Freeport-McMoRan (NYSE:FCX) Stock Price Target Raised at Barclays

Freeport-McMoRan (NYSE:FCX) had its target price hoisted by equities research analysts at Barclays from $83.00 to $84.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the natural resource company’s stock. Barclays‘s target price indicates a potential upside of 20.09% from the stock’s current price.

Several other equities analysts have also weighed in on FCX. Sanford C. Bernstein cut their target price on Freeport-McMoRan from $50.00 to $47.00 and set a “market perform” rating on the stock in a research note on Wednesday, September 9th. Wells Fargo & Company boosted their target price on Freeport-McMoRan from $70.00 to $87.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 6th. Citigroup upped their price target on Freeport-McMoRan from $66.00 to $84.00 and gave the company a “buy” rating in a research note on Monday, October 5th. BMO Capital Markets increased their price target on shares of Freeport-McMoRan from $78.00 to $85.00 and gave the company an “outperform” rating in a research report on Tuesday, September 29th. Finally, Weiss Ratings upgraded shares of Freeport-McMoRan from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 8th. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $76.27.

Freeport-McMoRan Price Performance

NYSE FCX traded up $0.41 on Monday, hitting $69.95. 4,140,611 shares of the company were exchanged, compared to its average volume of 16,079,294. The firm has a 50 day moving average of $72.12 and a two-hundred day moving average of $66.70. The company has a market cap of $100.45 billion, a P/E ratio of 34.44, a P/E/G ratio of 0.65 and a beta of 1.39. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. Freeport-McMoRan has a 1-year low of $38.54 and a 1-year high of $80.24.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.62 by $0.12. The company had revenue of $7.03 billion during the quarter, compared to analysts’ expectations of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%. The business’s revenue for the quarter was down 7.3% on a year-over-year basis. During the same period last year, the firm earned $0.54 EPS. On average, equities analysts predict that Freeport-McMoRan will post 2.90 EPS for the current year.

Insider Buying and Selling at Freeport-McMoRan

In related news, EVP Douglas N. Currault II sold 80,000 shares of the firm’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $78.56, for a total value of $6,284,800.00. Following the completion of the transaction, the executive vice president owned 211,016 shares of the company’s stock, valued at approximately $16,577,416.96. This trade represents a 27.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Stephen T. Higgins sold 14,277 shares of Freeport-McMoRan stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total transaction of $992,251.50. Following the completion of the sale, the chief accounting officer owned 54,618 shares in the company, valued at $3,795,951. The trade was a 20.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 110,398 shares of company stock worth $8,387,271. Company insiders own 0.73% of the company’s stock.

Hedge Funds Weigh In On Freeport-McMoRan

A number of large investors have recently modified their holdings of the business. Pinnacle Bancorp Inc. lifted its position in shares of Freeport-McMoRan by 7.9% in the 1st quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company’s stock valued at $118,000 after acquiring an additional 147 shares in the last quarter. Steph & Co. grew its position in Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 150 shares in the last quarter. Richardson Financial Services Inc. grew its position in Freeport-McMoRan by 11.6% during the 2nd quarter. Richardson Financial Services Inc. now owns 1,539 shares of the natural resource company’s stock worth $97,000 after purchasing an additional 160 shares in the last quarter. Breakwater Capital Group raised its position in Freeport-McMoRan by 1.0% during the third quarter. Breakwater Capital Group now owns 15,930 shares of the natural resource company’s stock valued at $1,115,000 after buying an additional 160 shares during the period. Finally, Essex Bank lifted its stake in Freeport-McMoRan by 1.2% in the 1st quarter. Essex Bank now owns 14,104 shares of the natural resource company’s stock worth $829,000 after acquiring an additional 163 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc (NYSE: FCX) is a global mining company primarily engaged in the exploration, development, and production of copper. Copper is used extensively in electrical wiring, construction, transportation, renewable energy systems, and other industrial applications. The company also produces gold and molybdenum, a metal used in steelmaking and other industrial processes, as well as certain other byproducts.

Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America, and Indonesia.