Freeport-McMoRan (NYSE:FCX) Given New $53.00 Price Target at Scotiabank

Freeport-McMoRan (NYSE:FCX) had its price objective lowered by analysts at Scotiabank from $55.00 to $53.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a “sector outperform” rating on the natural resource company’s stock. Scotiabank’s target price points to a potential upside of 7.29% from the company’s previous close.

A number of other research firms have also recently issued reports on FCX. HSBC lifted their price objective on Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research report on Tuesday. Raymond James lifted their price objective on Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a research report on Thursday, January 4th. JPMorgan Chase & Co. reduced their price objective on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research report on Wednesday. Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Finally, Bernstein Bank lifted their price objective on Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research report on Tuesday. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $50.07.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $49.40 on Wednesday. The stock has a market cap of $70.86 billion, a PE ratio of 43.72, a price-to-earnings-growth ratio of 2.20 and a beta of 2.04. The business has a fifty day simple moving average of $44.24 and a 200-day simple moving average of $40.20. The company has a quick ratio of 1.38, a current ratio of 2.35 and a debt-to-equity ratio of 0.31. Freeport-McMoRan has a 12 month low of $32.83 and a 12 month high of $52.42.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05. The business had revenue of $6.32 billion during the quarter, compared to analysts’ expectations of $5.70 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. Freeport-McMoRan’s revenue was up 17.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.52 earnings per share. On average, sell-side analysts anticipate that Freeport-McMoRan will post 1.57 EPS for the current fiscal year.

Hedge Funds Weigh In On Freeport-McMoRan

Institutional investors have recently made changes to their positions in the business. Bruce G. Allen Investments LLC bought a new position in shares of Freeport-McMoRan in the fourth quarter worth about $27,000. Jones Financial Companies Lllp increased its stake in shares of Freeport-McMoRan by 422.2% in the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 532 shares during the period. American National Bank increased its stake in shares of Freeport-McMoRan by 348.8% in the first quarter. American National Bank now owns 745 shares of the natural resource company’s stock worth $35,000 after purchasing an additional 579 shares during the period. Vermillion & White Wealth Management Group LLC bought a new position in shares of Freeport-McMoRan in the fourth quarter worth about $32,000. Finally, BluePath Capital Management LLC bought a new position in shares of Freeport-McMoRan in the third quarter worth about $28,000. 80.77% of the stock is currently owned by institutional investors.

About Freeport-McMoRan

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.