Freeport-McMoRan (NYSE:FCX) Cut to Market Perform at Sanford C. Bernstein

Freeport-McMoRan (NYSE:FCX) was downgraded by equities research analysts at Sanford C. Bernstein from an “outperform” rating to a “market perform” rating in a research note issued to investors on Tuesday,Finviz reports. They currently have a $46.00 target price on the natural resource company’s stock, down from their prior target price of $51.00. Sanford C. Bernstein’s price target would indicate a potential upside of 19.33% from the company’s current price.

A number of other equities analysts have also recently commented on FCX. Jefferies Financial Group dropped their price objective on shares of Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating for the company in a research note on Monday. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. JPMorgan Chase & Co. upped their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. Raymond James lifted their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Finally, Morgan Stanley decreased their price target on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $52.96.

Freeport-McMoRan Price Performance

NYSE:FCX opened at $38.55 on Tuesday. The business’s 50-day moving average is $42.48 and its 200 day moving average is $44.89. Freeport-McMoRan has a 12 month low of $36.26 and a 12 month high of $55.24. The company has a market capitalization of $55.39 billion, a P/E ratio of 28.14, a P/E/G ratio of 3.00 and a beta of 1.87. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The business had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. During the same period in the prior year, the firm earned $0.39 EPS. The company’s revenue for the quarter was up 16.6% on a year-over-year basis. On average, equities research analysts forecast that Freeport-McMoRan will post 1.49 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Freeport-McMoRan

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Hazlett Burt & Watson Inc. increased its stake in shares of Freeport-McMoRan by 1,170.7% during the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after buying an additional 480 shares during the period. Spectrum Wealth Counsel LLC purchased a new position in Freeport-McMoRan during the 2nd quarter valued at about $25,000. Matrix Trust Co bought a new stake in shares of Freeport-McMoRan in the 3rd quarter valued at about $25,000. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Freeport-McMoRan in the 2nd quarter valued at about $27,000. Finally, Strategic Financial Concepts LLC purchased a new stake in shares of Freeport-McMoRan in the 2nd quarter worth approximately $29,000. 80.77% of the stock is owned by institutional investors.

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.