Scotiabank Boosts Freeport-McMoRan (NYSE:FCX) Price Target to $70.00

Freeport-McMoRan (NYSE:FCX) had its price objective increased by research analysts at Scotiabank from $63.00 to $70.00 in a research note issued on Monday,MarketScreener reports. The brokerage presently has an “outperform” rating on the natural resource company’s stock. Scotiabank’s target price indicates a potential upside of 10.92% from the company’s current price.

FCX has been the subject of several other research reports. Johnson Rice reduced their price target on shares of Freeport-McMoRan from $55.00 to $48.00 in a research report on Monday, September 29th. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 price objective for the company in a research note on Tuesday, September 30th. Clarkson Capital upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $46.00 price target on the stock in a report on Wednesday, November 19th. Royal Bank Of Canada dropped their price target on Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating on the stock in a report on Wednesday, October 1st. Finally, JPMorgan Chase & Co. lifted their target price on Freeport-McMoRan from $58.00 to $68.00 and gave the stock an “overweight” rating in a research note on Thursday, January 8th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.59.

Freeport-McMoRan Trading Up 4.5%

Shares of NYSE:FCX traded up $2.70 during midday trading on Monday, hitting $63.11. 8,420,095 shares of the stock were exchanged, compared to its average volume of 21,026,037. The stock has a market capitalization of $90.62 billion, a price-to-earnings ratio of 41.87, a P/E/G ratio of 0.71 and a beta of 1.45. Freeport-McMoRan has a 12 month low of $27.66 and a 12 month high of $63.58. The business’s 50-day moving average price is $49.78 and its 200 day moving average price is $45.00. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.05 and a current ratio of 2.29.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.19. The firm had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $5.42 billion. Freeport-McMoRan had a net margin of 8.50% and a return on equity of 8.50%. The company’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.31 EPS. Analysts predict that Freeport-McMoRan will post 1.68 earnings per share for the current year.

Insider Activity

In related news, CAO Ellie L. Mikes sold 9,572 shares of the company’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $47.66, for a total value of $456,201.52. Following the transaction, the chief accounting officer directly owned 38,761 shares in the company, valued at approximately $1,847,349.26. This represents a 19.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Stephen T. Higgins sold 28,423 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $47.99, for a total transaction of $1,364,019.77. Following the completion of the transaction, the chief accounting officer directly owned 105,294 shares of the company’s stock, valued at approximately $5,053,059.06. This represents a 21.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.79% of the stock is owned by insiders.

Institutional Trading of Freeport-McMoRan

A number of hedge funds have recently bought and sold shares of the company. Brighton Jones LLC boosted its holdings in Freeport-McMoRan by 24.2% in the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after acquiring an additional 2,882 shares in the last quarter. Bison Wealth LLC boosted its position in Freeport-McMoRan by 5.6% during the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after acquiring an additional 507 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in shares of Freeport-McMoRan during the 2nd quarter worth approximately $560,000. ORG Partners LLC lifted its stake in shares of Freeport-McMoRan by 101.6% in the 2nd quarter. ORG Partners LLC now owns 1,937 shares of the natural resource company’s stock valued at $85,000 after purchasing an additional 976 shares during the period. Finally, Signaturefd LLC boosted its position in shares of Freeport-McMoRan by 6.6% during the second quarter. Signaturefd LLC now owns 31,834 shares of the natural resource company’s stock valued at $1,380,000 after purchasing an additional 1,961 shares in the last quarter. Institutional investors 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.