Freeport-McMoRan (NYSE:FCX) Rating Increased to Buy at UBS Group

Freeport-McMoRan (NYSE:FCX - Get Free Report) was upgraded by equities researchers at UBS Group from a "neutral" rating to a "buy" rating in a note issued to investors on Friday, Marketbeat reports. The firm presently has a $48.00 price target on the natural resource company's stock. UBS Group's target price indicates a potential upside of 21.03% from the stock's current price.

A number of other research analysts have also weighed in on the company. Clarkson Capital reaffirmed a "neutral" rating and set a $42.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, September 25th. CICC Research cut their target price on Freeport-McMoRan from $51.60 to $42.30 and set an "outperform" rating on the stock in a research note on Friday, September 26th. Stifel Canada upgraded Freeport-McMoRan to a "strong-buy" rating in a report on Tuesday, July 8th. JPMorgan Chase & Co. lowered their price target on Freeport-McMoRan from $56.00 to $46.00 and set an "overweight" rating for the company in a research report on Thursday, September 25th. Finally, Scotiabank reiterated a "sector perform" rating and issued a $45.00 price target (down previously from $55.00) on shares of Freeport-McMoRan in a research note on Thursday, September 25th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $46.74.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $39.66 on Friday. The business's fifty day moving average is $42.47 and its 200 day moving average is $40.54. The stock has a market cap of $56.94 billion, a price-to-earnings ratio of 30.05, a PEG ratio of 0.71 and a beta of 1.58. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. Freeport-McMoRan has a twelve month low of $27.66 and a twelve month high of $51.19.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.09. The company had revenue of $7.58 billion during the quarter, compared to analyst estimates of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. Freeport-McMoRan's quarterly revenue was up 14.5% compared to the same quarter last year. During the same period last year, the business earned $0.46 EPS. Research analysts expect that Freeport-McMoRan will post 1.68 EPS for the current fiscal year.

Institutional Trading of Freeport-McMoRan

A number of institutional investors have recently made changes to their positions in FCX. Portside Wealth Group LLC grew its position in shares of Freeport-McMoRan by 0.8% during the second quarter. Portside Wealth Group LLC now owns 30,333 shares of the natural resource company's stock valued at $1,315,000 after purchasing an additional 245 shares in the last quarter. Hollencrest Capital Management lifted its position in shares of Freeport-McMoRan by 0.6% in the second quarter. Hollencrest Capital Management now owns 45,133 shares of the natural resource company's stock worth $1,957,000 after buying an additional 250 shares in the last quarter. Waterloo Capital L.P. boosted its stake in Freeport-McMoRan by 3.9% during the second quarter. Waterloo Capital L.P. now owns 6,658 shares of the natural resource company's stock valued at $289,000 after buying an additional 251 shares during the last quarter. Strengthening Families & Communities LLC grew its holdings in Freeport-McMoRan by 0.6% during the 2nd quarter. Strengthening Families & Communities LLC now owns 42,617 shares of the natural resource company's stock valued at $1,822,000 after buying an additional 261 shares in the last quarter. Finally, WealthCollab LLC increased its stake in Freeport-McMoRan by 17.1% in the 2nd quarter. WealthCollab LLC now owns 1,820 shares of the natural resource company's stock worth $79,000 after acquiring an additional 266 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Company Profile

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.