Freeport-McMoRan (NYSE:FCX) Given New $43.00 Price Target at Scotiabank

Freeport-McMoRan (NYSE:FCX) had its target price upped by equities researchers at Scotiabank from $40.00 to $43.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “sector perform” rating on the natural resource company’s stock. Scotiabank’s price target points to a potential upside of 11.78% from the company’s previous close.

FCX has been the topic of several other research reports. Dbs Bank raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. UBS Group reduced their price objective on Freeport-McMoRan from $52.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. Wolfe Research raised Freeport-McMoRan from a “peer perform” rating to an “outperform” rating and set a $39.00 price objective on the stock in a research note on Wednesday, April 16th. BMO Capital Markets reduced their price objective on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. Finally, Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price objective on the stock in a research note on Thursday, March 6th. Five analysts have rated the stock with a hold rating, eight have given a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $48.36.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $38.47 on Wednesday. The stock’s fifty day simple moving average is $36.47 and its 200 day simple moving average is $39.01. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. The firm has a market cap of $55.28 billion, a price-to-earnings ratio of 29.82, a P/E/G ratio of 0.87 and a beta of 1.65. Freeport-McMoRan has a one year low of $27.66 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.23 by $0.01. The business had revenue of $5.73 billion for the quarter, compared to analyst estimates of $5.36 billion. Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. Freeport-McMoRan’s quarterly revenue was down 9.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.32 EPS. On average, analysts expect that Freeport-McMoRan will post 1.68 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of FCX. Wedmont Private Capital boosted its stake in shares of Freeport-McMoRan by 11.1% in the 4th quarter. Wedmont Private Capital now owns 16,726 shares of the natural resource company’s stock valued at $652,000 after purchasing an additional 1,665 shares during the last quarter. Moody National Bank Trust Division bought a new position in shares of Freeport-McMoRan in the 4th quarter valued at about $355,000. Cooper Financial Group boosted its stake in shares of Freeport-McMoRan by 3.5% in the 4th quarter. Cooper Financial Group now owns 13,379 shares of the natural resource company’s stock valued at $509,000 after purchasing an additional 451 shares during the last quarter. Miracle Mile Advisors LLC acquired a new stake in shares of Freeport-McMoRan in the 4th quarter valued at approximately $784,000. Finally, FNY Investment Advisers LLC acquired a new stake in shares of Freeport-McMoRan in the 4th quarter valued at approximately $57,000. Institutional investors 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.