Freeport-McMoRan (NYSE: FCX – Get Rating) was upgraded by equities researchers at Credit Suisse Group from an “underperform” rating to a “neutral” rating in a report released on Thursday, MarketBeat reports. The brokerage presently has a $ 38.00 price target on the natural resource company stock, up from their previous price target of $ 32.00. Credit Suisse Group’s price target would indicate a potential downside of 5.50% from the stock’s previous close.
FCX has been the subject of a number of other research reports. Raymond James set a $ 59.00 target price on Freeport-McMoRan and gave the stock an “outperform” rating in a report on Friday, April 22nd. Deutsche Bank Aktiengesellschaft decreased their target price on Freeport-McMoRan from $ 50.00 to $ 47.00 and set a “hold” rating for the company in a report on Friday, April 22nd. BMO Capital Markets decreased their target price on Freeport-McMoRan from $ 62.00 to $ 56.00 and set an “outperform” rating for the company in a report on Friday, April 22nd. Barclays boosted their target price on Freeport-McMoRan from $ 28.00 to $ 29.00 in a report on Thursday, April 21st. Finally, Exane BNP Paribas cut Freeport-McMoRan from an “outperform” rating to a “neutral” rating and set a $ 50.00 target price for the company. in a report on Tuesday, April 5th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $ 48.00.
Freeport-McMoRan stock opened at $ 40.21 on Thursday. The stock has a market cap of $ 58.27 billion, a PE ratio of 11.66, a P / E / G ratio of 0.37 and a beta of 2.02. The stock has a 50-day moving average price of $ 41.85 and a 200 day moving average price of $ 42.45. Freeport-McMoRan has a 52 week low of $ 30.02 and a 52 week high of $ 51.99. The company has a current ratio of 2.37, a quick ratio of 1.68 and a debt-to-equity ratio of 0.34.
Freeport-McMoRan (NYSE: FCX – Get Rating) last posted its quarterly earnings results on Thursday, April 21st. The natural resource company reported $ 1.07 EPS for the quarter, beating the consensus estimate of $ 0.88 by $ 0.19. The company had revenue of $ 6.60 billion during the quarter, compared to analysts’ expectations of $ 6.29 billion. Freeport-McMoRan had a return on equity of 24.06% and a net margin of 20.79%. The firm’s revenue was up 36.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $ 0.51 EPS. On average, equities analysts predict that Freeport-McMoRan will post 3.91 EPS for the current year.
In other Freeport-McMoRan news, Director Dustan E. Mccoy sold 8,200 shares of the company stock in a transaction that occurred on Tuesday, May 31st. The stock was sold at an average price of $ 39.24, for a total value of $ 321,768.00. Following the transaction, the director now directly owns 134,400 shares of the company stock, valued at approximately $ 5,273,856. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Hugh Grant purchased 12,300 shares of the stock in a transaction dated Monday, April 25th. The stock was purchased at an average price of $ 40.75 per share, with a total value of $ 501,225.00. Following the completion of the acquisition, the director now directly owns 15,776 shares in the company, valued at approximately $ 642,872. The disclosure for this purchase can be found here. Corporate insiders own 0.72% of the company stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. ProShare Advisors LLC increased its holdings in shares of Freeport-McMoRan by 17.3% in the 4th quarter. ProShare Advisors LLC now owns 424,303 shares of the natural resource company stock valued at $ 17,707,000 after acquiring an additional 62,696 shares during the last quarter. Fifth Third Bancorp grew its stake in Freeport-McMoRan by 47.9% during the 4th quarter. Fifth Third Bancorp now owns 384,153 shares of the natural resource company stock worth $ 16,031,000 after buying an additional 124,410 shares during the last quarter. Leavell Investment Management Inc. grew its stake in Freeport-McMoRan by 8.9% during the 4th quarter. Leavell Investment Management Inc. now owns 61,427 shares of the natural resource company stock worth $ 2,563,000 after buying an additional 5,002 shares during the last quarter. Stonebridge Capital Advisors LLC grew its stake in Freeport-McMoRan by 35.4% during the 4th quarter. Stonebridge Capital Advisors LLC now owns 8,244 shares of the natural resource company stock worth $ 344,000 after buying an additional 2,155 shares during the last quarter. Finally, the State of Michigan Retirement System grew its stake in Freeport-McMoRan by 0.3% during the 4th quarter. State of Michigan Retirement System now owns 369,663 shares of the natural resource company stock worth $ 15,426,000 after buying an additional 1,000 shares during the last quarter. Institutional investors and hedge funds own 77.37% of the company stock.
About Freeport-McMoRan: (Get Rating)
Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Baghdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.
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