Hsbc Global Res Upgrades Freeport-McMoRan (NYSE:FCX) to "Strong-Buy"

Key Points

• Freeport-McMoRan (NYSE:FCX) received an upgrade to a "strong-buy" rating from Hsbc Global Res, indicating positive sentiment from investment analysts.
• Multiple other firms have recently upgraded their ratings or adjusted target prices for FCX, with an overall average rating categorized as "Moderate Buy" and an average target price of $46.90.
• In its latest quarterly earnings, Freeport-McMoRan reported earnings per share of $0.54, exceeding expectations, along with a year-over-year revenue increase of 14.5%.

Freeport-McMoRan (NYSE:FCX - Get Free Report) was upgraded by investment analysts at Hsbc Global Res from a "hold" rating to a "strong-buy" rating in a research note issued to investors on Thursday,Zacks.com reports.

FCX has been the topic of a number of other reports. Stifel Canada raised Freeport-McMoRan to a "strong-buy" rating in a report on Tuesday, July 8th. UBS Group set a $48.00 target price on Freeport-McMoRan and gave the company a "buy" rating in a report on Friday, October 3rd. Dbs Bank lowered their target price on Freeport-McMoRan from $51.00 to $48.00 in a report on Thursday, October 2nd. Raymond James Financial lowered their target price on Freeport-McMoRan from $55.00 to $46.00 and set an "outperform" rating on the stock in a report on Thursday, September 25th. Finally, Bank of America raised Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $42.00 target price on the stock in a report on Tuesday, September 30th. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $46.90.

Freeport-McMoRan Trading Down 1.2%

NYSE FCX opened at $41.18 on Thursday. Freeport-McMoRan has a 12 month low of $27.66 and a 12 month high of $50.12. The stock has a market cap of $59.12 billion, a P/E ratio of 31.20, a P/E/G ratio of 0.95 and a beta of 1.58. The stock's fifty day moving average price is $42.64 and its 200-day moving average price is $40.65. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.45 by $0.09. The firm had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The company's quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.46 earnings per share. As a group, equities analysts forecast that Freeport-McMoRan will post 1.68 EPS for the current fiscal year.

Institutional Trading of Freeport-McMoRan

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Twin Peaks Wealth Advisors LLC bought a new stake in Freeport-McMoRan during the 2nd quarter valued at approximately $28,000. Beacon Capital Management LLC raised its stake in Freeport-McMoRan by 59.6% during the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company's stock valued at $38,000 after purchasing an additional 327 shares during the period. Dagco Inc. bought a new stake in Freeport-McMoRan during the 1st quarter valued at approximately $37,000. MTM Investment Management LLC bought a new stake in Freeport-McMoRan during the 2nd quarter valued at approximately $43,000. Finally, Hilltop National Bank bought a new stake in Freeport-McMoRan during the 2nd quarter valued at approximately $43,000. 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.

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