Freeport-McMoRan (NYSE:FCX – Get Free Report) had its price target hoisted by The Goldman Sachs Group from $68.00 to $75.00 in a research report issued on Tuesday,MarketScreener reports. The brokerage currently has a “buy” rating on the natural resource company’s stock. The Goldman Sachs Group’s target price indicates a potential upside of 7.66% from the stock’s current price.
Several other research firms have also commented on FCX. Scotiabank dropped their price objective on shares of Freeport-McMoRan from $71.00 to $67.00 and set a “sector perform” rating on the stock in a research note on Friday, April 24th. UBS Group lifted 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. JPMorgan Chase & Co. dropped their price target on Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating on the stock in a research report on Monday, April 27th. Weiss Ratings upgraded Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, May 22nd. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Freeport-McMoRan in a research report on Friday, May 15th. Two research 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. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $66.04.
View Our Latest Stock Analysis on Freeport-McMoRan
Freeport-McMoRan Stock Up 6.0%
Freeport-McMoRan (NYSE:FCX – Get Free Report) last announced its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. The firm had revenue of $6.23 billion for the quarter, compared to analysts’ expectations of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The company’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.24 EPS. As a group, analysts expect that Freeport-McMoRan will post 2.56 earnings per share for the current year.
Institutional Trading of Freeport-McMoRan
A number of hedge funds have recently bought and sold shares of the company. Strategic Investment Solutions Inc. IL bought a new stake in Freeport-McMoRan during the 4th quarter worth approximately $25,000. Steph & Co. raised its position in shares of Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 150 shares during the period. Cassaday & Co Wealth Management LLC bought a new stake in shares of Freeport-McMoRan during the 1st quarter valued at $29,000. Kemnay Advisory Services Inc. purchased a new position in shares of Freeport-McMoRan during the 4th quarter valued at $29,000. Finally, SHP Wealth Management purchased a new position in shares of Freeport-McMoRan during the 4th quarter valued at $30,000. 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.
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