Freeport-McMoRan Inc. (NYSE:FCX) Receives $52.42 Consensus Price Target from Analysts

Shares of Freeport-McMoRan Inc. (NYSE:FCX) have received a consensus recommendation of “Moderate Buy” from the fifteen analysts that are presently covering the stock, MarketBeat Ratings reports. Seven research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokers that have covered the stock in the last year is $51.46.

Several equities research analysts have commented on the stock. Raymond James boosted their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Jefferies Financial Group lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and lowered their target price for the stock from $48.00 to $40.00 in a research report on Friday. JPMorgan Chase & Co. reduced their price target on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. BMO Capital Markets dropped their price objective on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday. Finally, Scotiabank decreased their target price on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a research report on Friday.

Hedge Funds Weigh In On Freeport-McMoRan

Institutional investors and hedge funds have recently modified their holdings of the company. AE Wealth Management LLC grew its position in shares of Freeport-McMoRan by 17.9% in the second quarter. AE Wealth Management LLC now owns 22,093 shares of the natural resource company’s stock valued at $1,074,000 after purchasing an additional 3,353 shares during the period. Public Sector Pension Investment Board boosted its stake in Freeport-McMoRan by 74.3% in the 2nd quarter. Public Sector Pension Investment Board now owns 55,421 shares of the natural resource company’s stock worth $2,693,000 after buying an additional 23,629 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Freeport-McMoRan by 60.0% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 274,740 shares of the natural resource company’s stock valued at $13,352,000 after buying an additional 102,993 shares during the period. Insigneo Advisory Services LLC increased its stake in shares of Freeport-McMoRan by 95.7% during the 2nd quarter. Insigneo Advisory Services LLC now owns 12,175 shares of the natural resource company’s stock valued at $592,000 after acquiring an additional 5,954 shares during the last quarter. Finally, Fred Alger Management LLC purchased a new position in shares of Freeport-McMoRan during the 2nd quarter worth about $45,327,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 1.9 %

NYSE FCX opened at $37.78 on Thursday. Freeport-McMoRan has a 52-week low of $36.26 and a 52-week high of $55.24. The firm has a 50-day moving average price of $40.81 and a 200 day moving average price of $43.90. The stock has a market capitalization of $54.29 billion, a P/E ratio of 27.58, a P/E/G ratio of 2.39 and a beta of 1.87. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. Equities research analysts expect that Freeport-McMoRan will post 1.42 EPS for the current year.

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.