Raymond James Raises Freeport-McMoRan (NYSE:FCX) Price Target to $55.00

Freeport-McMoRan (NYSE:FCX) had its target price boosted by Raymond James from $53.00 to $55.00 in a report issued on Monday morning, Benzinga reports. They currently have an outperform rating on the natural resource company’s stock. Raymond James also issued estimates for Freeport-McMoRan’s Q3 2024 earnings at $0.42 EPS, FY2024 earnings at $1.64 EPS and Q2 2025 earnings at $0.53 EPS.

A number of other research analysts have also recently commented on FCX. UBS Group upgraded shares of Freeport-McMoRan from a neutral rating to a buy rating and increased their price target for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. BNP Paribas upgraded shares of Freeport-McMoRan to a strong-buy rating in a research report on Friday, June 21st. StockNews.com upgraded shares of Freeport-McMoRan from a hold rating to a buy rating in a research report on Wednesday, September 18th. Scotiabank decreased their price objective on Freeport-McMoRan from $58.00 to $52.00 and set a sector outperform rating on the stock in a report on Monday, August 19th. Finally, Royal Bank of Canada restated a sector perform rating and set a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Five research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $52.93.

Freeport-McMoRan Stock Down 0.8 %

FCX stock opened at $48.31 on Monday. The company’s 50 day moving average is $43.42 and its 200 day moving average is $47.33. The stock has a market cap of $69.41 billion, a price-to-earnings ratio of 42.75, a price-to-earnings-growth ratio of 2.89 and a beta of 1.89. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. Freeport-McMoRan has a 1-year low of $32.83 and a 1-year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The company had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6 billion. During the same period in the previous year, the business earned $0.35 earnings per share. The firm’s quarterly revenue was up 15.5% compared to the same quarter last year. Sell-side analysts predict that Freeport-McMoRan will post 1.61 EPS for the current fiscal year.

Institutional Investors Weigh In On Freeport-McMoRan

Several institutional investors and hedge funds have recently modified their holdings of the stock. Belpointe Asset Management LLC lifted its holdings in Freeport-McMoRan by 38.6% in the fourth quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock worth $719,000 after buying an additional 4,703 shares during the period. Fisher Asset Management LLC boosted its position in shares of Freeport-McMoRan by 1.8% during the fourth quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock valued at $2,369,312,000 after purchasing an additional 976,592 shares in the last quarter. Oaktree Capital Management LP grew its stake in Freeport-McMoRan by 7.8% in the fourth quarter. Oaktree Capital Management LP now owns 2,917,913 shares of the natural resource company’s stock worth $124,216,000 after purchasing an additional 211,608 shares during the period. Norden Group LLC raised its holdings in Freeport-McMoRan by 1,823.1% in the first quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock worth $11,750,000 after purchasing an additional 236,891 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in Freeport-McMoRan by 1.0% during the first quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock valued at $5,675,241,000 after buying an additional 1,210,833 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Company Profile

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.