HSBC Has Lowered Expectations for Freeport-McMoRan (NYSE:FCX) Stock Price

Freeport-McMoRan (NYSE:FCX) had its price objective dropped by HSBC from $50.00 to $48.00 in a report released on Wednesday,MarketScreener reports. The brokerage presently has a “buy” rating on the natural resource company’s stock. HSBC’s target price would suggest a potential upside of 15.13% from the company’s current price.

FCX has been the topic of a number of other research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Freeport-McMoRan in a research report on Wednesday, October 8th. BMO Capital Markets decreased their target price on Freeport-McMoRan from $48.00 to $47.00 and set an “outperform” rating on the stock in a research report on Wednesday. UBS Group set a $48.00 price target on shares of Freeport-McMoRan and gave the company a “buy” rating in a research note on Friday, October 3rd. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Freeport-McMoRan from $47.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday, October 2nd. Finally, Morgan Stanley decreased their price objective on shares of Freeport-McMoRan from $46.00 to $44.00 and set an “overweight” rating on the stock in a report on Wednesday. Four research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $46.54.

Freeport-McMoRan Price Performance

NYSE:FCX opened at $41.69 on Wednesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.45 and a quick ratio of 1.19. The company has a 50 day moving average price of $41.39 and a 200-day moving average price of $41.84. Freeport-McMoRan has a 1-year low of $27.66 and a 1-year high of $49.12. The firm has a market cap of $59.87 billion, a price-to-earnings ratio of 29.34, a price-to-earnings-growth ratio of 0.94 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.41 by $0.09. The company had revenue of $6.97 billion for the quarter, compared to analyst estimates of $6.74 billion. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The firm’s revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the business earned $0.38 earnings per share. Equities research analysts forecast that Freeport-McMoRan will post 1.68 EPS for the current year.

Hedge Funds Weigh In On Freeport-McMoRan

Several hedge funds and other institutional investors have recently modified their holdings of FCX. Brighton Jones LLC boosted its holdings in shares of Freeport-McMoRan by 24.2% during the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after purchasing an additional 2,882 shares during the last quarter. Bison Wealth LLC raised its position in shares of Freeport-McMoRan by 5.6% during the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after buying an additional 507 shares during the period. PFG Advisors acquired a new position in Freeport-McMoRan in the first quarter valued at approximately $214,000. Universal Beteiligungs und Servicegesellschaft mbH grew its position in Freeport-McMoRan by 12.1% in the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 943,136 shares of the natural resource company’s stock worth $35,707,000 after acquiring an additional 102,043 shares during the period. Finally, Oak Thistle LLC purchased a new stake in Freeport-McMoRan in the first quarter valued at $1,924,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

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.