Freeport-McMoRan (NYSE:FCX) Upgraded to Buy at Jefferies Financial Group

Jefferies Financial Group upgraded shares of Freeport-McMoRan (NYSE:FCX) from a hold rating to a buy rating in a research report released on Thursday morning, Marketbeat Ratings reports. The brokerage currently has $48.00 price target on the natural resource company’s stock, up from their previous price target of $40.00.

Several other brokerages also recently weighed in on FCX. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. Scotiabank decreased their target price on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a research note on Friday, January 24th. JPMorgan Chase & Co. decreased their target price on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Argus downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Finally, BMO Capital Markets decreased their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday, January 24th. Eight investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $52.04.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $37.35 on Thursday. Freeport-McMoRan has a 52-week low of $34.89 and a 52-week high of $55.24. The firm has a fifty day moving average of $38.35 and a 200-day moving average of $42.62. The firm has a market capitalization of $53.67 billion, a P/E ratio of 28.95, a PEG ratio of 0.87 and a beta of 1.85. 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 (NYSE:FCX) last released its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. As a group, analysts predict that Freeport-McMoRan will post 1.68 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Asset Planning Inc bought a new position in shares of Freeport-McMoRan in the 4th quarter worth about $25,000. Mizuho Bank Ltd. bought a new position in shares of Freeport-McMoRan in the 4th quarter worth about $26,000. Vision Financial Markets LLC bought a new position in shares of Freeport-McMoRan in the 4th quarter worth about $27,000. Laurel Wealth Advisors LLC lifted its position in shares of Freeport-McMoRan by 487.8% in the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after buying an additional 600 shares during the last quarter. Finally, Roxbury Financial LLC bought a new position in shares of Freeport-McMoRan in the 4th quarter worth about $28,000. 80.77% of the stock is currently owned by institutional investors.

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.