Freeport-McMoRan (NYSE:FCX) Price Target Raised to $45.00 at HSBC

Freeport-McMoRan (NYSE:FCX) had its price target hoisted by research analysts at HSBC from $39.00 to $45.00 in a report issued on Tuesday. The firm currently has a “hold” rating on the natural resource company’s stock. HSBC’s price target indicates a potential downside of 7.25% from the stock’s previous close.

Several other brokerages have also recently commented on FCX. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $55.00 target price on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Raymond James increased their price objective on Freeport-McMoRan from $42.00 to $43.00 and gave the stock an “outperform” rating in a research note on Thursday, January 4th. Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective for the company in a research note on Tuesday, April 9th. Sanford C. Bernstein upgraded Freeport-McMoRan from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $41.00 to $48.50 in a research note on Monday, January 8th. Finally, Scotiabank raised their target price on Freeport-McMoRan from $48.00 to $55.00 and gave the company a “sector outperform” rating in a research note on Tuesday, April 9th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average price target of $49.15.

Freeport-McMoRan Stock Performance

FCX stock traded down $0.43 during midday trading on Tuesday, hitting $48.52. 6,380,016 shares of the company traded hands, compared to its average volume of 13,747,823. Freeport-McMoRan has a twelve month low of $32.83 and a twelve month high of $52.42. The company has a quick ratio of 1.38, a current ratio of 2.42 and a debt-to-equity ratio of 0.32. The business has a 50 day simple moving average of $43.80 and a 200-day simple moving average of $40.06. The stock has a market capitalization of $69.60 billion, a price-to-earnings ratio of 37.64, a price-to-earnings-growth ratio of 2.28 and a beta of 2.04.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.05. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The company had revenue of $6.32 billion during the quarter, compared to analysts’ expectations of $5.70 billion. During the same period in the prior year, the business earned $0.52 earnings per share. Freeport-McMoRan’s revenue for the quarter was up 17.3% compared to the same quarter last year. As a group, equities research analysts predict that Freeport-McMoRan will post 1.57 earnings per share for the current year.

Hedge Funds Weigh In On Freeport-McMoRan

A number of institutional investors and hedge funds have recently bought and sold shares of FCX. HB Wealth Management LLC increased its holdings in Freeport-McMoRan by 7.1% in the 3rd quarter. HB Wealth Management LLC now owns 11,861 shares of the natural resource company’s stock worth $442,000 after purchasing an additional 786 shares in the last quarter. Avior Wealth Management LLC increased its stake in shares of Freeport-McMoRan by 41.2% in the third quarter. Avior Wealth Management LLC now owns 1,680 shares of the natural resource company’s stock valued at $63,000 after buying an additional 490 shares during the period. Founders Financial Securities LLC increased its stake in shares of Freeport-McMoRan by 5.9% in the third quarter. Founders Financial Securities LLC now owns 16,514 shares of the natural resource company’s stock valued at $616,000 after buying an additional 922 shares during the period. Strategic Blueprint LLC increased its stake in shares of Freeport-McMoRan by 24.9% in the third quarter. Strategic Blueprint LLC now owns 81,207 shares of the natural resource company’s stock valued at $3,028,000 after buying an additional 16,164 shares during the period. Finally, CX Institutional increased its stake in shares of Freeport-McMoRan by 6.2% in the third quarter. CX Institutional now owns 10,244 shares of the natural resource company’s stock valued at $382,000 after buying an additional 597 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

About Freeport-McMoRan

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.