Raymond James Forecasts Strong Price Appreciation for Freeport-McMoRan (NYSE:FCX) Stock

Freeport-McMoRan (NYSE:FCX) had its price objective upped by stock analysts at Raymond James from $49.00 to $51.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “outperform” rating on the natural resource company’s stock. Raymond James’ price target points to a potential upside of 75.00% from the company’s current price. Raymond James also issued estimates for Freeport-McMoRan’s Q1 2025 earnings at $0.20 EPS, Q2 2025 earnings at $0.45 EPS, Q3 2025 earnings at $0.45 EPS, Q4 2025 earnings at $0.48 EPS and FY2025 earnings at $1.59 EPS.

FCX has been the subject of a number of other research reports. Jefferies Financial Group upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and raised their price objective for the stock from $40.00 to $48.00 in a report on Thursday, February 27th. Dbs Bank raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. BMO Capital Markets cut their price target on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday, January 24th. Finally, StockNews.com raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Monday, March 31st. Five analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus price target of $51.61.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $29.14 on Friday. Freeport-McMoRan has a 12 month low of $28.49 and a 12 month high of $55.24. The firm has a market capitalization of $41.88 billion, a PE ratio of 22.59, a price-to-earnings-growth ratio of 0.87 and a beta of 1.71. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. The firm has a fifty day simple moving average of $37.75 and a two-hundred day simple moving average of $41.73.

Freeport-McMoRan (NYSE:FCX) last announced its 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 7.42% and a return on equity of 7.50%. Analysts forecast that Freeport-McMoRan will post 1.68 EPS for the current fiscal year.

Institutional Investors Weigh In On Freeport-McMoRan

Hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its stake in Freeport-McMoRan by 237.4% in the fourth quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company’s stock worth $351,041,000 after buying an additional 6,486,011 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Freeport-McMoRan by 21.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company’s stock worth $1,214,203,000 after purchasing an additional 5,735,171 shares during the last quarter. Amundi boosted its position in Freeport-McMoRan by 30.2% during the fourth quarter. Amundi now owns 21,580,960 shares of the natural resource company’s stock valued at $857,305,000 after buying an additional 5,001,531 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in shares of Freeport-McMoRan by 38.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,273,162 shares of the natural resource company’s stock valued at $619,682,000 after buying an additional 4,488,210 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in shares of Freeport-McMoRan by 142.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 4,279,517 shares of the natural resource company’s stock worth $162,964,000 after buying an additional 2,515,103 shares during the period. 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.