Jefferies Financial Group Raises Freeport-McMoRan (NYSE:FCX) Price Target to $85.00

Freeport-McMoRan (NYSE:FCX) had its target price raised by research analysts at Jefferies Financial Group from $75.00 to $85.00 in a report released on Monday,MarketScreener reports. The brokerage currently has a “buy” rating on the natural resource company’s stock. Jefferies Financial Group’s price target indicates a potential upside of 31.72% from the company’s current price.

A number of other research analysts have also recently commented on the company. Scotiabank decreased their price target on Freeport-McMoRan from $71.00 to $67.00 and set a “sector perform” rating on the stock in a research report on Friday, April 24th. Wells Fargo & Company reduced their price objective on shares of Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, April 24th. UBS Group raised their target price on shares of Freeport-McMoRan from $74.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, May 21st. HSBC boosted their target price on shares of Freeport-McMoRan from $69.00 to $72.00 and gave the company a “buy” rating in a research report on Tuesday, April 14th. Finally, Citigroup cut their price target on shares of Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating for the company in a report on Friday, May 1st. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus target price of $66.50.

Freeport-McMoRan Price Performance

NYSE:FCX traded up $1.16 during trading hours on Monday, reaching $64.53. 1,644,738 shares of the company were exchanged, compared to its average volume of 18,117,221. The company has a market capitalization of $92.76 billion, a P/E ratio of 34.38, a P/E/G ratio of 0.76 and a beta of 1.35. Freeport-McMoRan has a 1-year low of $35.15 and a 1-year high of $72.09. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. The business has a 50 day moving average of $63.48 and a 200 day moving average of $58.31.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.10. The firm had revenue of $6.23 billion during the quarter, compared to analysts’ expectations of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The company’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.24 EPS. Research analysts forecast that Freeport-McMoRan will post 2.56 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in FCX. DV Trading LLC raised its holdings in Freeport-McMoRan by 697.6% in the 1st quarter. DV Trading LLC now owns 6,070 shares of the natural resource company’s stock valued at $357,000 after buying an additional 5,309 shares during the last quarter. Parallel Advisors LLC boosted its position in Freeport-McMoRan by 5.8% during the 1st quarter. Parallel Advisors LLC now owns 56,019 shares of the natural resource company’s stock worth $3,293,000 after buying an additional 3,051 shares during the period. Caerus Investment Advisors LLC grew its holdings in Freeport-McMoRan by 1.5% during the 1st quarter. Caerus Investment Advisors LLC now owns 19,287 shares of the natural resource company’s stock worth $1,134,000 after acquiring an additional 278 shares during the last quarter. Asset Dedication LLC grew its holdings in Freeport-McMoRan by 1,130.3% during the 1st quarter. Asset Dedication LLC now owns 3,740 shares of the natural resource company’s stock worth $220,000 after acquiring an additional 3,436 shares during the last quarter. Finally, Glenmede Trust Co. NA increased its position in Freeport-McMoRan by 2.2% in the 1st quarter. Glenmede Trust Co. NA now owns 280,187 shares of the natural resource company’s stock valued at $16,469,000 after acquiring an additional 6,136 shares during the period. Institutional investors and hedge funds 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.