JPMorgan Chase & Co. Issues Pessimistic Forecast for Freeport-McMoRan (NYSE:FCX) Stock Price

Freeport-McMoRan (NYSE:FCX) had its price target reduced by stock 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 target points to a potential upside of 19.21% from the stock’s current price.

Other research analysts have also recently issued reports about the stock. Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. Morgan Stanley decreased their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. Raymond James raised their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Finally, Jefferies Financial Group dropped their price objective on Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $52.42.

Freeport-McMoRan Stock Up 0.6 %

FCX stock opened at $40.27 on Thursday. The stock’s 50 day simple moving average is $41.25 and its 200 day simple moving average is $44.34. The company has a market cap of $57.86 billion, a P/E ratio of 29.39, a price-to-earnings-growth ratio of 2.13 and a beta of 1.87. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. Freeport-McMoRan has a fifty-two week low of $36.26 and a fifty-two week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The company had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. During the same period in the prior year, the firm earned $0.39 earnings per share. Freeport-McMoRan’s revenue for the quarter was up 16.6% on a year-over-year basis. On average, research analysts expect that Freeport-McMoRan will post 1.46 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

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

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.