Scotiabank Cuts Freeport-McMoRan (NYSE:FCX) Price Target to $52.00

Freeport-McMoRan (NYSE:FCX) had its price objective dropped by equities researchers at Scotiabank from $53.00 to $52.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “sector perform” rating on the natural resource company’s stock. Scotiabank’s target price would indicate a potential upside of 9.13% from the company’s current price.

FCX has been the subject of a number of other reports. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Raymond James boosted their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday. Morgan Stanley cut their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $54.00.

Freeport-McMoRan Trading Down 1.8 %

FCX traded down $0.88 during midday trading on Wednesday, hitting $47.65. 4,759,136 shares of the company were exchanged, compared to its average volume of 13,074,491. Freeport-McMoRan has a 1-year low of $32.83 and a 1-year high of $55.24. The firm has a market capitalization of $68.45 billion, a P/E ratio of 42.15, a P/E/G ratio of 2.03 and a beta of 1.90. The firm’s 50 day moving average price is $45.74 and its 200-day moving average price is $47.86. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. The firm had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The company’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.39 EPS. As a group, equities analysts forecast that Freeport-McMoRan will post 1.58 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Hazlett Burt & Watson Inc. increased its stake in Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after acquiring an additional 480 shares during the last quarter. Spectrum Wealth Counsel LLC bought a new position in Freeport-McMoRan in the second quarter valued at $25,000. Matrix Trust Co bought a new position in Freeport-McMoRan in the third quarter valued at $25,000. LRI Investments LLC bought a new position in Freeport-McMoRan in the first quarter valued at $26,000. Finally, Lynx Investment Advisory bought a new position in Freeport-McMoRan in the second quarter valued at $26,000. Institutional investors own 80.77% of the company’s stock.

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.