Freeport-McMoRan (NYSE:FCX) Price Target Lowered to $48.00 at JPMorgan Chase & Co.

Freeport-McMoRan (NYSE:FCX) had its price target decreased by research analysts at JPMorgan Chase & Co. from $55.00 to $48.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the natural resource company’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 19.88% from the company’s current price.

FCX has been the topic of several other reports. Scotiabank reduced their price target on Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a report on Monday, January 6th. Jefferies Financial Group reduced their target price on shares of Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Raymond James raised their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Finally, Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Seven research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $52.42.

Freeport-McMoRan Price Performance

FCX stock opened at $40.04 on Thursday. Freeport-McMoRan has a 1 year low of $36.26 and a 1 year high of $55.24. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. The stock has a market cap of $57.53 billion, a price-to-earnings ratio of 29.23, a P/E/G ratio of 2.13 and a beta of 1.87. The company has a 50 day simple moving average of $41.54 and a 200 day simple moving average of $44.43.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. The company had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. Freeport-McMoRan’s revenue was up 16.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.39 EPS. Research analysts anticipate that Freeport-McMoRan will post 1.46 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Clarius Group LLC increased its stake in Freeport-McMoRan by 12.8% in the fourth quarter. Clarius Group LLC now owns 8,823 shares of the natural resource company’s stock valued at $336,000 after purchasing an additional 999 shares in the last quarter. Aaron Wealth Advisors LLC increased its position in Freeport-McMoRan by 0.3% in the 4th quarter. Aaron Wealth Advisors LLC now owns 316,973 shares of the natural resource company’s stock valued at $12,070,000 after buying an additional 825 shares in the last quarter. TruWealth Advisors LLC raised its stake in Freeport-McMoRan by 1,513.4% during the 4th quarter. TruWealth Advisors LLC now owns 268,639 shares of the natural resource company’s stock worth $10,230,000 after buying an additional 251,989 shares during the period. HB Wealth Management LLC boosted its holdings in Freeport-McMoRan by 7.5% in the fourth quarter. HB Wealth Management LLC now owns 27,315 shares of the natural resource company’s stock worth $1,040,000 after acquiring an additional 1,897 shares in the last quarter. Finally, Shelton Wealth Management LLC grew its stake in Freeport-McMoRan by 41.2% in the fourth quarter. Shelton Wealth Management LLC now owns 26,130 shares of the natural resource company’s stock valued at $995,000 after acquiring an additional 7,620 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.