 2nd. The shares were 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 owned 48,333 shares of the company's stock, valued at approximately $1,934,286.66. The trade was a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.79% of the company's stock.

Institutional Trading of Freeport-McMoRan

Institutional investors and hedge funds have recently modified their holdings of the stock. Mizuho Bank Ltd. purchased a new stake in shares of Freeport-McMoRan during the fourth quarter worth about $26,000. Coppell Advisory Solutions LLC increased its stake in shares of Freeport-McMoRan by 47.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock worth $32,000 after purchasing an additional 268 shares in the last quarter. City Holding Co. purchased a new stake in shares of Freeport-McMoRan during the first quarter worth about $33,000. Bernard Wealth Management Corp. purchased a new stake in Freeport-McMoRan during the 4th quarter valued at about $35,000. Finally, Dagco Inc. purchased a new stake in Freeport-McMoRan during the 1st quarter valued at about $37,000. Hedge funds and other institutional investors own 80.77% of the company's stock.

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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