Freeport-McMoRan (NYSE:FCX) Given New $70.00 Price Target at Scotiabank

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

A number of other brokerages also recently issued reports on FCX. UBS Group upped their price target on Freeport-McMoRan from $60.00 to $70.00 and gave the company a “buy” rating in a report on Friday. BNP Paribas Exane dropped their price target on Freeport-McMoRan from $58.00 to $56.00 and set an “outperform” rating on the stock in a research note on Friday, December 5th. Citigroup upped their price objective on Freeport-McMoRan from $48.00 to $67.00 and gave the company a “buy” rating in a research report on Monday, January 12th. Dbs Bank cut their price target on Freeport-McMoRan from $51.00 to $48.00 in a research note on Thursday, October 2nd. Finally, Wells Fargo & Company upped their price target on shares of Freeport-McMoRan from $55.00 to $64.00 and gave the company an “overweight” rating in a research report on Tuesday, January 13th. Three analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average target price of $57.59.

Freeport-McMoRan Stock Up 4.5%

Shares of FCX stock traded up $2.70 during trading hours on Monday, hitting $63.11. 8,420,095 shares of the company’s stock traded hands, compared to its average volume of 21,026,037. The company has a quick ratio of 1.05, a current ratio of 2.29 and a debt-to-equity ratio of 0.29. The stock’s fifty day simple moving average is $49.78 and its two-hundred day simple moving average is $45.00. Freeport-McMoRan has a 12-month low of $27.66 and a 12-month high of $63.58. The stock has a market cap of $90.62 billion, a price-to-earnings ratio of 41.87, a PEG ratio of 0.71 and a beta of 1.45.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, January 22nd. The natural resource company reported $0.47 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 analysts’ expectations of $5.42 billion. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.50%.The company’s quarterly revenue was down 1.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.31 earnings per share. On average, analysts expect that Freeport-McMoRan will post 1.68 EPS for the current year.

Insider Buying and Selling

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 28,423 shares of Freeport-McMoRan stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $47.99, for a total value of $1,364,019.77. Following the sale, the chief accounting officer directly owned 105,294 shares in the company, valued at approximately $5,053,059.06. The trade was a 21.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Ellie L. Mikes sold 9,572 shares of the business’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $47.66, for a total transaction of $456,201.52. Following the completion of the sale, the chief accounting officer owned 38,761 shares in the company, valued at approximately $1,847,349.26. The trade was a 19.80% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.79% of the company’s stock.

Hedge Funds Weigh In On Freeport-McMoRan

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Callan Family Office LLC raised its holdings in Freeport-McMoRan by 229.9% in the 2nd quarter. Callan Family Office LLC now owns 26,983 shares of the natural resource company’s stock valued at $1,170,000 after acquiring an additional 18,803 shares in the last quarter. New York Life Investment Management LLC raised its position in shares of Freeport-McMoRan by 11.8% during the second quarter. New York Life Investment Management LLC now owns 215,058 shares of the natural resource company’s stock worth $9,323,000 after acquiring an additional 22,766 shares during the last quarter. Arrow Capital Pty Ltd lifted its position in Freeport-McMoRan by 88.5% during the 2nd quarter. Arrow Capital Pty Ltd now owns 113,100 shares of the natural resource company’s stock valued at $4,903,000 after purchasing an additional 53,100 shares during the period. Bourgeon Capital Management LLC grew its holdings in Freeport-McMoRan by 8.1% during the 2nd quarter. Bourgeon Capital Management LLC now owns 331,549 shares of the natural resource company’s stock worth $14,373,000 after acquiring an additional 24,803 shares during the period. Finally, Foster Victor Wealth Advisors LLC increased its holdings in Freeport-McMoRan by 5.7% in the third quarter. Foster Victor Wealth Advisors LLC now owns 383,488 shares of the natural resource company’s stock valued at $15,213,000 after purchasing an additional 20,586 shares during the last quarter. 80.77% of the stock is owned by institutional investors.

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.