Freeport-McMoRan (NYSE:FCX) Stock Rating Upgraded by JPMorgan Chase & Co.

Freeport-McMoRan (NYSE:FCX - Get Free Report) was upgraded by equities research analysts at JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating in a research note issued to investors on Thursday, MarketBeat Ratings reports. The brokerage presently has a $52.00 target price on the natural resource company's stock, up from their prior target price of $48.00. JPMorgan Chase & Co.'s price target indicates a potential upside of 24.81% from the stock's previous close.

Several other equities analysts have also recently weighed in on FCX. Scotiabank dropped their price objective on Freeport-McMoRan from $48.00 to $45.00 and set a "sector perform" rating for the company in a report on Friday, January 24th. Dbs Bank raised shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. BMO Capital Markets dropped their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating on the stock in a report on Friday, January 24th. StockNews.com cut shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Thursday. Finally, Sanford C. Bernstein downgraded Freeport-McMoRan from an "outperform" rating to a "market perform" rating and decreased their price objective for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $52.04.

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Freeport-McMoRan Stock Up 3.5 %

Shares of FCX stock traded up $1.41 during trading hours on Thursday, hitting $41.66. 21,351,639 shares of the company were exchanged, compared to its average volume of 12,889,955. The business has a 50 day moving average of $38.08 and a two-hundred day moving average of $41.97. Freeport-McMoRan has a 52 week low of $33.98 and a 52 week high of $55.24. The company has a market capitalization of $59.87 billion, a PE ratio of 32.30, a PEG ratio of 0.87 and a beta of 1.87. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) 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%. Analysts anticipate that Freeport-McMoRan will post 1.68 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Freeport-McMoRan

A number of large investors have recently bought and sold shares of FCX. Asset Planning Inc purchased a new position in Freeport-McMoRan in the fourth quarter worth $25,000. Mizuho Bank Ltd. acquired a new position in shares of Freeport-McMoRan during the 4th quarter worth approximately $26,000. Vision Financial Markets LLC acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at about $27,000. Laurel Wealth Advisors LLC raised its holdings in shares of Freeport-McMoRan by 487.8% during the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company's stock valued at $28,000 after acquiring an additional 600 shares during the last quarter. Finally, Roxbury Financial LLC acquired a new position in Freeport-McMoRan in the 4th quarter valued at $28,000. Hedge funds and other institutional investors own 80.77% of the company's stock.

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.