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PT Freeport-McMoRan Inc. (NYSE:FCX) increased to $40.00

PT Freeport-McMoRan Inc. (NYSE:FCX) increased to $40.00

In a research note distributed to investors on Thursday, the equity research analysts at Raymond James increased their price target on Freeport-McMoRan (NYSE: FCX) from $35.00 to $40.00. The note was about the company’s stock. The natural resource company’s stock has been given the rating of outperform by this particular company, which has provided this rating. Raymond James forecasts that the current share price will be 0.25 percent lower than the most recent price at which it closed, as indicated by its price target.
Commentary on FCX has recently been made available by several different brokerages. Royal Bank of Canada categorized the stock as “sector perform.” It decreased its price objective on Freeport-McMoRan shares from $35.00 to $34.00 in a research note published on Friday, October 21. The research note was made available to the public. The price goal had been previously set at $35.00. Deutsche Bank Aktiengesellschaft stated that they would be increasing their price target for Freeport-McMoRan shares from $30.00 to $35.00 in a research study released on November 23. The study was published online. The stock of Freeport-McMoRan was downgraded from “outperform” to “neutral” by BNP Paribas, and the investment bank also established a price objective of $29.00 for the company’s common shares. The findings of a research note were presented to the general public on Thursday, October 6. StockNews.com debuted its coverage of Freeport-McMoRan shares with the publication of a research note on October 12. The note marked the beginning of the website’s coverage of the company’s stock. They advised their clients to “hold” the stock moving forward. Barclays stated that they were lowering their price objective for Freeport-McMoRan to $23.00, and the announcement was made public in a research note published on October 20. This was the final and most vital part of the package. One analyst suggests purchasing the stock, eleven analysts suggest maintaining the current position, four analysts suggest buying the stock, and one analyst suggests selling the stock. According to information from Bloomberg.com, the stock is currently rated as “Hold,” and the average price objective is $38.40. This information was used to compile the average price objective for the stock.
During the middle of the day trading on Thursday, the NYSE: FCX rose $1.10 to $40.10.The number of shares that changed hands during that period was 539,268. That is a significant decrease from the daily average of 9,584,098 shares. The share price of Freeport-McMoRan has ranged in price over the past year, falling as low as $24.80 and rising as high as $51.99. The stock price has had a moving average of $37.13 for the previous fifty days and an average price of $32.20 for the previous 200 days. The firm’s beta value is 1.97, and its market capitalization is 57.32 billion dollars at present. The price-to-earnings ratio comes in at 15.27. Although the debt-to-equity ratio, current ratio, and quick ratio are equal to 0.40, the current ratio is 2.56, and the quick ratio is 1.76.
The most recent earnings report for Freeport-McMoRan, whose stock was traded under the ticker symbol “NYSE: FCX,” was released on October 20. The company’s stock was traded on the New York Stock Exchange. The company that operates in the natural resources sector reported earnings of $0.26 per share for the quarter, which is $0.08 less than the consensus estimate of $0.34 per share for the company’s earnings. The company’s sales for the quarter came in at $5 billion, which is significantly higher than the estimate made by the market, which was $4.91 billion. The return on equity for Freeport-McMoRan was 17.69%, and the net margin for the company was 16.72%. The numbers for the same quarter from the previous year show that the company’s sales were 17.8% lower than they were this time around. Profits per share for the company came in at $0.89 for the same period the year before. This year, earnings per share for Freeport-McMoRan are expected to come in at $2.27, according to projections made by analysts who follow the mining industry.
In other news, on December 2, Douglas N. Currault II, Vice President of the company, sold 75,000 shares of the company’s stock. This comes as no surprise to anyone. It was determined that each share was sold at an average price of $40.25, which led to a total sale volume of $3,018,750.00. The price at which each share was sold was determined. The Vice President currently has a personal holding of 136,432 shares of the company, which are estimated to be worth approximately $5,491,388. On the Securities and Exchange Commission’s (SEC) website, you can access the information submitted to the SEC regarding the transaction, which is currently available. Company insiders hold a total of 0.72 percent of the company’s stock.
Due to recent occurrences, institutional investors and hedge funds have either increased or decreased their ownership interests in the company, which has resulted in both scenarios. Charter Oak Capital Management LLC increased its holdings in Freeport-McMoRan during the second quarter by investing approximately $25,000 to preserve and expand its position in the company. In addition, a new investment in Freeport-McMoRan for $26,000 was made by Fairfield Bush & Co. during the first three months of this year. During the third quarter of the fiscal year, Founders Capital Management invested in Freeport-McMoRan, costing them $27,000. As a result, Assetmark Inc. increased the proportion of Freeport-McMoRan stock owned by 54.1% during the third quarter. Assetmark Inc. now has a total of 1,051 shares of the natural resource company after purchasing an additional 369 shares during the most recent quarter. The combined value of all of Assetmark Inc.’s shares of the natural resource company is $29,000. Last but not least, Crewe Advisors LLC spent close to thirty thousand dollars during the second quarter to acquire an additional stake in Freeport-McMoRan. Institutional investors and hedge funds hold 77.12% of the total number of shares in the company, making up the majority of the shareholders.
Freeport-McMoRan Inc. is a multinational mining corporation that primarily operates in Indonesia but also has operations in South America and North America. Oil and gas discovery, as well as the discovery of copper, gold, molybdenum, silver, and any other metals that may be present, are the primary goals of the company’s exploration efforts. Other secondary objectives include: its holdings include the Grasberg mining district in Indonesia, as well as the cities of Morenci, Bagdad, Safford, Sierrita, and Miami in the state of Arizona; the states of Tyrone and Chino, as well as Henderson and Climax in the United States; Cerro Verde in Peru; and El Abra in Chile. Additionally, it owns Cerro Verde in Peru and El Abra in Chile.

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