Freeport-McMoRan (NYSE:FCX) Given New $55.00 Price Target at BMO Capital Markets

by · The Cerbat Gem

Freeport-McMoRan (NYSE:FCX – Get Free Report) had its price objective raised by analysts at BMO Capital Markets from $47.00 to $55.00 in a research report issued on Tuesday,MarketScreener reports. The firm presently has an “outperform” rating on the natural resource company’s stock. BMO Capital Markets’ target price would indicate a potential upside of 15.97% from the company’s current price.

A number of other analysts also recently weighed in on FCX. Sanford C. Bernstein dropped their target price on Freeport-McMoRan from $48.50 to $45.00 and set an “outperform” rating for the company in a research report on Tuesday, October 14th. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 price objective for the company in a report on Tuesday, September 30th. CICC Research decreased their target price on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a research report on Friday, September 26th. BNP Paribas Exane lowered their price target on shares of Freeport-McMoRan from $58.00 to $56.00 and set an “outperform” rating for the company in a research note on Friday, December 5th. Finally, Hsbc Global Res upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 16th. Four analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Buy” and a consensus price target of $49.11.

View Our Latest Research Report on Freeport-McMoRan

Freeport-McMoRan Stock Performance

NYSE FCX opened at $47.43 on Tuesday. Freeport-McMoRan has a 52-week low of $27.66 and a 52-week high of $49.12. The company has a fifty day moving average of $42.07 and a 200-day moving average of $42.54. The company has a market capitalization of $68.10 billion, a P/E ratio of 33.40, a P/E/G ratio of 1.07 and a beta of 1.49. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.19 and a current ratio of 2.45.

Freeport-McMoRan (NYSE:FCX – Get Free Report) last released its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The business had revenue of $6.97 billion for the quarter, compared to analysts’ expectations of $6.74 billion. During the same quarter in the prior year, the firm earned $0.38 earnings per share. The firm’s revenue was up 2.7% on a year-over-year basis. As a group, equities research analysts predict that Freeport-McMoRan will post 1.68 EPS for the current fiscal year.

Insider Transactions at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 9,572 shares of the firm’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $47.66, for a total value of $456,201.52. Following the sale, the chief accounting officer directly owned 38,761 shares of the company’s stock, valued at $1,847,349.26. This trade represents a 19.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Stephen T. Higgins sold 28,423 shares of the business’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $47.99, for a total value of $1,364,019.77. Following the transaction, the chief accounting officer owned 105,294 shares in the company, valued at approximately $5,053,059.06. This represents a 21.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.75% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Freeport-McMoRan

Several institutional investors and hedge funds have recently bought and sold shares of FCX. Callan Family Office LLC lifted its position in Freeport-McMoRan by 229.9% during the 2nd quarter. Callan Family Office LLC now owns 26,983 shares of the natural resource company’s stock valued at $1,170,000 after acquiring an additional 18,803 shares during the period. New York Life Investment Management LLC increased its stake in shares of Freeport-McMoRan by 11.8% during the second quarter. New York Life Investment Management LLC now owns 215,058 shares of the natural resource company’s stock valued at $9,323,000 after purchasing an additional 22,766 shares in the last quarter. Arrow Capital Pty Ltd lifted its holdings in shares of Freeport-McMoRan by 88.5% during the second quarter. Arrow Capital Pty Ltd now owns 113,100 shares of the natural resource company’s stock valued at $4,903,000 after purchasing an additional 53,100 shares during the last quarter. Bourgeon Capital Management LLC boosted its position in shares of Freeport-McMoRan by 8.1% in the 2nd quarter. Bourgeon Capital Management LLC now owns 331,549 shares of the natural resource company’s stock worth $14,373,000 after purchasing an additional 24,803 shares in the last quarter. Finally, Mercuria Capital Strategies LLC purchased a new stake in shares of Freeport-McMoRan in the 2nd quarter worth approximately $9,970,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Company Profile

(Get Free Report)

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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