Freeport-McMoRan (NYSE:FCX) Price Target Cut to $58.00

Freeport-McMoRan (NYSE:FCX) had its price target reduced by research analysts at Morgan Stanley from $60.00 to $58.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the natural resource company’s stock. Morgan Stanley’s price objective indicates a potential upside of 27.81% from the stock’s previous close.

Other equities analysts have also recently issued reports about the stock. Scotiabank reduced their price objective on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a research report on Monday, August 19th. Raymond James reduced their price objective on shares of Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a research report on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research report on Monday, June 10th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Four research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $52.79.

Freeport-McMoRan Stock Up 3.3 %

Shares of NYSE:FCX traded up $1.46 during midday trading on Thursday, hitting $45.38. The stock had a trading volume of 8,162,878 shares, compared to its average volume of 13,117,240. Freeport-McMoRan has a 12 month low of $32.83 and a 12 month high of $55.24. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. The business’s 50-day simple moving average is $43.82 and its 200-day simple moving average is $47.06. The company has a market cap of $65.19 billion, a P/E ratio of 40.14, a PEG ratio of 1.94 and a beta of 1.89.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The business had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. During the same period last year, the business earned $0.35 earnings per share. The firm’s revenue was up 15.5% on a year-over-year basis. On average, sell-side analysts forecast that Freeport-McMoRan will post 1.68 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Belpointe Asset Management LLC raised its stake in Freeport-McMoRan by 38.6% during the fourth quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock worth $719,000 after acquiring an additional 4,703 shares in the last quarter. Fisher Asset Management LLC raised its holdings in Freeport-McMoRan by 1.8% in the 4th quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock valued at $2,369,312,000 after buying an additional 976,592 shares during the last quarter. Oaktree Capital Management LP increased its position in Freeport-McMoRan by 7.8% during the 4th quarter. Oaktree Capital Management LP now owns 2,917,913 shares of the natural resource company’s stock valued at $124,216,000 after purchasing an additional 211,608 shares during the period. Norden Group LLC increased its position in Freeport-McMoRan by 1,823.1% during the 1st quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock valued at $11,750,000 after purchasing an additional 236,891 shares during the period. Finally, Vanguard Group Inc. increased its position in Freeport-McMoRan by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock valued at $5,675,241,000 after purchasing an additional 1,210,833 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

About Freeport-McMoRan

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.