Freeport-McMoRan (NYSE:FCX) Rating Increased to Strong-Buy at Dbs Bank

Freeport-McMoRan (NYSE:FCX) was upgraded by stock analysts at Dbs Bank from a “hold” rating to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.

FCX has been the topic of a number of other reports. Deutsche Bank Aktiengesellschaft raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 target price on the stock in a report on Thursday, March 6th. Argus lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Jefferies Financial Group upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and lifted their target price for the stock from $40.00 to $48.00 in a research note on Thursday, February 27th. Scotiabank decreased their price objective on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a report on Friday, January 24th. Finally, Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Seven investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $51.75.

Freeport-McMoRan Trading Down 6.7 %

Shares of Freeport-McMoRan stock opened at $34.48 on Monday. The stock has a market cap of $49.54 billion, a P/E ratio of 26.73, a P/E/G ratio of 0.87 and a beta of 1.87. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. Freeport-McMoRan has a 12-month low of $33.98 and a 12-month high of $55.24. The business’s 50 day moving average is $37.98 and its 200-day moving average is $42.28.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. Equities research analysts predict that Freeport-McMoRan will post 1.68 earnings per share for the current fiscal year.

Institutional Trading of Freeport-McMoRan

Institutional investors have recently modified their holdings of the stock. Sanctuary Advisors LLC grew its stake in Freeport-McMoRan by 9.7% during the third quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company’s stock worth $8,219,000 after buying an additional 14,501 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Freeport-McMoRan during the third quarter valued at approximately $754,000. Principal Financial Group Inc. lifted its stake in Freeport-McMoRan by 4.1% during the third quarter. Principal Financial Group Inc. now owns 1,684,393 shares of the natural resource company’s stock worth $84,085,000 after purchasing an additional 66,699 shares during the last quarter. Czech National Bank boosted its holdings in shares of Freeport-McMoRan by 6.4% in the 4th quarter. Czech National Bank now owns 311,555 shares of the natural resource company’s stock valued at $11,864,000 after purchasing an additional 18,852 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. increased its stake in shares of Freeport-McMoRan by 1,206.8% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 13,055 shares of the natural resource company’s stock valued at $652,000 after purchasing an additional 12,056 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

About Freeport-McMoRan

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.