BMO Capital Markets Raises Freeport-McMoran, Inc. (NYSE:FCX) Price Target to $17.00
Freeport-McMoran, Inc. (NYSE:FCX) had its price target raised by stock analysts at BMO Capital Markets from $14.87 to $17.00 in a research note issued to investors on Wednesday. The brokerage currently has a “market perform” rating on the natural resource company’s stock. BMO Capital Markets’ price objective indicates a potential upside of 12.88% from the company’s current price.
A number of other brokerages also recently weighed in on FCX. Cowen and Company reiterated a “buy” rating on shares of Freeport-McMoran in a report on Tuesday, April 11th. FBR & Co reiterated a “hold” rating and issued a $13.00 target price on shares of Freeport-McMoran in a report on Wednesday, April 5th. Vetr downgraded Freeport-McMoran from a “strong-buy” rating to a “buy” rating and set a $14.64 target price on the stock. in a report on Monday, April 10th. Berenberg Bank set a $10.00 target price on Freeport-McMoran and gave the company a “sell” rating in a report on Saturday. Finally, BidaskClub upgraded Freeport-McMoran from a “sell” rating to a “hold” rating in a report on Monday. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Freeport-McMoran presently has a consensus rating of “Hold” and an average price target of $13.90.
Freeport-McMoran (NYSE:FCX) traded up 1.28% during midday trading on Wednesday, hitting $15.06. 37,211,382 shares of the company traded hands. The company has a market cap of $21.79 billion, a PE ratio of 80.53 and a beta of 2.55. The stock has a 50 day moving average price of $12.13 and a 200-day moving average price of $13.15. Freeport-McMoran has a 12-month low of $9.24 and a 12-month high of $17.06. Freeport-McMoran also saw some unusual options trading on Tuesday. Stock investors acquired 41,703 put options on the company. This represents an increase of approximately 283% compared to the typical daily volume of 10,892 put options.
Freeport-McMoran (NYSE:FCX) last issued its earnings results on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by $0.04. The business had revenue of $3.71 billion during the quarter, compared to analyst estimates of $3.67 billion. Freeport-McMoran had a net margin of 1.11% and a return on equity of 7.97%. Freeport-McMoran’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.02) EPS. Analysts expect that Freeport-McMoran will post $0.97 EPS for the current year.
A number of large investors have recently made changes to their positions in the company. Prospera Financial Services Inc boosted its stake in shares of Freeport-McMoran by 0.6% in the first quarter. Prospera Financial Services Inc now owns 10,491 shares of the natural resource company’s stock worth $140,000 after buying an additional 60 shares during the last quarter. M Holdings Securities Inc. boosted its stake in Freeport-McMoran by 1.1% in the first quarter. M Holdings Securities Inc. now owns 14,396 shares of the natural resource company’s stock valued at $192,000 after buying an additional 150 shares in the last quarter. Conning Inc. boosted its stake in Freeport-McMoran by 0.8% in the first quarter. Conning Inc. now owns 30,081 shares of the natural resource company’s stock valued at $402,000 after buying an additional 239 shares in the last quarter. Sii Investments Inc. WI boosted its stake in Freeport-McMoran by 2.3% in the first quarter. Sii Investments Inc. WI now owns 13,643 shares of the natural resource company’s stock valued at $182,000 after buying an additional 305 shares in the last quarter. Finally, Sprott Inc. boosted its stake in Freeport-McMoran by 2.6% in the first quarter. Sprott Inc. now owns 14,777 shares of the natural resource company’s stock valued at $197,000 after buying an additional 375 shares in the last quarter. 69.48% of the stock is owned by hedge funds and other institutional investors.
Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.
Receive News & Ratings for Freeport-McMoran Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoran Inc. and related companies with MarketBeat.com's FREE daily email newsletter.