Freeport-McMoRan (NYSE:FCX) Shares Up 3.4% on Analyst Upgrade
by Sarita Garza · The Markets DailyFreeport-McMoRan Inc. (NYSE:FCX – Get Free Report)’s stock price was up 3.4% during trading on Wednesday after Stifel Nicolaus raised their price target on the stock from $52.00 to $76.00. Stifel Nicolaus currently has a buy rating on the stock. Freeport-McMoRan traded as high as $65.50 and last traded at $65.41. Approximately 15,469,652 shares changed hands during mid-day trading, a decline of 35% from the average daily volume of 23,776,143 shares. The stock had previously closed at $63.26.
FCX has been the topic of a number of other research reports. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Freeport-McMoRan in a research report on Wednesday, November 26th. Wall Street Zen raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. CICC Research lifted their price target on shares of Freeport-McMoRan from $50.40 to $64.40 and gave the stock an “outperform” rating in a research note on Monday, January 26th. UBS Group increased their price objective on shares of Freeport-McMoRan from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, January 23rd. Finally, Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lifted their price objective for the stock from $53.50 to $54.00 in a research report on Friday, January 23rd. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus price target of $59.35.
Insider Activity at Freeport-McMoRan
In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 9,572 shares of the business’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $47.66, for a total value of $456,201.52. Following the transaction, the chief accounting officer directly owned 38,761 shares of the company’s stock, valued at approximately $1,847,349.26. The trade was a 19.80% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Stephen T. Higgins sold 28,423 shares of the firm’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $47.99, for a total transaction of $1,364,019.77. Following the completion of the sale, the chief accounting officer owned 105,294 shares of the company’s stock, valued at $5,053,059.06. This trade represents a 21.26% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.79% of the company’s stock.
Key Headlines Impacting Freeport-McMoRan
Here are the key news stories impacting Freeport-McMoRan this week:
- Positive Sentiment: Stifel Nicolaus raised its price target on FCX from $52 to $76 and reiterated a “buy” rating — the new target implies roughly a mid-teens upside from the current price, a clear catalyst for buyer interest. BayStreet.CA
- Positive Sentiment: Zacks reports that earnings estimate revisions for FCX have been trending upward (“Surging Earnings Estimates”), supporting the case for further near-term share gains as consensus earnings projections get bumped higher. Surging Earnings Estimates Signal Upside for Freeport-McMoRan (FCX) Stock
- Neutral Sentiment: Zacks notes FCX is attracting investor attention and is among the most-watched stocks on its site, reflecting elevated retail and professional interest but not a specific new fundamental change. Freeport-McMoRan Inc. (FCX) is Attracting Investor Attention
- Neutral Sentiment: Pieces comparing FCX to peers and profiling it as a long-term value (including FCX vs SCCO and why it may be a top value stock) provide framing for investors weighing sector-relative value but contain no new company-specific catalysts. Is FreeportMcMoRan (FCX) Stock Outpacing Its Basic Materials Peers This Year?
- Neutral Sentiment: Short takes on weekly momentum and buy-side optimism summarize positive market attention and analyst bullishness but are more descriptive than catalytic. Freeport-McMoRan (FCX) Is Up 0.73% in One Week
- Neutral Sentiment: Zacks’ overview of Wall Street optimism highlights how analyst narratives and ratings influence flows; helpful context but not a fresh company development. Wall Street Bulls Look Optimistic About Freeport-McMoRan (FCX)
Hedge Funds Weigh In On Freeport-McMoRan
Several institutional investors and hedge funds have recently added to or reduced their stakes in FCX. Brighton Jones LLC raised its position in Freeport-McMoRan by 24.2% in the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after acquiring an additional 2,882 shares in the last quarter. Bison Wealth LLC grew its stake in shares of Freeport-McMoRan by 5.6% during the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after purchasing an additional 507 shares during the period. Sivia Capital Partners LLC purchased a new position in shares of Freeport-McMoRan in the 2nd quarter valued at about $560,000. Concurrent Investment Advisors LLC lifted its stake in shares of Freeport-McMoRan by 41.2% in the second quarter. Concurrent Investment Advisors LLC now owns 48,088 shares of the natural resource company’s stock valued at $2,085,000 after purchasing an additional 14,033 shares during the period. Finally, Vanguard Personalized Indexing Management LLC boosted its holdings in Freeport-McMoRan by 22.7% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 149,162 shares of the natural resource company’s stock worth $6,466,000 after buying an additional 27,570 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.
Freeport-McMoRan Stock Up 3.4%
The company has a debt-to-equity ratio of 0.29, a current ratio of 2.29 and a quick ratio of 1.05. The company has a market capitalization of $93.92 billion, a price-to-earnings ratio of 43.32, a price-to-earnings-growth ratio of 0.74 and a beta of 1.47. The firm’s 50-day simple moving average is $54.83 and its two-hundred day simple moving average is $46.45.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last issued its quarterly earnings data on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.19. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.50%.The firm had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $5.42 billion. During the same period in the previous year, the firm posted $0.31 earnings per share. Freeport-McMoRan’s revenue was down 1.5% on a year-over-year basis. Sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.
Freeport-McMoRan Cuts Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Shareholders of record on Thursday, January 15th were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend was Thursday, January 15th. Freeport-McMoRan’s dividend payout ratio is 19.87%.
Freeport-McMoRan Company Profile
Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.
Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.