Freeport-McMoRan (NYSE:FCX) Given New $48.00 Price Target at Johnson Rice

Freeport-McMoRan (NYSE:FCXGet Free Report) had its price target dropped by stock analysts at Johnson Rice from $55.00 to $48.00 in a research note issued on Monday,MarketScreener reports. Johnson Rice’s price target indicates a potential upside of 27.68% from the stock’s current price.

A number of other research analysts have also recently commented on the company. Stifel Nicolaus assumed coverage on Freeport-McMoRan in a research note on Wednesday, July 9th. They issued a “buy” rating and a $56.00 price target for the company. Royal Bank Of Canada lifted their price objective on Freeport-McMoRan from $52.00 to $54.00 and gave the stock a “sector perform” rating in a research note on Wednesday, June 4th. BMO Capital Markets lowered their price target on shares of Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating for the company in a report on Wednesday, September 24th. BNP Paribas Exane decreased their price objective on shares of Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating for the company in a research report on Thursday, September 25th. Finally, Raymond James Financial cut their price target on shares of Freeport-McMoRan from $55.00 to $46.00 and set an “outperform” rating on the stock in a research report on Thursday, September 25th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $46.81.

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Freeport-McMoRan Stock Up 1.3%

NYSE FCX opened at $37.59 on Monday. The business has a fifty day moving average price of $42.94 and a two-hundred day moving average price of $40.56. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. Freeport-McMoRan has a fifty-two week low of $27.66 and a fifty-two week high of $51.45. The stock has a market capitalization of $53.97 billion, a PE ratio of 28.40, a PEG ratio of 0.68 and a beta of 1.59.

Freeport-McMoRan (NYSE:FCXGet Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The company had revenue of $7.58 billion during the quarter, compared to analysts’ expectations of $6.85 billion. During the same period in the prior year, the company earned $0.46 EPS. Freeport-McMoRan’s revenue was up 14.5% compared to the same quarter last year. Equities analysts expect that Freeport-McMoRan will post 1.68 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Freeport-McMoRan

Hedge funds have recently added to or reduced their stakes in the stock. Brighton Jones LLC boosted its stake in shares of Freeport-McMoRan by 24.2% in the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after buying an additional 2,882 shares during the last quarter. Bison Wealth LLC boosted its stake in shares of Freeport-McMoRan by 5.6% in the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after buying an additional 507 shares during the last quarter. Versant Capital Management Inc boosted its stake in shares of Freeport-McMoRan by 234.4% in the 1st quarter. Versant Capital Management Inc now owns 3,484 shares of the natural resource company’s stock worth $132,000 after buying an additional 2,442 shares during the last quarter. AdvisorNet Financial Inc boosted its stake in shares of Freeport-McMoRan by 57.6% in the 1st quarter. AdvisorNet Financial Inc now owns 5,075 shares of the natural resource company’s stock worth $192,000 after buying an additional 1,855 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Freeport-McMoRan by 3,899.8% in the 1st quarter. GAMMA Investing LLC now owns 863,397 shares of the natural resource company’s stock worth $32,688,000 after buying an additional 841,811 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Freeport-McMoRan (NYSE:FCX)

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