JPMorgan Chase & Co. Lowers Freeport-McMoRan (NYSE:FCX) Price Target to $48.00

Freeport-McMoRan (NYSE:FCX) had its target price lowered by equities research analysts at JPMorgan Chase & Co. from $55.00 to $48.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the natural resource company’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 19.59% from the stock’s current price.

FCX has been the topic of several other research reports. Raymond James raised their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Morgan Stanley lowered their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. Jefferies Financial Group dropped their target price on Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a report on Monday, January 6th. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, Scotiabank reduced their price objective on Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating for the company in a research note on Monday, January 6th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.42.

Freeport-McMoRan Trading Down 0.2 %

NYSE FCX traded down $0.08 on Thursday, hitting $40.14. The company’s stock had a trading volume of 3,659,167 shares, compared to its average volume of 11,567,689. The firm has a market cap of $57.67 billion, a PE ratio of 29.37, a PEG ratio of 2.21 and a beta of 1.87. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. Freeport-McMoRan has a 1-year low of $36.26 and a 1-year high of $55.24. The company’s 50-day moving average is $41.15 and its 200 day moving average is $44.20.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The firm had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. During the same quarter in the prior year, the company posted $0.39 earnings per share. The business’s revenue was up 16.6% on a year-over-year basis. As a group, analysts predict that Freeport-McMoRan will post 1.47 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Freeport-McMoRan

Several institutional investors have recently added to or reduced their stakes in FCX. Mountaineer Partners Management LLC increased its position in shares of Freeport-McMoRan by 4,767.8% during the third quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock worth $595,702,000 after acquiring an additional 11,687,982 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Freeport-McMoRan by 142.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 4,279,517 shares of the natural resource company’s stock worth $162,964,000 after purchasing an additional 2,515,103 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Freeport-McMoRan by 9.5% during the third quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock valued at $1,348,522,000 after acquiring an additional 2,366,187 shares during the period. Los Angeles Capital Management LLC grew its position in Freeport-McMoRan by 423.5% in the 3rd quarter. Los Angeles Capital Management LLC now owns 2,788,111 shares of the natural resource company’s stock worth $139,183,000 after purchasing an additional 2,255,529 shares during the last quarter. Finally, Fisher Asset Management LLC increased its position in Freeport-McMoRan by 2.4% in the 3rd quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock valued at $2,965,717,000 after acquiring an additional 1,392,494 shares during the period. 80.77% of the stock is currently 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.