Freeport-McMoRan (NYSE:FCX – Get Rating) had its price objective hoisted by investment analysts at Deutsche Bank Aktiengesellschaft from $42.00 to $50.00 in a research note issued on Tuesday, The Fly reports. Deutsche Bank Aktiengesellschaft’s price target points to a potential downside of 1.77% from the stock’s current price.
A number of other research analysts also recently issued reports on the company. Jefferies Financial Group lifted their price target on Freeport-McMoRan from $58.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, March 24th. Raymond James set a $49.00 target price on Freeport-McMoRan and gave the company an “outperform” rating in a report on Thursday, January 27th. StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Tuesday. Morgan Stanley upped their price target on Freeport-McMoRan from $34.00 to $43.00 and gave the stock an “equal weight” rating in a research note on Wednesday, March 23rd. Finally, Wolfe Research reduced their price objective on Freeport-McMoRan from $47.00 to $45.00 and set an “outperform” rating on the stock in a research note on Thursday, January 27th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan has an average rating of “Hold” and a consensus price target of $43.20.
Shares of NYSE:FCX opened at $50.90 on Tuesday. The company has a market cap of $74.05 billion, a P/E ratio of 17.61, a PEG ratio of 0.46 and a beta of 2.00. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.52 and a quick ratio of 1.75. Freeport-McMoRan has a 1 year low of $30.02 and a 1 year high of $51.99. The stock’s fifty day moving average price is $45.22 and its 200-day moving average price is $40.74.
Freeport-McMoRan (NYSE:FCX – Get Rating) last released its earnings results on Wednesday, January 26th. The natural resource company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). The business had revenue of $6.16 billion for the quarter, compared to analysts’ expectations of $6.48 billion. Freeport-McMoRan had a return on equity of 21.55% and a net margin of 18.85%. The business’s revenue for the quarter was up 37.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.38 EPS. On average, sell-side analysts anticipate that Freeport-McMoRan will post 3.81 earnings per share for the current year.
In other Freeport-McMoRan news, CFO Kathleen L. Quirk sold 80,000 shares of the firm’s stock in a transaction on Wednesday, February 16th. The stock was sold at an average price of $44.02, for a total transaction of $3,521,600.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP C Donald Whitmire, Jr. sold 44,000 shares of Freeport-McMoRan stock in a transaction on Wednesday, February 9th. The stock was sold at an average price of $43.44, for a total value of $1,911,360.00. The disclosure for this sale can be found here. Insiders sold 164,670 shares of company stock valued at $7,002,730 in the last three months. Company insiders own 0.72% of the company’s stock.
Several institutional investors have recently made changes to their positions in FCX. Morgan Stanley grew its stake in Freeport-McMoRan by 22.5% in the second quarter. Morgan Stanley now owns 15,548,768 shares of the natural resource company’s stock worth $577,014,000 after purchasing an additional 2,859,755 shares during the period. Exchange Traded Concepts LLC bought a new position in shares of Freeport-McMoRan in the third quarter worth about $80,000. North Star Investment Management Corp. grew its position in shares of Freeport-McMoRan by 8.2% during the third quarter. North Star Investment Management Corp. now owns 7,213 shares of the natural resource company’s stock worth $235,000 after purchasing an additional 545 shares in the last quarter. Venture Visionary Partners LLC grew its position in shares of Freeport-McMoRan by 34.7% during the third quarter. Venture Visionary Partners LLC now owns 24,827 shares of the natural resource company’s stock worth $807,000 after purchasing an additional 6,399 shares in the last quarter. Finally, Kestra Private Wealth Services LLC grew its position in shares of Freeport-McMoRan by 6.8% during the third quarter. Kestra Private Wealth Services LLC now owns 26,628 shares of the natural resource company’s stock worth $866,000 after purchasing an additional 1,694 shares in the last quarter. Institutional investors own 76.05% 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. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.