Freeport-McMoRan (NYSE:FCX) Sets New 12-Month Low – Here’s What Happened

Freeport-McMoRan Inc. (NYSE:FCX)’s stock price reached a new 52-week low on Monday . The stock traded as low as $35.17 and last traded at $35.24, with a volume of 94717 shares changing hands. The stock had previously closed at $35.85.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Jefferies Financial Group lowered Freeport-McMoRan from a “buy” rating to a “hold” rating and decreased their price target for the company from $48.00 to $40.00 in a report on Friday, January 24th. Argus lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday. Raymond James increased their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. BMO Capital Markets reduced their target price on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. Finally, Scotiabank reduced their target price on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a research note on Friday, January 24th. Nine equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $51.46.

Freeport-McMoRan Stock Performance

The business has a 50-day moving average of $40.06 and a two-hundred day moving average of $43.35. The company has a market cap of $51.71 billion, a P/E ratio of 27.90, a P/E/G ratio of 0.85 and a beta of 1.85. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. On average, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.75 EPS for the current fiscal year.

Institutional Investors Weigh In On Freeport-McMoRan

Institutional investors have recently added to or reduced their stakes in the business. Matrix Trust Co acquired a new stake in Freeport-McMoRan in the third quarter worth about $25,000. Asset Planning Inc acquired a new stake in Freeport-McMoRan in the fourth quarter worth about $25,000. Laurel Wealth Advisors LLC boosted its holdings in Freeport-McMoRan by 487.8% in the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after acquiring an additional 600 shares in the last quarter. Roxbury Financial LLC acquired a new stake in Freeport-McMoRan in the fourth quarter worth about $28,000. Finally, Godsey & Gibb Inc. boosted its holdings in Freeport-McMoRan by 150.4% in the third quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock worth $29,000 after acquiring an additional 346 shares in 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.