Freeport-McMoRan (NYSE:FCX) Given New $50.00 Price Target at BMO Capital Markets

Freeport-McMoRan (NYSE:FCX) had its price target lowered by BMO Capital Markets from $54.00 to $50.00 in a report published on Friday,Benzinga reports. The firm currently has an outperform rating on the natural resource company’s stock.

Several other brokerages have also recently weighed in on FCX. Raymond James lifted their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Scotiabank cut their target price on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating for the company in a report on Monday, January 6th. Jefferies Financial Group downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and lowered their price target for the stock from $48.00 to $40.00 in a report on Friday. JPMorgan Chase & Co. cut their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Finally, StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Eight equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average target price of $51.46.

Freeport-McMoRan Stock Down 1.9 %

FCX stock opened at $37.78 on Friday. The company has a market capitalization of $54.29 billion, a P/E ratio of 27.58, a price-to-earnings-growth ratio of 2.39 and a beta of 1.87. Freeport-McMoRan has a 12 month low of $36.26 and a 12 month high of $55.24. The firm’s fifty day simple moving average is $40.81 and its 200-day simple moving average is $43.95. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. As a group, equities research analysts forecast that Freeport-McMoRan will post 1.42 earnings per share for the current year.

Hedge Funds Weigh In On Freeport-McMoRan

A number of institutional investors and hedge funds have recently bought and sold shares of FCX. Sanctuary Advisors LLC grew its position in shares of Freeport-McMoRan by 9.7% in the third quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company’s stock valued at $8,219,000 after purchasing an additional 14,501 shares in the last quarter. Easterly Investment Partners LLC grew its holdings in Freeport-McMoRan by 137.5% in the 3rd quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company’s stock valued at $7,375,000 after buying an additional 85,542 shares in the last quarter. Summit Global Investments increased its stake in shares of Freeport-McMoRan by 1,559.3% in the 3rd quarter. Summit Global Investments now owns 76,493 shares of the natural resource company’s stock worth $3,819,000 after acquiring an additional 71,883 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Freeport-McMoRan during the 3rd quarter worth $754,000. Finally, AIA Group Ltd boosted its position in shares of Freeport-McMoRan by 16.2% during the 3rd quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company’s stock valued at $4,604,000 after acquiring an additional 12,887 shares during the last quarter. 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.