Freeport-McMoRan (NYSE:FCX) Given New $64.40 Price Target at CICC Research

Freeport-McMoRan (NYSE:FCX) had its price objective lifted by stock analysts at CICC Research from $50.40 to $64.40 in a report issued on Monday,MarketScreener reports. The brokerage currently has an “outperform” rating on the natural resource company’s stock. CICC Research’s price objective suggests a potential upside of 2.05% from the stock’s current price.

A number of other research analysts also recently commented on FCX. Johnson Rice lowered their target price on Freeport-McMoRan from $55.00 to $48.00 in a research report on Monday, September 29th. Royal Bank Of Canada lowered their price objective on shares of Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating for the company in a research report on Wednesday, October 1st. Dbs Bank reduced their target price on shares of Freeport-McMoRan from $51.00 to $48.00 in a report on Thursday, October 2nd. Morgan Stanley reaffirmed an “overweight” rating and issued a $53.00 price target on shares of Freeport-McMoRan in a report on Monday, December 15th. Finally, Raymond James Financial boosted their price objective on Freeport-McMoRan from $53.00 to $66.00 and gave the stock an “outperform” rating in a research note on Thursday, January 15th. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $57.59.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock traded up $2.70 on Monday, hitting $63.11. 8,420,095 shares of the company traded hands, compared to its average volume of 21,026,037. Freeport-McMoRan has a 52 week low of $27.66 and a 52 week high of $63.58. The business has a 50-day simple moving average of $49.78 and a 200 day simple moving average of $45.00. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.05 and a current ratio of 2.29. The stock has a market capitalization of $90.62 billion, a P/E ratio of 41.87, a price-to-earnings-growth ratio of 0.71 and a beta of 1.45.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.19. The company had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $5.42 billion. Freeport-McMoRan had a net margin of 8.50% and a return on equity of 8.50%. Freeport-McMoRan’s quarterly revenue was down 1.5% on a year-over-year basis. During the same period last year, the company posted $0.31 earnings per share. Research analysts expect that Freeport-McMoRan will post 1.68 earnings per share for the current fiscal year.

Insider Buying and Selling at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 28,423 shares of Freeport-McMoRan stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $47.99, for a total transaction of $1,364,019.77. Following the completion of the sale, the chief accounting officer directly owned 105,294 shares of the company’s stock, valued at $5,053,059.06. The trade was a 21.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Ellie L. Mikes sold 9,572 shares of the firm’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $47.66, for a total value of $456,201.52. Following the transaction, the chief accounting officer owned 38,761 shares in the company, valued at approximately $1,847,349.26. This represents a 19.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.79% of the company’s stock.

Institutional Trading of Freeport-McMoRan

A number of hedge funds have recently bought and sold shares of the stock. Leo Wealth LLC increased its holdings in shares of Freeport-McMoRan by 2.5% in the 4th quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock valued at $347,000 after acquiring an additional 170 shares during the period. Iowa State Bank grew its stake in Freeport-McMoRan by 0.4% in the fourth quarter. Iowa State Bank now owns 49,059 shares of the natural resource company’s stock valued at $2,492,000 after purchasing an additional 213 shares during the last quarter. Putney Financial Group LLC raised its holdings in Freeport-McMoRan by 2.8% in the fourth quarter. Putney Financial Group LLC now owns 8,377 shares of the natural resource company’s stock worth $425,000 after purchasing an additional 225 shares in the last quarter. Armstrong Advisory Group Inc. lifted its position in shares of Freeport-McMoRan by 17.3% during the fourth quarter. Armstrong Advisory Group Inc. now owns 1,628 shares of the natural resource company’s stock valued at $83,000 after buying an additional 240 shares during the last quarter. Finally, Portside Wealth Group LLC boosted its holdings in shares of Freeport-McMoRan by 0.8% in the 2nd quarter. Portside Wealth Group LLC now owns 30,333 shares of the natural resource company’s stock valued at $1,315,000 after buying an additional 245 shares in the last quarter. Hedge funds and other 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.