Freeport-McMoRan (NYSE:FCX) Price Target Raised to $75.00

Freeport-McMoRan (NYSE:FCX) had its price target increased by investment analysts at HSBC from $72.00 to $75.00 in a research report issued on Friday,MarketScreener reports. HSBC’s target price would suggest a potential upside of 10.08% from the company’s previous close.

FCX has been the subject of several other research reports. The Goldman Sachs Group lifted their price target on Freeport-McMoRan from $68.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a research note on Friday, May 15th. UBS Group lifted their target price on shares of Freeport-McMoRan from $74.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. Scotiabank cut their price target on shares of Freeport-McMoRan from $71.00 to $67.00 and set a “sector perform” rating on the stock in a report on Friday, April 24th. Finally, CICC Research decreased their price objective on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a report on Tuesday, April 28th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $66.86.

Freeport-McMoRan Stock Up 2.7%

Shares of FCX traded up $1.79 during mid-day trading on Friday, reaching $68.13. The company had a trading volume of 695,543 shares, compared to its average volume of 17,987,723. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. The company has a market capitalization of $97.95 billion, a price-to-earnings ratio of 35.85, a price-to-earnings-growth ratio of 0.75 and a beta of 1.35. The firm has a 50-day moving average price of $64.10 and a 200 day moving average price of $58.98. Freeport-McMoRan has a 52 week low of $35.15 and a 52 week high of $72.09.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The business had revenue of $6.23 billion during the quarter, compared to analysts’ expectations of $5.73 billion. During the same quarter in the previous year, the business earned $0.24 earnings per share. The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. On average, sell-side analysts forecast that Freeport-McMoRan will post 2.56 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Strategic Investment Solutions Inc. IL purchased a new position in shares of Freeport-McMoRan in the fourth quarter worth approximately $25,000. Steph & Co. increased its holdings in Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after buying an additional 150 shares during the last quarter. Cassaday & Co Wealth Management LLC purchased a new stake in Freeport-McMoRan during the first quarter valued at approximately $29,000. Kemnay Advisory Services Inc. bought a new position in Freeport-McMoRan in the fourth quarter worth approximately $29,000. Finally, SHP Wealth Management purchased a new position in shares of Freeport-McMoRan during the 4th quarter worth $30,000. Institutional investors own 80.77% of the company’s stock.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.