Freeport-McMoRan (NYSE:FCX) Given New $68.00 Price Target at Freedom Broker

Freeport-McMoRan (NYSE:FCX) had its target price dropped by Freedom Broker from $75.00 to $68.00 in a report released on Monday, Benzinga reports. The firm presently has a “hold” rating on the natural resource company’s stock. Freedom Broker‘s price target would suggest a potential upside of 8.90% from the stock’s previous close.

Several other equities analysts have also recently weighed in on the company. Weiss Ratings cut Freeport-McMoRan from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday. Sanford C. Bernstein lowered their target price on Freeport-McMoRan from $50.00 to $47.00 and set a “market perform” rating on the stock in a report on Wednesday, September 9th. Erste Group Bank began coverage on Freeport-McMoRan in a research report on Thursday, August 27th. They issued a “buy” rating on the stock. Wall Street Zen lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Finally, Bank of America increased their price objective on Freeport-McMoRan from $74.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and an average price target of $75.30.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $62.44 on Monday. The firm has a market capitalization of $89.67 billion, a PE ratio of 26.24, a PEG ratio of 0.57 and a beta of 1.38. Freeport-McMoRan has a 1 year low of $38.54 and a 1 year high of $80.24. The company has a current ratio of 2.02, a quick ratio of 0.91 and a debt-to-equity ratio of 0.23. The firm’s fifty day simple moving average is $71.59 and its 200 day simple moving average is $65.24.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, October 27th. The natural resource company reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.06. Freeport-McMoRan had a net margin of 13.03% and a return on equity of 12.09%. The firm had revenue of $7.55 billion during the quarter, compared to analyst estimates of $7.36 billion. During the same quarter in the previous year, the business earned $0.50 EPS. The business’s revenue was up 8.2% on a year-over-year basis. On average, sell-side analysts anticipate that Freeport-McMoRan will post 3.04 EPS for the current year.

Insider Transactions at Freeport-McMoRan

In related news, Director Lydia Kennard sold 3,798 shares of the business’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $79.11, for a total transaction of $300,459.78. Following the transaction, the director directly owned 122,702 shares in the company, valued at $9,706,955.22. The trade was a 3.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Ellie Mikes sold 4,773 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total value of $334,110.00. Following the completion of the transaction, the chief accounting officer directly owned 36,000 shares of the company’s stock, valued at approximately $2,520,000. This trade represents a 11.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 102,848 shares of company stock valued at $7,911,621 in the last ninety days. 0.73% of the stock is owned by corporate insiders.

Institutional Trading of Freeport-McMoRan

A number of institutional investors and hedge funds have recently modified their holdings of the company. State Street Corp increased its holdings in Freeport-McMoRan by 3.6% in the 2nd quarter. State Street Corp now owns 66,485,424 shares of the natural resource company’s stock valued at $4,181,268,000 after buying an additional 2,300,416 shares during the period. Bank of America Corp DE lifted its holdings in shares of Freeport-McMoRan by 20.0% during the 1st quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company’s stock worth $2,489,069,000 after acquiring an additional 7,044,775 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Freeport-McMoRan by 13.8% during the 2nd quarter. Wellington Management Group LLP now owns 14,918,066 shares of the natural resource company’s stock worth $938,197,000 after acquiring an additional 1,810,698 shares during the period. Amundi boosted its position in shares of Freeport-McMoRan by 10.5% during the 2nd quarter. Amundi now owns 11,819,898 shares of the natural resource company’s stock valued at $743,353,000 after acquiring an additional 1,125,982 shares in the last quarter. Finally, Jupiter Topco LLC acquired a new stake in shares of Freeport-McMoRan during the 2nd quarter valued at about $739,890,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc (NYSE: FCX) is a global mining company primarily engaged in the exploration, development, and production of copper. Copper is used extensively in electrical wiring, construction, transportation, renewable energy systems, and other industrial applications. The company also produces gold and molybdenum, a metal used in steelmaking and other industrial processes, as well as certain other byproducts.

Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America, and Indonesia.