Freeport-McMoRan (NYSE:FCX) Given New $54.00 Price Target at Argus

Freeport-McMoRan (NYSE:FCX) had its target price lifted by analysts at Argus from $44.00 to $54.00 in a report released on Thursday, Benzinga reports. The firm currently has a “buy” rating on the natural resource company’s stock. Argus’ target price suggests a potential upside of 6.97% from the company’s current price.

FCX has been the subject of several other reports. Raymond James raised their price target on Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a research report on Wednesday. Sanford C. Bernstein upgraded Freeport-McMoRan from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $41.00 to $48.50 in a research report on Monday, January 8th. HSBC raised their price target on Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a research report on Tuesday. JPMorgan Chase & Co. lowered their price target on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective on the stock in a research note on Tuesday, April 9th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $50.07.

Freeport-McMoRan Trading Up 2.2 %

Shares of Freeport-McMoRan stock opened at $50.48 on Thursday. The firm has a market capitalization of $72.41 billion, a price-to-earnings ratio of 44.67, a PEG ratio of 8.00 and a beta of 2.04. Freeport-McMoRan has a fifty-two week low of $32.83 and a fifty-two week high of $52.42. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.38 and a current ratio of 2.35. The stock has a 50 day moving average of $44.47 and a 200 day moving average of $40.26.

Freeport-McMoRan (NYSE:FCX) last released its quarterly 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. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The business had revenue of $6.32 billion during the quarter, compared to analyst estimates of $5.70 billion. During the same period last year, the business posted $0.52 earnings per share. The company’s quarterly revenue was up 17.3% on a year-over-year basis. As a group, research analysts predict that Freeport-McMoRan will post 1.67 earnings per share for the current year.

Institutional Trading of Freeport-McMoRan

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Tompkins Financial Corp raised its stake in Freeport-McMoRan by 33.8% in the first quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock valued at $37,000 after buying an additional 200 shares in the last quarter. MV Capital Management Inc. raised its stake in Freeport-McMoRan by 38.6% in the first quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock valued at $37,000 after buying an additional 221 shares in the last quarter. Mather Group LLC. raised its stake in Freeport-McMoRan by 1.3% in the first quarter. Mather Group LLC. now owns 17,417 shares of the natural resource company’s stock valued at $819,000 after buying an additional 222 shares in the last quarter. Archford Capital Strategies LLC increased its position in shares of Freeport-McMoRan by 1.3% during the first quarter. Archford Capital Strategies LLC now owns 18,489 shares of the natural resource company’s stock worth $869,000 after purchasing an additional 237 shares in the last quarter. Finally, Hartford Financial Management Inc. increased its position in shares of Freeport-McMoRan by 1.5% during the first quarter. Hartford Financial Management Inc. now owns 16,302 shares of the natural resource company’s stock worth $767,000 after purchasing an additional 247 shares in the last quarter. 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.