New Buy Rating for Freeport-McMoRan (FCX), the Basic Materials Giant
In a report released yesterday, Bill Peterson from J.P. Morgan maintained a Buy rating on Freeport-McMoRan, with a price target of $68.00.
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According to TipRanks, Peterson is a 4-star analyst with an average return of 8.0% and a 52.61% success rate. Peterson covers the Basic Materials sector, focusing on stocks such as Nucor, Freeport-McMoRan, and Alcoa.
Freeport-McMoRan has an analyst consensus of Strong Buy, with a price target consensus of $62.25.
Based on Freeport-McMoRan’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $5.63 billion and a net profit of $406 million. In comparison, last year the company earned a revenue of $5.88 billion and had a net profit of $274 million
Based on the recent corporate insider activity of 41 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of FCX in relation to earlier this year. Earlier this month, Maree E. Robertson, the EVP & CFO of FCX sold 58,854.00 shares for a total of $3,635,820.36.
Read More on FCX:
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- Freeport-McMoRan upgraded to Buy from Hold at Freedom Capital
- Freeport-McMoRan price target raised to $72 from $70 at Scotiabank
- Freeport-McMoRan enters MOU with Indonesia government, extends operating rights
- Mixed options sentiment in Freeport McMoRan with shares up 2.5%
- Mixed options sentiment in Freeport McMoRan with shares down 2.76%
