Freeport-McMoRan (NYSE:FCX) Price Target Cut to $13.00

Freeport-McMoRan (NYSE:FCX) had its price target decreased by equities research analysts at JPMorgan Chase & Co. from $15.00 to $13.00 in a research report issued to clients and investors on Tuesday, BenzingaRatingsTable reports. The brokerage presently has a “neutral” rating on the natural resource company’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 17.12% from the stock’s previous close.

A number of other research analysts have also recently commented on FCX. Barclays set a $192.00 price target on Tesla and gave the company a “sell” rating in a research report on Tuesday, April 9th. BMO Capital Markets set a $32.00 price target on Axalta Coating Systems and gave the company a “hold” rating in a research report on Friday, April 26th. Zacks Investment Research cut Hollysys Automation Technologies from a “hold” rating to a “sell” rating in a research report on Thursday, April 11th. UBS Group set a $13.00 price target on Freeport-McMoRan and gave the company a “hold” rating in a research report on Wednesday, June 26th. Finally, ValuEngine cut Intersect ENT from a “buy” rating to a “hold” rating in a research report on Monday, June 3rd. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the stock. Freeport-McMoRan presently has an average rating of “Hold” and an average price target of $14.71.

FCX stock traded up $0.15 during midday trading on Tuesday, hitting $11.10. The company’s stock had a trading volume of 18,458,167 shares, compared to its average volume of 21,107,141. The company’s 50-day moving average is $10.72. The company has a current ratio of 2.79, a quick ratio of 1.41 and a debt-to-equity ratio of 0.56. Freeport-McMoRan has a 1 year low of $9.47 and a 1 year high of $17.80. The stock has a market cap of $16.38 billion, a PE ratio of 7.30 and a beta of 2.32.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, April 25th. The natural resource company reported $0.05 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.08 by ($0.03). Freeport-McMoRan had a return on equity of 10.31% and a net margin of 9.09%. The business had revenue of $3.79 billion during the quarter, compared to analysts’ expectations of $3.77 billion. During the same period in the prior year, the firm posted $0.46 EPS. The firm’s revenue for the quarter was down 22.1% on a year-over-year basis. Research analysts expect that Freeport-McMoRan will post 0.31 earnings per share for the current year.

In other news, Vice Chairman Richard C. Adkerson acquired 172,000 shares of Freeport-McMoRan stock in a transaction dated Thursday, June 6th. The shares were purchased at an average cost of $10.14 per share, for a total transaction of $1,744,080.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Harry M. Iv Conger sold 155,000 shares of the stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $10.51, for a total value of $1,629,050.00. Following the transaction, the chief operating officer now owns 416,382 shares in the company, valued at $4,376,174.82. The disclosure for this sale can be found here. 0.98% of the stock is owned by corporate insiders.

A number of hedge funds have recently modified their holdings of FCX. Hexavest Inc. purchased a new stake in Freeport-McMoRan during the 1st quarter valued at about $64,964,000. Brandywine Global Investment Management LLC boosted its holdings in Freeport-McMoRan by 181,362.5% during the 4th quarter. Brandywine Global Investment Management LLC now owns 3,215,516 shares of the natural resource company’s stock valued at $33,152,000 after acquiring an additional 3,213,744 shares during the period. Two Sigma Investments LP boosted its holdings in Freeport-McMoRan by 2,683.4% during the 4th quarter. Two Sigma Investments LP now owns 3,105,016 shares of the natural resource company’s stock valued at $32,013,000 after acquiring an additional 2,993,462 shares during the period. Two Sigma Advisers LP boosted its holdings in Freeport-McMoRan by 60.5% during the 4th quarter. Two Sigma Advisers LP now owns 4,954,802 shares of the natural resource company’s stock valued at $51,084,000 after acquiring an additional 1,868,604 shares during the period. Finally, PM CAPITAL Ltd boosted its holdings in Freeport-McMoRan by 287.1% during the 2nd quarter. PM CAPITAL Ltd now owns 2,321,720 shares of the natural resource company’s stock valued at $26,955,000 after acquiring an additional 1,722,000 shares during the period. Institutional investors own 72.46% of the company’s stock.

About Freeport-McMoRan

Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.

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Analyst Recommendations for Freeport-McMoRan (NYSE:FCX)

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