Freeport-McMoRan (NYSE:FCX) Price Target Lowered to $53.00 at Scotiabank

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

Several other research firms have also commented on FCX. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 price target on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price for the company in a report on Tuesday, April 9th. Raymond James increased their price objective on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the stock an “outperform” rating in a research report on Thursday, January 4th. JPMorgan Chase & Co. dropped their target price on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, HSBC increased their price target on Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a report on Tuesday. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $49.77.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock traded down $0.30 during trading on Wednesday, reaching $47.69. 6,768,782 shares of the stock traded hands, compared to its average volume of 13,839,442. The business has a fifty day simple moving average of $44.02 and a two-hundred day simple moving average of $40.14. Freeport-McMoRan has a 52-week low of $32.83 and a 52-week high of $52.42. The company has a market capitalization of $68.41 billion, a price-to-earnings ratio of 37.50, a P/E/G 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.

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

Hedge Funds Weigh In On Freeport-McMoRan

Large investors have recently added to or reduced their stakes in the company. Bruce G. Allen Investments LLC acquired a new stake in shares of Freeport-McMoRan in the 4th quarter worth $27,000. BluePath Capital Management LLC purchased a new stake in shares of Freeport-McMoRan in the 3rd quarter valued at $28,000. Jones Financial Companies Lllp increased its stake in shares of Freeport-McMoRan by 422.2% in the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after acquiring an additional 532 shares during the period. Vermillion & White Wealth Management Group LLC purchased a new position in shares of Freeport-McMoRan during the fourth quarter worth $32,000. Finally, EdgeRock Capital LLC acquired a new position in Freeport-McMoRan during the fourth quarter valued at $35,000. 80.77% of the stock is currently owned by institutional investors.

About Freeport-McMoRan

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.