Freeport-McMoRan (NYSE:FCX – Get Free Report) had its price target raised by research analysts at JPMorgan Chase & Co. from $77.00 to $92.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the natural resource company’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 28.85% from the stock’s previous close.
FCX has been the topic of a number of other research reports. Stifel Nicolaus lifted their price objective on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the company a “buy” rating in a research note on Tuesday, July 21st. Erste Group Bank began coverage on shares of Freeport-McMoRan in a report on Thursday, August 27th. They set a “buy” rating for the company. Barclays lifted their price target on shares of Freeport-McMoRan from $82.00 to $83.00 and gave the stock an “overweight” rating in a research note on Tuesday. Weiss Ratings raised shares of Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 31st. Finally, Wall Street Zen downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.67.
Check Out Our Latest Analysis on FCX
Freeport-McMoRan Stock Down 1.6%
Freeport-McMoRan (NYSE:FCX – Get Free Report) last posted its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. The business had revenue of $7.03 billion during the quarter, compared to analyst estimates of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The company’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.54 earnings per share. Equities analysts forecast that Freeport-McMoRan will post 2.84 earnings per share for the current fiscal year.
Insider Transactions at Freeport-McMoRan
In other news, CAO Ellie L. Mikes sold 4,773 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total value of $334,110.00. Following the transaction, the chief accounting officer directly owned 36,000 shares in the company, valued at approximately $2,520,000. This trade represents a 11.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Douglas N. Currault II sold 80,000 shares of Freeport-McMoRan stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $78.56, for a total transaction of $6,284,800.00. Following the completion of the transaction, the executive vice president directly owned 211,016 shares of the company’s stock, valued at $16,577,416.96. This trade represents a 27.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 110,398 shares of company stock valued at $8,387,271. 0.73% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Freeport-McMoRan
Hedge funds and other institutional investors have recently bought and sold shares of the stock. State Street Corp grew its holdings in shares of Freeport-McMoRan by 3.6% during the second quarter. State Street Corp now owns 66,485,424 shares of the natural resource company’s stock valued at $4,181,268,000 after purchasing an additional 2,300,416 shares during the last quarter. Bank of America Corp DE boosted its position in Freeport-McMoRan by 20.0% during the 1st quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company’s stock valued at $2,489,069,000 after purchasing an additional 7,044,775 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in Freeport-McMoRan by 98.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company’s stock worth $1,014,434,000 after buying an additional 9,924,573 shares during the last quarter. Victory Capital Management Inc. grew its stake in Freeport-McMoRan by 28.9% during the 4th quarter. Victory Capital Management Inc. now owns 17,366,596 shares of the natural resource company’s stock worth $882,050,000 after buying an additional 3,894,872 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in Freeport-McMoRan by 13.8% in the second quarter. Wellington Management Group LLP now owns 14,918,066 shares of the natural resource company’s stock worth $938,197,000 after buying an additional 1,810,698 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.
Freeport-McMoRan News Summary
Here are the key news stories impacting Freeport-McMoRan this week:
- Positive Sentiment: Wells Fargo raised its price target on Freeport-McMoRan from $70 to $87 and maintained an Overweight rating, implying substantial upside from recent levels. Wells Fargo Adjusts Price Target on Freeport-McMoRan to $87 From $70, Maintains Overweight Rating
- Positive Sentiment: Morgan Stanley also increased its price target from $70 to $75. Although it retained an Equal Weight rating, the revision signals improved valuation or commodity-price assumptions. Morgan Stanley Raises Freeport-McMoRan Price Target
- Positive Sentiment: Deutsche Bank expects copper’s rally to continue, potentially reaching $10 per pound, driven by artificial-intelligence infrastructure and electric-vehicle demand. As a major copper producer, FCX stands to benefit from higher realized prices and stronger cash generation. Three Stocks to Buy as Deutsche Bank Says Copper Could Hit $10 a Pound
- Positive Sentiment: Recent coverage highlights FCX as a preferred established copper exposure, with the stock potentially having room to catch up if copper remains near multiyear highs. 3 Sectors Where Volatility Is Creating Entry Points, Not Exit Signals
- Neutral Sentiment: Zacks notes that FCX is among its most-watched stocks and is evaluating whether the company can extend its history of earnings surprises in the next quarterly report. Is Trending Stock Freeport-McMoRan Inc. a Buy Now?
- Negative Sentiment: Reports are examining gold-shipment deferrals and steady copper output as factors that could shape FCX’s risk profile, suggesting commodity logistics and production execution remain important uncertainties. How Gold Shipment Deferrals and Steady Copper Output Could Shape Freeport-McMoRan’s Risk Profile
Freeport-McMoRan Company Profile
Freeport-McMoRan Inc (NYSE: FCX) is a leading international mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Copper is its principal product and is used in electrical systems, construction, transportation, renewable energy infrastructure and other industrial applications. The company also produces copper cathodes and concentrates, gold, molybdenum products and certain quantities of silver and other byproducts.
Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America and Indonesia.
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