Freeport-McMoRan (NYSE:FCX) Given New $51.00 Price Target at JPMorgan Chase & Co.

Freeport-McMoRan (NYSE:FCX) had its price target dropped by equities researchers at JPMorgan Chase & Co. from $52.00 to $51.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the natural resource company’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 7.32% from the stock’s current price.

Several other brokerages also recently issued reports on FCX. Bernstein Bank raised their price target on Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research report on Tuesday. Raymond James raised their price target on Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a research report on Thursday, January 4th. HSBC raised their price target on Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research report on Tuesday. Sanford C. Bernstein raised Freeport-McMoRan from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $41.00 to $48.50 in a research report on Monday, January 8th. Finally, Scotiabank lifted their target price on Freeport-McMoRan from $48.00 to $55.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, April 9th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $49.08.

Freeport-McMoRan Stock Down 1.0 %

NYSE FCX traded down $0.47 during trading on Wednesday, hitting $47.52. 5,107,319 shares of the company traded hands, compared to its average volume of 13,815,447. Freeport-McMoRan has a 12 month low of $32.83 and a 12 month high of $52.42. The business has a fifty day simple moving average of $44.02 and a 200 day simple moving average of $40.14. The company has a current ratio of 2.42, a quick ratio of 1.38 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $68.16 billion, a P/E ratio of 37.51, a PEG ratio of 2.25 and a beta of 2.04.

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

Hedge Funds Weigh In On Freeport-McMoRan

Institutional investors have recently made changes to their positions in the company. Boston Partners boosted its position in shares of Freeport-McMoRan by 13,248.4% during the 4th quarter. Boston Partners now owns 5,351,630 shares of the natural resource company’s stock valued at $227,747,000 after acquiring an additional 5,311,538 shares during the last quarter. Capital Wealth Planning LLC acquired a new position in shares of Freeport-McMoRan during the 3rd quarter valued at about $160,160,000. Mizuho Markets Americas LLC acquired a new position in shares of Freeport-McMoRan during the 3rd quarter valued at about $141,407,000. Alphinity Investment Management Pty Ltd boosted its position in shares of Freeport-McMoRan by 57.4% during the 3rd quarter. Alphinity Investment Management Pty Ltd now owns 5,391,230 shares of the natural resource company’s stock valued at $201,039,000 after acquiring an additional 1,965,987 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in shares of Freeport-McMoRan by 302.7% during the 1st quarter. Assenagon Asset Management S.A. now owns 2,393,264 shares of the natural resource company’s stock valued at $112,531,000 after acquiring an additional 1,799,028 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

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.