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

Freeport-McMoRan (NYSE:FCX) had its price target upped by Raymond James from $53.00 to $55.00 in a report published on Monday, Benzinga reports. The firm currently has 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.

FCX has been the topic of several other reports. Royal Bank of Canada reaffirmed a sector perform rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Morgan Stanley lowered their price target on Freeport-McMoRan from $60.00 to $58.00 and set an overweight rating on the stock in a report on Thursday, September 19th. Scotiabank decreased their target price on Freeport-McMoRan from $58.00 to $52.00 and set a sector outperform rating for the company in a research report on Monday, August 19th. BNP Paribas raised shares of Freeport-McMoRan to a strong-buy rating in a report on Friday, June 21st. Finally, UBS Group raised shares of Freeport-McMoRan from a neutral rating to a buy rating and boosted their price objective for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Five analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $52.93.

Freeport-McMoRan Trading Down 0.8 %

NYSE FCX opened at $48.31 on Monday. Freeport-McMoRan has a 12 month low of $32.83 and a 12 month high of $55.24. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The stock’s fifty day moving average price is $43.42 and its 200-day moving average price is $47.33. The stock has a market cap of $69.41 billion, a P/E ratio of 42.75, a P/E/G ratio of 2.89 and a beta of 1.89.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.39 by $0.07. The company had revenue of $6.62 billion for the quarter, compared to the consensus estimate of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. Freeport-McMoRan’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.35 EPS. As a group, equities analysts forecast that Freeport-McMoRan will post 1.61 EPS for the current fiscal year.

Institutional Trading of Freeport-McMoRan

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in shares of Freeport-McMoRan by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock valued at $5,675,241,000 after acquiring an additional 1,210,833 shares during the period. Capital Research Global Investors boosted its position in shares of Freeport-McMoRan by 22.0% in the first quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock worth $3,427,583,000 after purchasing an additional 13,143,562 shares during the period. Fisher Asset Management LLC boosted its position in shares of Freeport-McMoRan by 1.8% in the fourth quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock worth $2,369,312,000 after purchasing an additional 976,592 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Freeport-McMoRan by 6.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 36,882,874 shares of the natural resource company’s stock worth $1,734,234,000 after purchasing an additional 2,392,800 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Freeport-McMoRan by 7.9% during the 1st quarter. Bank of New York Mellon Corp now owns 21,157,118 shares of the natural resource company’s stock valued at $994,808,000 after purchasing an additional 1,551,828 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

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.