Freeport-McMoRan (NYSE:FCX) Upgraded at Wall Street Zen

Key Points

• Freeport-McMoRan has been upgraded from a "hold" rating to a "buy" rating by Wall Street Zen, reflecting positive sentiment among analysts.
• The company reported a quarterly earnings per share (EPS) of $0.50, exceeding expectations, with a revenue of $6.97 billion, marking a 2.7% year-over-year increase.
• Institutional investors and hedge funds hold a significant majority, with 80.77% of Freeport-McMoRan's shares owned by these entities, indicating strong market confidence.

Freeport-McMoRan (NYSE:FCX - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a note issued to investors on Saturday.

Several other equities analysts have also issued reports on FCX. Weiss Ratings restated a "hold (c)" rating on shares of Freeport-McMoRan in a research note on Wednesday, October 8th. JPMorgan Chase & Co. upped their target price on shares of Freeport-McMoRan from $46.00 to $50.00 and gave the company an "overweight" rating in a research report on Thursday, October 9th. BMO Capital Markets dropped their target price on shares of Freeport-McMoRan from $54.00 to $48.00 and set an "outperform" rating for the company in a research report on Wednesday, September 24th. Stifel Nicolaus started coverage on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. They issued a "buy" rating and a $56.00 target price for the company. Finally, CICC Research reduced their target price on shares of Freeport-McMoRan from $51.60 to $42.30 and set an "outperform" rating for the company in a research note on Friday, September 26th. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of "Moderate Buy" and a consensus price target of $46.92.

Freeport-McMoRan Trading Up 0.3%

Freeport-McMoRan stock opened at $41.34 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.21 and a current ratio of 2.45. The business's 50-day simple moving average is $42.55 and its 200-day simple moving average is $40.97. The firm has a market capitalization of $59.36 billion, a PE ratio of 29.12, a PEG ratio of 0.96 and a beta of 1.58. Freeport-McMoRan has a 52 week low of $27.66 and a 52 week high of $49.21.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, topping analysts' consensus estimates of $0.41 by $0.09. The business had revenue of $6.97 billion for the quarter, compared to analyst estimates of $6.74 billion. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The firm's revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.38 earnings per share. Equities research analysts forecast that Freeport-McMoRan will post 1.68 earnings per share for the current year.

Hedge Funds Weigh In On Freeport-McMoRan

Several hedge funds and other institutional investors have recently bought and sold shares of FCX. Brighton Jones LLC grew its position in Freeport-McMoRan by 24.2% in the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company's stock worth $564,000 after purchasing an additional 2,882 shares in the last quarter. Bison Wealth LLC boosted its stake in Freeport-McMoRan by 5.6% in the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company's stock valued at $366,000 after acquiring an additional 507 shares during the last quarter. GAMMA Investing LLC boosted its stake in Freeport-McMoRan by 5.6% in the first quarter. GAMMA Investing LLC now owns 22,805 shares of the natural resource company's stock valued at $863,000 after acquiring an additional 1,219 shares during the last quarter. Golden State Wealth Management LLC boosted its stake in Freeport-McMoRan by 11.9% in the first quarter. Golden State Wealth Management LLC now owns 9,114 shares of the natural resource company's stock valued at $345,000 after acquiring an additional 972 shares during the last quarter. Finally, Sequoia Financial Advisors LLC boosted its stake in Freeport-McMoRan by 6.6% in the first quarter. Sequoia Financial Advisors LLC now owns 32,019 shares of the natural resource company's stock valued at $1,212,000 after acquiring an additional 1,969 shares during the last quarter. Institutional investors and hedge funds 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.

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