Freeport-McMoRan (NYSE:FCX) Given New $51.00 Price Target at JPMorgan Chase & Co.

Freeport-McMoRan (NYSE:FCX) had its price target decreased by analysts at JPMorgan Chase & Co. from $52.00 to $51.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the natural resource company’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 7.32% from the stock’s current price.

Several other analysts also recently weighed in on FCX. Raymond James raised their target price on Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a research note on Thursday, January 4th. Sanford C. Bernstein raised shares of 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 report on Monday, January 8th. Bernstein Bank raised their target price on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a report on Tuesday. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 target price on shares of Freeport-McMoRan in a report on Thursday, January 25th. Finally, Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price on the stock in a report on Tuesday, April 9th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $49.08.

Freeport-McMoRan Stock Down 1.0 %

NYSE FCX traded down $0.47 during trading on Wednesday, reaching $47.52. 5,107,319 shares of the company’s stock were exchanged, compared to its average volume of 13,815,447. The stock has a market cap of $68.16 billion, a P/E ratio of 37.51, a price-to-earnings-growth ratio of 2.25 and a beta of 2.04. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.38 and a current ratio of 2.42. The company has a 50 day moving average price of $44.02 and a two-hundred day moving average price of $40.14. Freeport-McMoRan has a 1 year low of $32.83 and a 1 year high of $52.42.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.05. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The company had revenue of $6.32 billion for the quarter, compared to analysts’ expectations of $5.70 billion. During the same quarter in the previous year, the firm posted $0.52 EPS. The firm’s quarterly revenue was up 17.3% on a year-over-year basis. On average, equities research analysts anticipate that Freeport-McMoRan will post 1.57 EPS for the current fiscal year.

Hedge Funds Weigh In On Freeport-McMoRan

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bruce G. Allen Investments LLC acquired a new position in Freeport-McMoRan during the 4th quarter worth approximately $27,000. BluePath Capital Management LLC acquired a new position in Freeport-McMoRan during the 3rd quarter worth approximately $28,000. Jones Financial Companies Lllp increased its position in Freeport-McMoRan by 422.2% during the 4th 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 in the last quarter. Vermillion & White Wealth Management Group LLC acquired a new position in Freeport-McMoRan during the 4th quarter worth approximately $32,000. Finally, EdgeRock Capital LLC acquired a new position in Freeport-McMoRan during the 4th quarter worth approximately $35,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

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.