Scotiabank Lowers Freeport-McMoRan (NYSE:FCX) Price Target to $53.00

Freeport-McMoRan (NYSE:FCX) had its price target dropped by investment analysts at Scotiabank from $55.00 to $53.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has a “sector outperform” rating on the natural resource company’s stock. Scotiabank’s price objective points to a potential upside of 7.29% from the stock’s previous close.

Several other equities analysts have also commented on FCX. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 target price on shares of Freeport-McMoRan in a research note on Thursday, January 25th. JPMorgan Chase & Co. dropped their target price on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research note on Wednesday. Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target for the company in a research note on Tuesday, April 9th. Bernstein Bank upped their price target on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, Sanford C. Bernstein upgraded Freeport-McMoRan from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $41.00 to $48.50 in a research note on Monday, January 8th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus target price of $50.07.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $49.40 on Wednesday. The firm has a market capitalization of $70.86 billion, a P/E ratio of 43.72, a PEG ratio of 2.20 and a beta of 2.04. The stock has a fifty day moving average price of $44.24 and a 200 day moving average price of $40.20. Freeport-McMoRan has a 52 week low of $32.83 and a 52 week high of $52.42. The company has a current ratio of 2.35, a quick ratio of 1.38 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.27 by $0.05. The firm had revenue of $6.32 billion during the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The business’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.52 earnings per share. Equities research analysts anticipate that Freeport-McMoRan will post 1.57 earnings per share for the current year.

Institutional Investors Weigh In On Freeport-McMoRan

A number of large investors have recently modified their holdings of the stock. Avior Wealth Management LLC boosted its holdings in Freeport-McMoRan by 41.2% in the third quarter. Avior Wealth Management LLC now owns 1,680 shares of the natural resource company’s stock valued at $63,000 after purchasing an additional 490 shares during the last quarter. CX Institutional boosted its holdings in Freeport-McMoRan by 6.2% in the third quarter. CX Institutional now owns 10,244 shares of the natural resource company’s stock valued at $382,000 after purchasing an additional 597 shares during the last quarter. Fiduciary Alliance LLC boosted its holdings in Freeport-McMoRan by 12.8% in the third quarter. Fiduciary Alliance LLC now owns 184,685 shares of the natural resource company’s stock valued at $6,887,000 after purchasing an additional 20,931 shares during the last quarter. Czech National Bank boosted its holdings in Freeport-McMoRan by 47.7% in the third quarter. Czech National Bank now owns 250,570 shares of the natural resource company’s stock valued at $9,344,000 after purchasing an additional 80,898 shares during the last quarter. Finally, Aaron Wealth Advisors LLC boosted its holdings in Freeport-McMoRan by 4.7% in the third quarter. Aaron Wealth Advisors LLC now owns 279,168 shares of the natural resource company’s stock valued at $10,410,000 after purchasing an additional 12,414 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

About Freeport-McMoRan

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.