BMO Capital Markets Lowers Freeport-McMoRan (NYSE:FCX) Price Target to $50.00

Freeport-McMoRan (NYSE:FCXGet Free Report) had its price objective cut by research analysts at BMO Capital Markets from $54.00 to $50.00 in a research report issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the natural resource company’s stock. BMO Capital Markets’ price target indicates a potential upside of 32.33% from the company’s current price.

A number of other brokerages have also weighed in on FCX. Scotiabank cut their target price on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a research note on Monday, January 6th. Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. JPMorgan Chase & Co. lowered their target price on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Jefferies Financial Group cut Freeport-McMoRan from a “buy” rating to a “hold” rating and reduced their price target for the stock from $48.00 to $40.00 in a research note on Friday. Finally, StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Eight investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $51.46.

Check Out Our Latest Research Report on Freeport-McMoRan

Freeport-McMoRan Stock Down 1.9 %

Shares of NYSE:FCX opened at $37.78 on Friday. Freeport-McMoRan has a 1 year low of $36.26 and a 1 year high of $55.24. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. The stock’s 50-day moving average is $40.81 and its 200 day moving average is $43.90. The company has a market cap of $54.29 billion, a PE ratio of 27.58, a P/E/G ratio of 2.39 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCXGet Free Report) last announced its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. Sell-side analysts anticipate that Freeport-McMoRan will post 1.42 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of FCX. First Dallas Securities Inc. boosted its position in shares of Freeport-McMoRan by 0.5% during the fourth quarter. First Dallas Securities Inc. now owns 112,876 shares of the natural resource company’s stock valued at $4,298,000 after buying an additional 612 shares during the last quarter. Calamos Wealth Management LLC lifted its stake in shares of Freeport-McMoRan by 6.0% in the 4th quarter. Calamos Wealth Management LLC now owns 7,047 shares of the natural resource company’s stock worth $268,000 after purchasing an additional 401 shares during the period. abrdn plc boosted its holdings in shares of Freeport-McMoRan by 10.2% in the fourth quarter. abrdn plc now owns 1,258,896 shares of the natural resource company’s stock worth $48,046,000 after buying an additional 116,695 shares during the last quarter. Childress Capital Advisors LLC boosted its holdings in shares of Freeport-McMoRan by 118.6% in the fourth quarter. Childress Capital Advisors LLC now owns 18,477 shares of the natural resource company’s stock worth $704,000 after buying an additional 10,025 shares during the last quarter. Finally, Fourpath Capital Management LLC increased its holdings in Freeport-McMoRan by 14.2% during the fourth quarter. Fourpath Capital Management LLC now owns 6,336 shares of the natural resource company’s stock valued at $241,000 after buying an additional 788 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Freeport-McMoRan (NYSE:FCX)

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