Freeport-McMoRan (NYSE:FCX) Given New $76.00 Price Target at JPMorgan Chase & Co.

Freeport-McMoRan (NYSE:FCX) had its price target upped by research analysts at JPMorgan Chase & Co. from $68.00 to $76.00 in a report released on Thursday,MarketScreener reports. The brokerage presently has an “overweight” rating on the natural resource company’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 15.93% from the stock’s current price.

FCX has been the topic of a number of other reports. Citigroup lifted their price objective on shares of Freeport-McMoRan from $48.00 to $67.00 and gave the company a “buy” rating in a research report on Monday, January 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of Freeport-McMoRan in a research report on Thursday, January 22nd. Morgan Stanley set a $70.00 price objective on Freeport-McMoRan in a report on Tuesday, January 27th. The Goldman Sachs Group started coverage on shares of Freeport-McMoRan in a research report on Thursday, April 2nd. They set a “buy” rating and a $70.00 target price on the stock. Finally, Stifel Nicolaus increased their target price on shares of Freeport-McMoRan from $52.00 to $76.00 and gave the company a “buy” rating in a report on Wednesday, February 11th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus target price of $63.11.

Freeport-McMoRan Trading Up 0.7%

NYSE FCX opened at $65.56 on Thursday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.05 and a current ratio of 2.29. The firm has a market cap of $94.22 billion, a PE ratio of 43.61, a P/E/G ratio of 0.72 and a beta of 1.48. Freeport-McMoRan has a one year low of $30.23 and a one year high of $69.75. The firm’s fifty day moving average is $61.29 and its two-hundred day moving average is $51.54.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.19. The business had revenue of $5.63 billion during 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 business’s quarterly revenue was down 1.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.31 earnings per share. Analysts expect that Freeport-McMoRan will post 1.68 earnings per share for the current year.

Insider Transactions at Freeport-McMoRan

In related news, Chairman Richard C. Adkerson sold 248,031 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $62.80, for a total transaction of $15,576,346.80. Following the sale, the chairman owned 3,509,119 shares in the company, valued at approximately $220,372,673.20. This trade represents a 6.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Maree E. Robertson sold 48,500 shares of the stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $61.55, for a total value of $2,985,175.00. Following the completion of the transaction, the chief financial officer directly owned 79,894 shares of the company’s stock, valued at $4,917,475.70. This represents a 37.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 565,145 shares of company stock worth $35,839,918 in the last ninety days. Company insiders own 0.75% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Freeport-McMoRan by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company’s stock worth $6,619,611,000 after buying an additional 1,572,769 shares during the last quarter. Fisher Asset Management LLC grew its position in shares of Freeport-McMoRan by 1.0% during the 4th quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company’s stock valued at $3,244,504,000 after buying an additional 622,343 shares during the last quarter. State Street Corp raised its stake in Freeport-McMoRan by 0.6% during the fourth quarter. State Street Corp now owns 62,873,136 shares of the natural resource company’s stock worth $3,193,327,000 after acquiring an additional 395,226 shares during the period. Franklin Resources Inc. raised its stake in Freeport-McMoRan by 31.2% during the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock worth $1,897,202,000 after acquiring an additional 8,891,743 shares during the period. Finally, Wellington Management Group LLP lifted its holdings in Freeport-McMoRan by 190.9% in the third quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock worth $1,431,326,000 after acquiring an additional 23,950,557 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Company Profile

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.