Freeport-McMoRan (NYSE:FCX – Get Free Report) was upgraded by analysts at Scotiabank from a “sector perform” rating to a “sector outperform” rating in a research note issued to investors on Monday, MarketBeat Ratings reports. The brokerage presently has a $48.00 target price on the natural resource company’s stock, up from their prior target price of $43.00. Scotiabank’s price target suggests a potential upside of 15.96% from the company’s current price.
A number of other research firms have also recently weighed in on FCX. Hsbc Global Res raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, April 14th. Wolfe Research raised Freeport-McMoRan from a “peer perform” rating to an “outperform” rating and set a $39.00 price target for the company in a report on Wednesday, April 16th. Royal Bank Of Canada upped their price target on Freeport-McMoRan from $52.00 to $54.00 and gave the stock a “sector perform” rating in a report on Wednesday, June 4th. JPMorgan Chase & Co. reduced their target price on Freeport-McMoRan from $52.00 to $42.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. Finally, Dbs Bank raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average price target of $48.27.
Check Out Our Latest Stock Analysis on FCX
Freeport-McMoRan Stock Down 1.2%
Freeport-McMoRan (NYSE:FCX – Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.01. The company had revenue of $5.73 billion during the quarter, compared to analysts’ expectations of $5.36 billion. Freeport-McMoRan had a return on equity of 7.03% and a net margin of 7.11%. Freeport-McMoRan’s quarterly revenue was down 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.32 EPS. On average, sell-side analysts predict that Freeport-McMoRan will post 1.68 EPS for the current year.
Insider Activity at Freeport-McMoRan
In related news, CAO Ellie L. Mikes sold 8,584 shares of the stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $40.02, for a total value of $343,531.68. Following the completion of the sale, the chief accounting officer now owns 48,333 shares of the company’s stock, valued at approximately $1,934,286.66. This trade represents a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.79% of the company’s stock.
Institutional Investors Weigh In On Freeport-McMoRan
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Mizuho Bank Ltd. purchased a new position in Freeport-McMoRan in the fourth quarter worth approximately $26,000. Vision Financial Markets LLC purchased a new position in Freeport-McMoRan in the fourth quarter worth approximately $27,000. Kohmann Bosshard Financial Services LLC purchased a new position in Freeport-McMoRan in the fourth quarter worth approximately $29,000. Coppell Advisory Solutions LLC grew its position in Freeport-McMoRan by 47.4% in the fourth quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company’s stock worth $32,000 after acquiring an additional 268 shares during the period. Finally, City Holding Co. purchased a new position in Freeport-McMoRan in the first quarter worth approximately $33,000. Institutional investors and hedge funds own 80.77% of the company’s stock.
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.
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