Freeport-McMoRan (NYSE:FCX) Price Target Raised to $52.50

Freeport-McMoRan (NYSE:FCX - Get Free Report) had its price objective increased by analysts at Bernstein Bank from $52.00 to $52.50 in a research report issued on Tuesday. The firm presently has an "overweight" rating on the natural resource company's stock. Bernstein Bank's price objective points to a potential upside of 9.38% from the company's current price.

A number of other equities research analysts also recently commented on the company. Royal Bank of Canada reiterated a "sector perform" rating and issued a $55.00 target price on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Bank of America upgraded Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $59.00 target price on the stock in a research report on Tuesday, April 9th. HSBC boosted their target price on Freeport-McMoRan from $39.00 to $45.00 and gave the stock a "hold" rating in a research report on Tuesday. JPMorgan Chase & Co. boosted their target price on Freeport-McMoRan from $43.00 to $52.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 17th. Finally, Sanford C. Bernstein raised Freeport-McMoRan from a "market perform" rating to an "outperform" rating and boosted their price objective for the stock from $41.00 to $48.50 in a research note on Monday, January 8th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Freeport-McMoRan presently has an average rating of "Moderate Buy" and a consensus target price of $49.15.

Freeport-McMoRan Stock Performance

Shares of FCX traded down $0.95 during trading hours on Tuesday, hitting $48.00. The stock had a trading volume of 19,436,847 shares, compared to its average volume of 13,933,710. The stock has a fifty day moving average price of $44.02 and a 200 day moving average price of $40.14. Freeport-McMoRan has a 12 month low of $32.83 and a 12 month high of $52.42. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.42 and a quick ratio of 1.38. The firm has a market capitalization of $68.85 billion, a PE ratio of 37.80, a PEG ratio of 2.28 and a beta of 2.04.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.05. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The business had revenue of $6.32 billion during the quarter, compared to analyst estimates of $5.70 billion. During the same quarter in the previous year, the company posted $0.52 earnings per share. Freeport-McMoRan's revenue for the quarter was up 17.3% on a year-over-year basis. Analysts anticipate that Freeport-McMoRan will post 1.57 EPS for the current year.

Institutional Trading of Freeport-McMoRan

Hedge funds have recently bought and sold shares of the stock. Tompkins Financial Corp lifted its holdings in shares of Freeport-McMoRan by 33.8% during the 1st quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company's stock valued at $37,000 after purchasing an additional 200 shares during the last quarter. MV Capital Management Inc. raised its stake in Freeport-McMoRan by 38.6% in the 1st quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company's stock worth $37,000 after acquiring an additional 221 shares during the last quarter. Mather Group LLC. raised its stake in Freeport-McMoRan by 1.3% in the 1st quarter. Mather Group LLC. now owns 17,417 shares of the natural resource company's stock worth $819,000 after acquiring an additional 222 shares during the last quarter. Foster Group Inc. raised its stake in Freeport-McMoRan by 0.8% in the 1st quarter. Foster Group Inc. now owns 32,050 shares of the natural resource company's stock worth $1,507,000 after acquiring an additional 247 shares during the last quarter. Finally, Fulton Bank N.A. raised its stake in Freeport-McMoRan by 2.6% in the 4th quarter. Fulton Bank N.A. now owns 10,606 shares of the natural resource company's stock worth $451,000 after acquiring an additional 267 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.