Scotiabank Lowers Freeport-McMoRan (NYSE:FCX) Price Target to $48.00

Freeport-McMoRan (NYSE:FCX) had its target price cut by investment analysts at Scotiabank from $52.00 to $48.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “sector perform” rating on the natural resource company’s stock. Scotiabank’s price target points to a potential upside of 23.97% from the company’s previous close.

FCX has been the subject of several other reports. Raymond James boosted their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Morgan Stanley reduced their price target on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, September 19th. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. JPMorgan Chase & Co. upped their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. Finally, Jefferies Financial Group reduced their price target on Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating for the company in a research report on Monday. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $53.15.

Freeport-McMoRan Trading Up 2.7 %

Shares of FCX stock traded up $1.01 on Monday, reaching $38.72. The company had a trading volume of 9,920,782 shares, compared to its average volume of 9,441,924. 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 stock has a market cap of $55.64 billion, a PE ratio of 28.26, a PEG ratio of 3.00 and a beta of 1.87. The company has a 50-day moving average of $42.64 and a 200-day moving average of $44.96. Freeport-McMoRan has a 12 month low of $36.26 and a 12 month high of $55.24.

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% on a year-over-year basis. During the same period in the prior year, the business posted $0.39 EPS. On average, equities analysts forecast that Freeport-McMoRan will post 1.49 earnings per share for the current year.

Institutional Investors Weigh In On Freeport-McMoRan

A number of large investors have recently added to or reduced their stakes in the business. Hazlett Burt & Watson Inc. increased its position in Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after buying an additional 480 shares during the period. Spectrum Wealth Counsel LLC bought a new position in Freeport-McMoRan during the 2nd quarter worth $25,000. Matrix Trust Co bought a new position in Freeport-McMoRan during the 3rd quarter worth $25,000. University of Texas Texas AM Investment Management Co. bought a new position in Freeport-McMoRan during the 2nd quarter worth $27,000. Finally, Strategic Financial Concepts LLC bought a new position in Freeport-McMoRan during the 2nd quarter worth $29,000. 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.