Freeport-McMoRan Inc. (NYSE:FCX) Receives Average Recommendation of “Moderate Buy” from Analysts

Freeport-McMoRan Inc. (NYSE:FCX) has earned an average recommendation of “Moderate Buy” from the twenty-two analysts that are presently covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation, eighteen have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $62.5905.

Several analysts have issued reports on the company. BNP Paribas Exane lifted their price target on Freeport-McMoRan from $56.00 to $75.00 and gave the company an “outperform” rating in a research note on Thursday, February 12th. Raymond James Financial upped their price objective on Freeport-McMoRan from $53.00 to $66.00 and gave the stock an “outperform” rating in a research report on Thursday, January 15th. JPMorgan Chase & Co. increased their price objective on Freeport-McMoRan from $58.00 to $68.00 and gave the stock an “overweight” rating in a report on Thursday, January 8th. HSBC lifted their target price on Freeport-McMoRan from $48.00 to $69.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a research note on Wednesday, November 26th.

Freeport-McMoRan Stock Up 5.4%

Shares of FCX stock opened at $54.93 on Tuesday. The firm has a fifty day moving average of $61.59 and a 200-day moving average of $50.41. The company has a quick ratio of 1.05, a current ratio of 2.29 and a debt-to-equity ratio of 0.29. Freeport-McMoRan has a 12-month low of $27.66 and a 12-month high of $69.75. The company has a market capitalization of $78.94 billion, a price-to-earnings ratio of 36.38, a P/E/G ratio of 0.61 and a beta of 1.41.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, January 22nd. The natural resource company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.28 by $0.19. The business had revenue of $5.63 billion for the quarter, compared to analysts’ expectations of $5.42 billion. Freeport-McMoRan had a net margin of 8.50% and a return on equity of 8.50%. The firm’s revenue was down 1.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.31 EPS. As a group, equities research analysts predict that Freeport-McMoRan will post 1.68 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, EVP Douglas N. Currault II sold 75,000 shares of the business’s stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $64.52, for a total value of $4,839,000.00. Following the sale, the executive vice president owned 219,181 shares of the company’s stock, valued at $14,141,558.12. The trade was a 25.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Ellie L. Mikes sold 11,000 shares of the stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $62.03, for a total transaction of $682,330.00. Following the transaction, the chief accounting officer owned 40,773 shares of the company’s stock, valued at $2,529,149.19. The trade was a 21.25% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 565,145 shares of company stock valued at $35,839,918 over the last ninety days. Insiders own 0.79% of the company’s stock.

Hedge Funds Weigh In On Freeport-McMoRan

Large investors have recently modified their holdings of the business. Leo Wealth LLC raised its holdings in Freeport-McMoRan by 2.5% during the fourth quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock worth $347,000 after acquiring an additional 170 shares in the last quarter. Physician Wealth Advisors Inc. grew its stake in Freeport-McMoRan by 23.5% in the fourth quarter. Physician Wealth Advisors Inc. now owns 924 shares of the natural resource company’s stock valued at $47,000 after purchasing an additional 176 shares in the last quarter. Castle Rock Wealth Management LLC increased its position in shares of Freeport-McMoRan by 3.3% during the 4th quarter. Castle Rock Wealth Management LLC now owns 5,687 shares of the natural resource company’s stock worth $289,000 after purchasing an additional 180 shares during the last quarter. GW&K Investment Management LLC raised its stake in shares of Freeport-McMoRan by 11.1% during the 4th quarter. GW&K Investment Management LLC now owns 1,840 shares of the natural resource company’s stock worth $93,000 after purchasing an additional 184 shares in the last quarter. Finally, Private Trust Co. NA raised its stake in shares of Freeport-McMoRan by 6.7% during the 4th quarter. Private Trust Co. NA now owns 3,119 shares of the natural resource company’s stock worth $158,000 after purchasing an additional 195 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

About Freeport-McMoRan

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.