Freeport-McMoRan Receives Upgrade to Buy

Freeport-McMoRan (NYSE:FCX) received a significant boost from analysts at StockNews.com, who upgraded the company's stock rating from "hold" to "buy" in a report released on Wednesday. This upgrade signals positive expectations for Freeport-McMoRan’s future performance.

The company has recently been included in various research discussions, reflecting a mixed but generally favorable outlook among financial analysts. For instance, BMO Capital Markets recently adjusted its price target for Freeport-McMoRan, reducing it from $54.00 to $50.00 while maintaining an "outperform" rating. Similarly, JPMorgan Chase & Co. lowered their price target from $55.00 to $48.00, yet kept a "neutral" stance on the stock. In another analysis, Scotiabank decreased their price objective for the company from $48.00 to $45.00, setting a rating of "sector perform".

Adding to the varied ratings, Jefferies Financial Group upgraded Freeport-McMoRan shares from "hold" to "buy", increasing their target price from $40.00 to $48.00. Conversely, Sanford C. Bernstein downgraded the stock from "outperform" to "market perform," adjusting their target price down from $51.00 to $46.00. With these changes in ratings, the consensus among experts shows that six analysts recommend holding the stock, while nine suggest buying and two classify it as a strong buy. MarketBeat notes an average rating of "Moderate Buy" for the company, with a consensus price target of $51.75.

Freeport-McMoRan Stock Performance

On Wednesday, Freeport-McMoRan's shares rose by $0.96, bringing the stock price to $36.84. During the trading session, approximately 13,838,337 shares exchanged hands, compared to the average volume of 15,355,858 shares. Currently, the stock's 50-day moving average is $37.92, while the 200-day moving average is $42.18. The company's financial health is supported by a debt-to-equity ratio of 0.31, a current ratio of 2.42, and a quick ratio of 1.18. With a market capitalization of $52.94 billion, Freeport-McMoRan exhibits a price-to-earnings ratio of 28.56, a P/E/G ratio of 0.87 and a beta of 1.87. Over the past year, the stock reached a low of $33.98 and a high of $55.24.

In its latest quarterly earnings report announced on January 23, Freeport-McMoRan reported earnings of $0.31 per share, which fell short of the expected estimate of $0.36 by $0.05. The company posted a net margin of 7.42% and a return on equity of 7.50%. Analysts predict that Freeport-McMoRan will achieve an earnings per share (EPS) of 1.68 for the current fiscal year.

Institutional Investments in Freeport-McMoRan

Recent trends show that institutional investors and hedge funds are adjusting their stakes in Freeport-McMoRan. For example, Asset Planning Inc acquired a new stake in the company valued at approximately $25,000 in the fourth quarter. Mizuho Bank Ltd. also bought a new stake worth about $26,000. Additionally, Vision Financial Markets LLC made an investment estimated at $27,000 during the same quarter. Laurel Wealth Advisors LLC significantly increased their position in Freeport-McMoRan by 487.8% and now holds 723 shares worth $28,000 after adding 600 shares last quarter. Roxbury Financial LLC also acquired a new position valued around $28,000. Overall, institutional investors own about 80.77% of the company's stock.

About Freeport-McMoRan

Freeport-McMoRan Inc. specializes in mining mineral properties across North America, South America, and Indonesia. The company focuses primarily on the exploration and extraction of copper, gold, molybdenum, silver, and other metals. Its significant assets include the Grasberg minerals district in Indonesia, along with several mines in Arizona, New Mexico, and Colorado, as well as operations in Peru and Chile.

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