Scotiabank Cuts Freeport-McMoRan (NYSE:FCX) Price Target to $52.00

Freeport-McMoRan (NYSE:FCX) had its price objective reduced by research analysts at Scotiabank from $53.00 to $52.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “sector perform” rating on the natural resource company’s stock. Scotiabank’s price target suggests a potential upside of 11.02% from the company’s current price.

FCX has been the subject of several other research reports. JPMorgan Chase & Co. lifted their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Morgan Stanley lowered their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. Finally, UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their target price for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $46.84 on Wednesday. The firm has a market cap of $67.29 billion, a price-to-earnings ratio of 41.45, a PEG ratio of 2.03 and a beta of 1.90. Freeport-McMoRan has a 1-year low of $32.83 and a 1-year high of $55.24. The company has a 50 day moving average of $45.93 and a 200-day moving average of $47.85. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The firm had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. During the same quarter in the prior year, the firm earned $0.39 EPS. The company’s revenue was up 16.6% on a year-over-year basis. On average, equities analysts forecast that Freeport-McMoRan will post 1.58 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Freeport-McMoRan

A number of institutional investors have recently made changes to their positions in the company. Truist Financial Corp boosted its stake in Freeport-McMoRan by 22.8% in the 2nd quarter. Truist Financial Corp now owns 135,608 shares of the natural resource company’s stock valued at $6,591,000 after purchasing an additional 25,214 shares during the period. Norden Group LLC boosted its position in shares of Freeport-McMoRan by 1,823.1% in the first quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock valued at $11,750,000 after acquiring an additional 236,891 shares during the period. Vanguard Group Inc. grew its stake in shares of Freeport-McMoRan by 1.0% in the first quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock valued at $5,675,241,000 after acquiring an additional 1,210,833 shares in the last quarter. SageView Advisory Group LLC bought a new position in Freeport-McMoRan during the first quarter worth about $770,000. Finally, Verde Servicos Internacionais S.A. acquired a new stake in Freeport-McMoRan in the 3rd quarter worth about $5,515,000. 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.