Freeport-McMoRan Inc (NYSE:FCX) had its price objective increased by equities research analysts at Deutsche Bank from $6.00 to $9.00 in a report released on Wednesday, StockTargetPrices.com reports. The brokerage presently has a “hold” rating on the natural resource company’s stock. Deutsche Bank’s price target would suggest a potential downside of 18.11% from the company’s previous close.
Several hedge funds have modified their holdings of FCX. Nordea Investment Management AB raised its stake in shares of Freeport-McMoRan by 921.9% in the fourth quarter. Nordea Investment Management AB now owns 321,766 shares of the natural resource company’s stock valued at $2,178,000 after buying an additional 290,279 shares during the period. Beech Hill Advisors Inc. raised its stake in shares of Freeport-McMoRan by 10.6% in the fourth quarter. Beech Hill Advisors Inc. now owns 40,600 shares of the natural resource company’s stock valued at $275,000 after buying an additional 3,900 shares during the period. Gateway Investment Advisers LLC raised its stake in shares of Freeport-McMoRan by 17.8% in the fourth quarter. Gateway Investment Advisers LLC now owns 783,688 shares of the natural resource company’s stock valued at $5,306,000 after buying an additional 118,518 shares during the period. DIAM Co. Ltd. raised its stake in shares of Freeport-McMoRan by 19.6% in the fourth quarter. DIAM Co. Ltd. now owns 269,054 shares of the natural resource company’s stock valued at $1,866,000 after buying an additional 44,164 shares during the period. Finally, State Board of Administration of Florida Retirement System raised its stake in shares of Freeport-McMoRan by 2.3% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 1,399,323 shares of the natural resource company’s stock valued at $9,473,000 after buying an additional 30,870 shares during the period.
FCX has been the subject of a number of other research reports. Macquarie reissued a “hold” rating and set a $5.00 target price (down previously from $6.00) on shares of Freeport-McMoRan in a research note on Wednesday, January 27th. Jefferies Group lifted their target price on shares of Freeport-McMoRan from $5.00 to $6.50 and gave the company a “hold” rating in a research note on Tuesday, February 9th. Scotiabank lowered shares of Freeport-McMoRan from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, March 1st. RBC Capital decreased their target price on shares of Freeport-McMoRan from $8.00 to $6.50 and set a “sector perform” rating for the company in a research note on Monday, January 25th. Finally, HSBC decreased their target price on shares of Freeport-McMoRan from $17.50 to $13.50 in a research note on Tuesday, January 12th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and six have issued a buy rating to the stock. Freeport-McMoRan presently has a consensus rating of “Hold” and an average price target of $11.99.
Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, January 26th. The natural resource company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.15. During the same period last year, the business earned $0.25 EPS. The company had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.89 billion. The company’s quarterly revenue was down 27.5% on a year-over-year basis. Analysts anticipate that Freeport-McMoRan will post $0.10 earnings per share for the current fiscal year.
Freeport-McMoRan Inc (NYSE:FCX) is a natural resource company with an industry portfolio of mineral assets, oil and natural gas resources, and a production profile. FCX has organized its operations into six primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining, Molybdenum mines, and United States oil and gas operations.
