Freeport-McMoRan (NYSE:FCX) Sets New 52-Week Low – Here’s What Happened

Freeport-McMoRan Inc. (NYSE:FCX)’s stock price reached a new 52-week low during mid-day trading on Monday . The company traded as low as $34.25 and last traded at $34.26, with a volume of 11721844 shares trading hands. The stock had previously closed at $36.94.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Scotiabank lowered their price objective on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a research report on Friday, January 24th. BMO Capital Markets lowered their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, January 24th. Deutsche Bank Aktiengesellschaft raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a report on Thursday. JPMorgan Chase & Co. lowered 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. Finally, Jefferies Financial Group raised Freeport-McMoRan from a “hold” rating to a “buy” rating and increased their target price for the stock from $40.00 to $48.00 in a research note on Thursday, February 27th. Seven investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $51.75.

Freeport-McMoRan Stock Down 6.7 %

The firm has a market capitalization of $49.54 billion, a PE ratio of 26.73, a price-to-earnings-growth ratio of 0.87 and a beta of 1.87. The firm’s 50-day moving average is $38.06 and its 200 day moving average is $42.35. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Freeport-McMoRan

A number of institutional investors have recently made changes to their positions in the stock. Asset Planning Inc purchased a new stake in Freeport-McMoRan during the 4th quarter worth about $25,000. Mizuho Bank Ltd. acquired a new position in Freeport-McMoRan in the fourth quarter valued at $26,000. Vision Financial Markets LLC purchased a new position in Freeport-McMoRan during the fourth quarter worth about $27,000. Laurel Wealth Advisors LLC boosted its stake in Freeport-McMoRan by 487.8% in the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after buying an additional 600 shares during the last quarter. Finally, Roxbury Financial LLC purchased a new stake in Freeport-McMoRan in the 4th quarter valued at about $28,000. 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.