Freeport-McMoRan (NYSE:FCX) Given New $45.00 Price Target at Scotiabank

Freeport-McMoRan (NYSE:FCX) had its price target decreased by analysts at Scotiabank from $48.00 to $45.00 in a research report issued on Friday,Benzinga reports. The firm presently has a “sector perform” rating on the natural resource company’s stock. Scotiabank’s price target indicates a potential upside of 19.10% from the company’s previous close.

Several other analysts have also recently issued reports on the company. JPMorgan Chase & Co. decreased their price objective on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Jefferies Financial Group cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and decreased their target price for the company from $48.00 to $40.00 in a research report on Friday. Raymond James lifted their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Finally, Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their target price for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. Eight research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average price target of $51.46.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock traded down $0.72 during mid-day trading on Friday, hitting $37.78. The stock had a trading volume of 18,225,545 shares, compared to its average volume of 14,440,075. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. The firm’s 50 day moving average is $40.91 and its 200 day moving average is $44.04. The firm has a market capitalization of $54.29 billion, a P/E ratio of 27.58, a P/E/G ratio of 2.39 and a beta of 1.87. Freeport-McMoRan has a one year low of $36.26 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. On average, sell-side analysts forecast that Freeport-McMoRan will post 1.42 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Matrix Trust Co bought a new position in Freeport-McMoRan in the third quarter worth approximately $25,000. University of Texas Texas AM Investment Management Co. bought a new stake in Freeport-McMoRan during the second quarter valued at about $27,000. Godsey & Gibb Inc. raised its holdings in Freeport-McMoRan by 150.4% in the third quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 346 shares in the last quarter. Laurel Wealth Advisors LLC boosted its holdings in shares of Freeport-McMoRan by 487.8% in the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after buying an additional 600 shares in the last quarter. Finally, Continuum Advisory LLC raised its stake in shares of Freeport-McMoRan by 46.8% during the 3rd quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock worth $37,000 after acquiring an additional 236 shares in 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.