Freeport-McMoRan (NYSE:FCX) Price Target Cut to $53.00 by Analysts at Scotiabank

Freeport-McMoRan (NYSE:FCX) had its price objective decreased by equities researchers at Scotiabank from $55.00 to $53.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a “sector outperform” rating on the natural resource company’s stock. Scotiabank’s price target points to a potential upside of 11.13% from the stock’s previous close.

A number of other research firms have also issued reports on FCX. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target on the stock in a report on Tuesday, April 9th. HSBC boosted their price objective on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research note on Tuesday. Raymond James raised their target price on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the stock an “outperform” rating in a research note on Thursday, January 4th. Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 price target on shares of Freeport-McMoRan in a report on Thursday, January 25th. Finally, Bernstein Bank lifted their price objective on Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a report on Tuesday. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $49.77.

Freeport-McMoRan Stock Down 0.6 %

Shares of Freeport-McMoRan stock traded down $0.30 during trading on Wednesday, hitting $47.69. 6,768,782 shares of the stock were exchanged, compared to its average volume of 13,839,442. The stock has a market cap of $68.41 billion, a price-to-earnings ratio of 37.50, a price-to-earnings-growth ratio of 2.25 and a beta of 2.04. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.42 and a quick ratio of 1.38. The firm’s 50-day moving average price is $44.02 and its 200 day moving average price is $40.14. Freeport-McMoRan has a 12-month low of $32.83 and a 12-month high of $52.42.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The firm had revenue of $6.32 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same period last year, the business earned $0.52 EPS. Freeport-McMoRan’s revenue for the quarter was up 17.3% compared to the same quarter last year. As a group, analysts forecast that Freeport-McMoRan will post 1.57 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Freeport-McMoRan

A number of large investors have recently bought and sold shares of FCX. CM Management LLC raised its stake in Freeport-McMoRan by 80.0% in the 3rd quarter. CM Management LLC now owns 36,000 shares of the natural resource company’s stock valued at $1,342,000 after purchasing an additional 16,000 shares during the last quarter. Signature Estate & Investment Advisors LLC grew its stake in Freeport-McMoRan by 6.4% in the 4th quarter. Signature Estate & Investment Advisors LLC now owns 345,917 shares of the natural resource company’s stock worth $14,726,000 after acquiring an additional 20,894 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Freeport-McMoRan by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,508,085 shares of the natural resource company’s stock valued at $279,977,000 after acquiring an additional 102,466 shares during the last quarter. Cadinha & Co. LLC lifted its stake in shares of Freeport-McMoRan by 59.0% during the 4th quarter. Cadinha & Co. LLC now owns 647,691 shares of the natural resource company’s stock worth $27,572,000 after purchasing an additional 240,340 shares during the period. Finally, Alphinity Investment Management Pty Ltd grew its position in shares of Freeport-McMoRan by 57.4% in the third quarter. Alphinity Investment Management Pty Ltd now owns 5,391,230 shares of the natural resource company’s stock valued at $201,039,000 after purchasing an additional 1,965,987 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.