Freeport-McMoRan (NYSE:FCX) Price Target Cut to $45.00 by Analysts at Raymond James Financial

Freeport-McMoRan (NYSE:FCX) had its price target decreased by stock analysts at Raymond James Financial from $46.00 to $45.00 in a note issued to investors on Wednesday,MarketScreener reports. The firm presently has an “outperform” rating on the natural resource company’s stock. Raymond James Financial’s price objective indicates a potential upside of 7.93% from the stock’s current price.

FCX has been the subject of a number of other reports. BNP Paribas Exane lowered their target price on Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating for the company in a research note on Thursday, September 25th. Scotiabank upgraded shares of Freeport-McMoRan from a “sector perform” rating to a “sector outperform” rating and lowered their price objective for the company from $51.00 to $47.00 in a research report on Wednesday. Sanford C. Bernstein reduced their target price on shares of Freeport-McMoRan from $48.50 to $45.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 14th. Wall Street Zen lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Finally, Dbs Bank reduced their price objective on Freeport-McMoRan from $51.00 to $48.00 in a report on Thursday, October 2nd. Four research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $46.54.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $41.69 on Wednesday. Freeport-McMoRan has a 1-year low of $27.66 and a 1-year high of $49.12. The company has a 50 day moving average of $41.39 and a 200-day moving average of $41.84. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29. The firm has a market cap of $59.87 billion, a price-to-earnings ratio of 29.34, a PEG ratio of 0.94 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The business had revenue of $6.97 billion for the quarter, compared to analyst estimates of $6.74 billion. During the same period in the prior year, the company earned $0.38 EPS. Freeport-McMoRan’s revenue for the quarter was up 2.7% on a year-over-year basis. On average, equities analysts forecast that Freeport-McMoRan will post 1.68 earnings per share for the current fiscal year.

Institutional Trading of Freeport-McMoRan

Several institutional investors and hedge funds have recently made changes to their positions in FCX. Steigerwald Gordon & Koch Inc. acquired a new stake in shares of Freeport-McMoRan during the third quarter worth $25,000. Twin Peaks Wealth Advisors LLC acquired a new position in shares of Freeport-McMoRan during the 2nd quarter worth about $28,000. Salomon & Ludwin LLC increased its stake in shares of Freeport-McMoRan by 1,962.9% in the 3rd quarter. Salomon & Ludwin LLC now owns 722 shares of the natural resource company’s stock valued at $29,000 after acquiring an additional 687 shares during the last quarter. JPL Wealth Management LLC acquired a new stake in shares of Freeport-McMoRan in the 3rd quarter valued at approximately $33,000. Finally, Beacon Capital Management LLC boosted its stake in Freeport-McMoRan by 59.6% during the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock worth $38,000 after acquiring an additional 327 shares during the last quarter. 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.