Freeport-McMoRan (NYSE:FCX) PT Lowered to $51.00

Freeport-McMoRan (NYSE:FCX) had its price objective dropped by analysts at JPMorgan Chase & Co. from $52.00 to $51.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the natural resource company’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 3.24% from the stock’s current price.

Other equities research analysts also recently issued research reports about the stock. Sanford C. Bernstein raised shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $41.00 to $48.50 in a research report on Monday, January 8th. Bernstein Bank boosted their price objective on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research report on Tuesday. 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 report on Tuesday. Raymond James boosted their price objective on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a research report on Thursday, January 4th. Finally, Scotiabank boosted their price objective on shares of Freeport-McMoRan from $48.00 to $55.00 and gave the company a “sector outperform” rating in a research report on Tuesday, April 9th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $50.07.

Freeport-McMoRan Price Performance

FCX opened at $49.40 on Wednesday. The company has a 50-day moving average of $44.24 and a 200-day moving average of $40.20. The company has a market capitalization of $70.86 billion, a P/E ratio of 43.72, a PEG ratio of 2.20 and a beta of 2.04. Freeport-McMoRan has a 1-year low of $32.83 and a 1-year high of $52.42. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.38 and a current ratio of 2.35.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.05. The company had revenue of $6.32 billion during the quarter, compared to the consensus estimate of $5.70 billion. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The company’s revenue was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.52 EPS. Equities analysts expect that Freeport-McMoRan will post 1.57 EPS for the current fiscal year.

Institutional Trading of Freeport-McMoRan

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Freeport-McMoRan by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 119,369,409 shares of the natural resource company’s stock worth $4,451,285,000 after acquiring an additional 305,912 shares during the period. Capital Research Global Investors lifted its stake in shares of Freeport-McMoRan by 0.7% in the 4th quarter. Capital Research Global Investors now owns 59,752,726 shares of the natural resource company’s stock worth $2,543,676,000 after acquiring an additional 419,603 shares during the period. Fisher Asset Management LLC lifted its stake in shares of Freeport-McMoRan by 1.9% in the 4th quarter. Fisher Asset Management LLC now owns 55,710,695 shares of the natural resource company’s stock worth $2,371,604,000 after acquiring an additional 1,030,451 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Freeport-McMoRan by 7.9% in the 1st quarter. Bank of New York Mellon Corp now owns 21,157,118 shares of the natural resource company’s stock worth $994,808,000 after acquiring an additional 1,551,828 shares during the period. Finally, Northern Trust Corp lifted its stake in Freeport-McMoRan by 4.2% during the third quarter. Northern Trust Corp now owns 17,756,034 shares of the natural resource company’s stock valued at $662,123,000 after purchasing an additional 709,114 shares during the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

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.