Freeport-McMoRan (NYSE:FCX) Price Target Raised to $45.00 at HSBC

Freeport-McMoRan (NYSE:FCX) had its price target boosted by analysts at HSBC from $39.00 to $45.00 in a research report issued on Tuesday. The brokerage presently has a “hold” rating on the natural resource company’s stock. HSBC’s target price suggests a potential downside of 7.25% from the stock’s current price.

Several other analysts have also recently issued reports on FCX. Sanford C. Bernstein raised Freeport-McMoRan from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $41.00 to $48.50 in a research note on Monday, January 8th. JPMorgan Chase & Co. raised their target price on Freeport-McMoRan from $43.00 to $52.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 17th. Scotiabank lifted their price objective on Freeport-McMoRan from $48.00 to $55.00 and gave the company a “sector outperform” rating in a research report on Tuesday, April 9th. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective on the stock in a research report on Tuesday, April 9th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus target price of $49.15.

Freeport-McMoRan Trading Down 0.9 %

Shares of NYSE:FCX traded down $0.43 on Tuesday, reaching $48.52. 6,380,016 shares of the company traded hands, compared to its average volume of 13,747,823. The business’s 50-day simple moving average is $43.80 and its 200 day simple moving average is $40.06. Freeport-McMoRan has a 52 week low of $32.83 and a 52 week high of $52.42. The stock has a market capitalization of $69.60 billion, a P/E ratio of 37.64, a price-to-earnings-growth ratio of 2.28 and a beta of 2.04. The company has a current ratio of 2.42, a quick ratio of 1.38 and a debt-to-equity ratio of 0.32.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The firm had revenue of $6.32 billion for the quarter, compared to analysts’ expectations of $5.70 billion. During the same period last year, the firm earned $0.52 earnings per share. The company’s revenue for the quarter was up 17.3% compared to the same quarter last year. As a group, equities analysts anticipate that Freeport-McMoRan will post 1.57 EPS for the current fiscal year.

Institutional Investors Weigh In On Freeport-McMoRan

A number of hedge funds have recently modified their holdings of FCX. Accurate Wealth Management LLC boosted its holdings in Freeport-McMoRan by 39.2% in the 1st quarter. Accurate Wealth Management LLC now owns 19,368 shares of the natural resource company’s stock worth $961,000 after buying an additional 5,453 shares during the period. Clarus Group Inc. bought a new position in Freeport-McMoRan in the 1st quarter worth $202,000. Stonegate Investment Group LLC boosted its holdings in Freeport-McMoRan by 6.1% in the 1st quarter. Stonegate Investment Group LLC now owns 28,826 shares of the natural resource company’s stock worth $1,355,000 after buying an additional 1,661 shares during the period. Confluence Wealth Services Inc. bought a new position in Freeport-McMoRan in the 1st quarter worth $207,000. Finally, Byrne Asset Management LLC lifted its stake in Freeport-McMoRan by 3.4% in the 1st quarter. Byrne Asset Management LLC now owns 25,220 shares of the natural resource company’s stock worth $1,186,000 after purchasing an additional 830 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

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.