JPMorgan Chase & Co. Boosts Freeport-McMoRan (NYSE:FCX) Price Target to $58.00

Freeport-McMoRan (NYSE:FCX) had its price target hoisted by JPMorgan Chase & Co. from $50.00 to $58.00 in a research report issued to clients and investors on Friday, Marketbeat Ratings reports. The brokerage currently has an “overweight” rating on the natural resource company’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 28.25% from the company’s current price.

Other analysts also recently issued research reports about the company. Royal Bank Of Canada dropped their price target on Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating for the company in a research report on Wednesday, October 1st. Jefferies Financial Group reiterated a “buy” rating and set a $46.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, September 24th. BNP Paribas Exane cut 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. BMO Capital Markets decreased their price target on shares of Freeport-McMoRan from $48.00 to $47.00 and set an “outperform” rating on the stock in a report on Wednesday, November 19th. Finally, Sanford C. Bernstein dropped their price objective on shares of Freeport-McMoRan from $48.50 to $45.00 and set an “outperform” rating for the company in a report on Tuesday, October 14th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan has an average rating of “Buy” and a consensus price target of $47.30.

Freeport-McMoRan Stock Up 1.4%

Shares of NYSE:FCX opened at $45.22 on Friday. The firm has a fifty day moving average price of $41.17 and a two-hundred day moving average price of $42.19. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.45 and a quick ratio of 1.19. Freeport-McMoRan has a one year low of $27.66 and a one year high of $49.12. The company has a market cap of $64.94 billion, a price-to-earnings ratio of 31.85, a PEG ratio of 1.02 and a beta of 1.49.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The firm 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 posted $0.38 earnings per share. The business’s quarterly revenue was up 2.7% on a year-over-year basis. Analysts anticipate that Freeport-McMoRan will post 1.68 EPS for the current fiscal year.

Institutional Investors Weigh In On Freeport-McMoRan

Several hedge funds have recently made changes to their positions in FCX. Wellington Management Group LLP boosted its holdings in Freeport-McMoRan by 190.9% in the third quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock worth $1,431,326,000 after acquiring an additional 23,950,557 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Freeport-McMoRan in the 1st quarter valued at $366,959,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings in Freeport-McMoRan by 89.4% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 17,569,169 shares of the natural resource company’s stock valued at $761,623,000 after purchasing an additional 8,292,873 shares during the last quarter. Amundi grew its holdings in Freeport-McMoRan by 28.1% during the first quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock worth $1,046,280,000 after acquiring an additional 6,054,537 shares during the period. Finally, Crake Asset Management LLP grew its stake in shares of Freeport-McMoRan by 2,140.8% during the 1st quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company’s stock worth $224,496,000 after purchasing an additional 5,665,000 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

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.