Freeport-McMoRan (NYSE:FCX) Price Target Lowered to $50.00 at BMO Capital Markets

Freeport-McMoRan (NYSE:FCX) had its price target lowered by equities research analysts at BMO Capital Markets from $54.00 to $50.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the natural resource company’s stock. BMO Capital Markets’ target price would suggest a potential upside of 31.30% from the stock’s previous close.

A number of other brokerages have also weighed in on FCX. JPMorgan Chase & Co. dropped their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. Scotiabank cut their price objective 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. Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Finally, Raymond James lifted their price objective 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. Eight equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.68.

Freeport-McMoRan Stock Down 1.1 %

FCX traded down $0.42 on Friday, hitting $38.08. The company had a trading volume of 6,701,237 shares, compared to its average volume of 13,626,472. The stock has a market capitalization of $54.72 billion, a price-to-earnings ratio of 27.80, a P/E/G ratio of 2.39 and a beta of 1.87. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. The stock has a fifty day moving average price of $40.91 and a 200-day moving average price of $44.04. Freeport-McMoRan has a 12-month low of $36.26 and a 12-month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. Analysts predict that Freeport-McMoRan will post 1.42 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC raised its holdings in Freeport-McMoRan by 9.7% in the 3rd quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company’s stock valued at $8,219,000 after acquiring an additional 14,501 shares during the last quarter. Easterly Investment Partners LLC lifted its position in Freeport-McMoRan by 137.5% during the third quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company’s stock worth $7,375,000 after buying an additional 85,542 shares in the last quarter. Summit Global Investments grew its holdings in Freeport-McMoRan by 1,559.3% in the 3rd quarter. Summit Global Investments now owns 76,493 shares of the natural resource company’s stock valued at $3,819,000 after buying an additional 71,883 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Freeport-McMoRan during the 3rd quarter worth $754,000. Finally, AIA Group Ltd boosted its position in shares of Freeport-McMoRan by 16.2% during the 3rd quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company’s stock valued at $4,604,000 after acquiring an additional 12,887 shares during the last quarter. Hedge funds and other institutional investors 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.