Freeport-McMoRan (NYSE:FCX) Given New $78.00 Price Target at BMO Capital Markets

Freeport-McMoRan (NYSE:FCX) had its price target increased by stock analysts at BMO Capital Markets from $68.00 to $78.00 in a research note issued on Tuesday,MarketScreener reports. The brokerage currently has an “outperform” rating on the natural resource company’s stock. BMO Capital Markets’ price target points to a potential upside of 25.38% from the company’s current price.

FCX has been the subject of a number of other research reports. 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 research report on Thursday, May 21st. Wall Street Zen upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Saturday, June 13th. The Goldman Sachs Group upped their price target on shares of Freeport-McMoRan from $68.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Scotiabank increased their price objective on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a research note on Monday, June 15th. Finally, CICC Research decreased their price objective on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a research note on Tuesday, April 28th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus target price of $68.27.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $62.21 on Tuesday. The firm has a market cap of $89.43 billion, a P/E ratio of 32.82, a PEG ratio of 0.84 and a beta of 1.35. Freeport-McMoRan has a twelve month low of $35.15 and a twelve month high of $72.28. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. The company has a 50 day moving average of $64.97 and a 200 day moving average of $60.46.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The firm 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 company’s revenue was up 8.8% on a year-over-year basis. As a group, research analysts expect that Freeport-McMoRan will post 2.56 EPS for the current fiscal year.

Hedge Funds Weigh In On Freeport-McMoRan

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Freeport-McMoRan by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company’s stock worth $6,619,611,000 after purchasing an additional 1,572,769 shares during the period. Fisher Asset Management LLC lifted its position in Freeport-McMoRan by 1.0% in the fourth quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company’s stock worth $3,244,504,000 after buying an additional 622,343 shares during the last quarter. State Street Corp lifted its position in Freeport-McMoRan by 0.6% in the fourth quarter. State Street Corp now owns 62,873,136 shares of the natural resource company’s stock worth $3,193,327,000 after buying an additional 395,226 shares during the last quarter. Bank of America Corp DE boosted its stake in Freeport-McMoRan by 20.0% during the first quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company’s stock worth $2,489,069,000 after buying an additional 7,044,775 shares during the period. Finally, Franklin Resources Inc. boosted its stake in Freeport-McMoRan by 31.2% during the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock worth $1,897,202,000 after buying an additional 8,891,743 shares during the period. Hedge funds and other 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.