Bernstein Bank Raises Freeport-McMoRan (NYSE:FCX) Price Target to $52.50

Freeport-McMoRan (NYSE:FCX) had its target price raised by equities research analysts at Bernstein Bank from $52.00 to $52.50 in a research report issued on Tuesday. The brokerage currently has an “overweight” rating on the natural resource company’s stock. Bernstein Bank’s target price would indicate a potential upside of 8.20% from the stock’s previous close.

Several other equities research analysts also recently weighed in on the stock. HSBC raised their price target on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research report on Tuesday. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price for the company in a research report on Tuesday, April 9th. Sanford C. Bernstein raised shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $41.00 to $48.50 in a research report on Monday, January 8th. JPMorgan Chase & Co. lifted their target price on shares of Freeport-McMoRan from $43.00 to $52.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 17th. Finally, Scotiabank lifted their price target on shares of Freeport-McMoRan from $48.00 to $55.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, April 9th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and an average price target of $49.15.

Freeport-McMoRan Stock Down 0.9 %

Shares of NYSE FCX traded down $0.43 on Tuesday, reaching $48.52. 6,380,016 shares of the company’s stock traded hands, compared to its average volume of 13,747,823. Freeport-McMoRan has a 12 month low of $32.83 and a 12 month high of $52.42. The business’s 50 day simple moving average is $43.80 and its two-hundred day simple moving average is $40.06. The company has a market cap of $69.60 billion, a price-to-earnings ratio of 37.64, a price-to-earnings-growth ratio of 2.28 and a beta of 2.04. The company has a quick ratio of 1.38, a current ratio of 2.42 and a debt-to-equity ratio of 0.32.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.05. The company had revenue of $6.32 billion during the quarter, compared to the consensus estimate of $5.70 billion. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The firm’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.52 earnings per share. As a group, equities research analysts forecast that Freeport-McMoRan will post 1.57 EPS for the current fiscal year.

Hedge Funds Weigh In On Freeport-McMoRan

Several hedge funds have recently added to or reduced their stakes in the company. Tompkins Financial Corp grew its holdings in Freeport-McMoRan by 33.8% during the 1st quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock valued at $37,000 after purchasing an additional 200 shares during the last quarter. MV Capital Management Inc. grew its holdings in Freeport-McMoRan by 38.6% during the 1st quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock valued at $37,000 after purchasing an additional 221 shares during the last quarter. Mather Group LLC. grew its holdings in Freeport-McMoRan by 1.3% during the 1st quarter. Mather Group LLC. now owns 17,417 shares of the natural resource company’s stock valued at $819,000 after purchasing an additional 222 shares during the last quarter. Foster Group Inc. boosted its position in Freeport-McMoRan by 0.8% in the 1st quarter. Foster Group Inc. now owns 32,050 shares of the natural resource company’s stock valued at $1,507,000 after buying an additional 247 shares during the period. Finally, Fulton Bank N.A. boosted its position in Freeport-McMoRan by 2.6% in the 4th quarter. Fulton Bank N.A. now owns 10,606 shares of the natural resource company’s stock valued at $451,000 after buying an additional 267 shares during the period. 80.77% of the stock is currently owned by institutional investors.

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.