Citigroup Lowers Freeport-McMoRan (NYSE:FCX) Price Target to $66.00

Freeport-McMoRan (NYSE:FCX) had its price target decreased by stock analysts at Citigroup from $67.00 to $66.00 in a report released on Friday,MarketScreener reports. Citigroup’s target price would suggest a potential upside of 16.53% from the company’s current price.

Several other equities analysts have also weighed in on the stock. BNP Paribas Exane decreased their target price on shares of Freeport-McMoRan from $75.00 to $71.00 and set an “outperform” rating on the stock in a report on Tuesday. UBS Group boosted their target price on shares of Freeport-McMoRan from $66.00 to $74.00 and gave the company a “buy” rating in a report on Thursday, April 23rd. Morgan Stanley restated an “equal weight” rating and issued a $66.00 price objective (down from $70.00) on shares of Freeport-McMoRan in a report on Friday, April 24th. BMO Capital Markets upped their price objective on shares of Freeport-McMoRan from $55.00 to $68.00 and gave the stock an “outperform” rating in a report on Wednesday, January 14th. Finally, Wall Street Zen lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, February 14th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus price target of $65.14.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $56.64 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. The firm has a market capitalization of $81.40 billion, a price-to-earnings ratio of 30.13, a PEG ratio of 0.69 and a beta of 1.32. The company’s 50-day moving average is $62.16 and its two-hundred day moving average is $54.24. Freeport-McMoRan has a 1-year low of $35.15 and a 1-year high of $70.96.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.10. The company had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. Freeport-McMoRan’s revenue was up 8.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.24 EPS. Analysts forecast that Freeport-McMoRan will post 2.55 EPS for the current year.

Insider Transactions at Freeport-McMoRan

In related news, CAO Stephen T. Higgins sold 29,654 shares of the business’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $63.00, for a total value of $1,868,202.00. Following the completion of the sale, the chief accounting officer directly owned 76,445 shares in the company, valued at approximately $4,816,035. The trade was a 27.95% 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 the SEC website. Also, CFO Maree E. Robertson sold 48,500 shares of the business’s stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $61.55, for a total transaction of $2,985,175.00. Following the completion of the sale, the chief financial officer owned 79,894 shares of the company’s stock, valued at approximately $4,917,475.70. The trade was a 37.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 565,145 shares of company stock valued at $35,839,918 in the last quarter. Insiders own 0.75% of the company’s stock.

Hedge Funds Weigh In On Freeport-McMoRan

Several institutional investors have recently modified their holdings of the company. United Bank grew its position in shares of Freeport-McMoRan by 103.5% during the first quarter. United Bank now owns 25,899 shares of the natural resource company’s stock worth $1,522,000 after acquiring an additional 13,172 shares during the last quarter. Diversify Wealth Management LLC grew its position in shares of Freeport-McMoRan by 110.9% during the first quarter. Diversify Wealth Management LLC now owns 30,338 shares of the natural resource company’s stock worth $1,727,000 after acquiring an additional 15,956 shares during the last quarter. 180 Wealth Advisors LLC grew its position in shares of Freeport-McMoRan by 29.7% during the first quarter. 180 Wealth Advisors LLC now owns 62,092 shares of the natural resource company’s stock worth $3,650,000 after acquiring an additional 14,210 shares during the last quarter. Seneca House Advisors bought a new position in Freeport-McMoRan in the 1st quarter valued at about $1,058,000. Finally, Ferguson Wellman Capital Management Inc. bought a new position in Freeport-McMoRan in the 1st quarter valued at about $25,650,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Company Profile

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.