Freeport-McMoRan (FCX) Rating Increased to Buy at Alembic Global Advisors

Freeport-McMoRan (NYSE:FCX) was upgraded by research analysts at Alembic Global Advisors from a “neutral” rating to a “buy” rating in a research note issued on Wednesday.

A number of other brokerages also recently issued reports on FCX. B. Riley lowered their price objective on Freeport-McMoRan from $19.00 to $18.00 and set a “neutral” rating for the company in a research report on Thursday, April 26th. Raymond James lowered their price objective on Freeport-McMoRan from $19.00 to $18.00 and set a “market perform” rating for the company in a research report on Wednesday, April 25th. Cowen lowered their price objective on Freeport-McMoRan from $22.00 to $19.00 and set an “outperform” rating for the company in a research report on Wednesday, April 25th. Stifel Nicolaus raised their price objective on Freeport-McMoRan from $16.00 to $18.00 and gave the stock a “hold” rating in a research report on Tuesday, February 6th. Finally, Jefferies Group set a $25.00 price objective on Freeport-McMoRan and gave the stock a “buy” rating in a research report on Monday, April 9th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and nine have assigned a buy rating to the company. Freeport-McMoRan currently has a consensus rating of “Hold” and a consensus target price of $17.92.

Shares of FCX stock opened at $17.38 on Wednesday. Freeport-McMoRan has a 12 month low of $11.05 and a 12 month high of $20.25. The stock has a market cap of $25.14 billion, a PE ratio of 14.85 and a beta of 2.45. The company has a current ratio of 2.33, a quick ratio of 1.43 and a debt-to-equity ratio of 0.93.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Tuesday, April 24th. The natural resource company reported $0.46 EPS for the quarter, missing the Zacks’ consensus estimate of $0.56 by ($0.10). Freeport-McMoRan had a net margin of 12.72% and a return on equity of 19.92%. The firm had revenue of $4.87 billion for the quarter, compared to analyst estimates of $4.92 billion. During the same period in the previous year, the business posted $0.15 earnings per share. The business’s revenue for the quarter was up 45.7% compared to the same quarter last year. equities analysts predict that Freeport-McMoRan will post 2.04 EPS for the current year.

A number of hedge funds have recently modified their holdings of the business. Atria Investments LLC increased its holdings in shares of Freeport-McMoRan by 42.8% during the fourth quarter. Atria Investments LLC now owns 20,578 shares of the natural resource company’s stock valued at $390,000 after acquiring an additional 6,167 shares in the last quarter. Schwab Charles Investment Management Inc. increased its holdings in shares of Freeport-McMoRan by 1.6% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 6,061,699 shares of the natural resource company’s stock valued at $114,930,000 after acquiring an additional 97,798 shares in the last quarter. State of Alaska Department of Revenue increased its holdings in shares of Freeport-McMoRan by 78.1% during the fourth quarter. State of Alaska Department of Revenue now owns 155,726 shares of the natural resource company’s stock valued at $2,950,000 after acquiring an additional 68,310 shares in the last quarter. James Investment Research Inc. bought a new stake in shares of Freeport-McMoRan during the fourth quarter valued at approximately $2,386,000. Finally, Boston Advisors LLC bought a new stake in shares of Freeport-McMoRan during the fourth quarter valued at approximately $14,980,000. Institutional investors and hedge funds own 71.99% of the company’s stock.

About Freeport-McMoRan

Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.

Analyst Recommendations for Freeport-McMoRan (NYSE:FCX)

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