In a report released yesterday, Chris LaFemina from Jefferies maintained a Buy rating on Freeport-McMoRan (FCX – Research Report), with a price target of $60.00. The company’s shares closed yesterday at $46.64.
LaFemina covers the Basic Materials sector, focusing on stocks such as Freeport-McMoRan, Vale SA, and First Quantum Minerals. According to TipRanks, LaFemina has an average return of 7.2% and a 54.99% success rate on recommended stocks.
The word on The Street in general, suggests a Hold analyst consensus rating for Freeport-McMoRan with a $39.75 average price target, implying a -14.77% downside from current levels. In a report released on January 17, Johnson Rice also maintained a Buy rating on the stock with a $52.00 price target.
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The company has a one-year high of $51.09 and a one-year low of $24.59. Currently, Freeport-McMoRan has an average volume of 13.35M.
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. Last month, Currault Douglas N. II, the SVP & GC of FCX sold 75,000.00 shares for a total of $3,018,750.00.
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Founded in 1987 and based in Arizona, Freeport-McMoRan, Inc. is a leading mining company, and focuses on exploring copper, gold, and molybdenum. Its portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits; and significant mining operations in North America and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru.
Read More on FCX:
- Unusually active option classes on open January 11th
- Freeport-McMoRan price target raised to $44 from $29 at Citi
- Freeport-McMoRan price target raised to $40 from $35 at Deutsche Bank
- Early notable gainers among liquid option names on January 6th
- Freeport McMoRan call volume above normal and directionally bullish