BMO Capital Believes Freeport-McMoRan (NYSE: FCX) Still Has Room to Grow

In a report released today, David Gagliano from BMO Capital assigned a Buy rating to Freeport-McMoRan (FCXResearch Report), with a price target of $45.00. The company’s shares closed last Friday at $36.39, close to its 52-week high of $39.10.

According to, Gagliano is a 4-star analyst with an average return of 6.3% and a 48.1% success rate. Gagliano covers the Basic Materials sector, focusing on stocks such as Commercial Metals Company, United States Steel, and Steel Dynamics.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Freeport-McMoRan with a $40.17 average price target, implying a 12.6% upside from current levels. In a report issued on April 12, Deutsche Bank also maintained a Buy rating on the stock with a $36.00 price target.

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Freeport-McMoRan’s market cap is currently $50.72B and has a P/E ratio of 89.80. The company has a Price to Book ratio of 5.36.

Based on the recent corporate insider activity of 34 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.

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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.