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

Freeport-McMoRan (NYSE:FCX) had its price objective decreased by research 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 objective would indicate a potential upside of 23.81% from the company’s current price.

FCX has been the topic of a number of other research reports. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Jefferies Financial Group lowered their price target on shares of Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating for the company in a report on Monday. JPMorgan Chase & Co. upped their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Morgan Stanley lowered their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. Finally, Raymond James upped their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Seven 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. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $52.96.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $38.77 on Monday. Freeport-McMoRan has a 1-year low of $36.26 and a 1-year high of $55.24. The firm’s 50-day moving average price is $42.32 and its two-hundred day moving average price is $44.81. 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 capitalization of $55.71 billion, a price-to-earnings ratio of 28.30, a P/E/G ratio of 2.90 and a beta of 1.86.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.01. The firm had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The business’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.39 EPS. On average, equities analysts predict that Freeport-McMoRan will post 1.49 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Deane Retirement Strategies Inc. boosted its position in Freeport-McMoRan by 0.4% during the 3rd quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company’s stock worth $2,357,000 after acquiring an additional 201 shares during the last quarter. Koshinski Asset Management Inc. lifted its position in shares of Freeport-McMoRan by 1.0% in the third quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company’s stock worth $1,037,000 after purchasing an additional 214 shares in the last quarter. Trust Co. of Vermont boosted its holdings in Freeport-McMoRan by 5.2% during the third quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock worth $228,000 after purchasing an additional 228 shares during the last quarter. Fidelis Capital Partners LLC grew its position in Freeport-McMoRan by 2.0% in the third quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company’s stock valued at $560,000 after purchasing an additional 231 shares in the last quarter. Finally, Prospera Private Wealth LLC increased its stake in Freeport-McMoRan by 4.4% in the 3rd quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock valued at $277,000 after buying an additional 234 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

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.