Scotiabank Has Lowered Expectations for Freeport-McMoRan (NYSE:FCX) Stock Price

Freeport-McMoRan (NYSE:FCX) had its price target decreased by investment analysts at Scotiabank from $45.00 to $40.00 in a research report issued to clients and investors on Monday,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 37.49% from the stock’s previous close.

Other analysts have also issued reports about the company. Dbs Bank upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Jefferies Financial Group raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and boosted their target price for the stock from $40.00 to $48.00 in a research note on Thursday, February 27th. Sanford C. Bernstein lowered shares of 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 research report on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a report on Thursday, March 6th. Finally, Argus downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average price target of $51.25.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $29.09 on Monday. Freeport-McMoRan has a 1-year low of $27.66 and a 1-year high of $55.24. The firm’s 50-day moving average price is $37.35 and its two-hundred day moving average price is $41.41. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $41.81 billion, a price-to-earnings ratio of 22.55, a P/E/G ratio of 0.87 and a beta of 1.71.

Freeport-McMoRan (NYSE:FCX) last released its quarterly 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 return on equity of 7.50% and a net margin of 7.42%. On average, equities analysts predict that Freeport-McMoRan will post 1.68 earnings per share for the current fiscal year.

Institutional Trading of Freeport-McMoRan

Hedge funds have recently modified their holdings of the company. Continuum Advisory LLC increased its stake in Freeport-McMoRan by 46.8% in the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock valued at $37,000 after purchasing an additional 236 shares in the last quarter. Coppell Advisory Solutions LLC increased its position in shares of Freeport-McMoRan by 47.4% in the 4th quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company’s stock valued at $32,000 after buying an additional 268 shares in the last quarter. PFG Investments LLC raised its stake in Freeport-McMoRan by 1.3% during the 4th quarter. PFG Investments LLC now owns 22,910 shares of the natural resource company’s stock worth $872,000 after buying an additional 283 shares during the period. Palogic Value Management L.P. lifted its holdings in Freeport-McMoRan by 1.5% during the fourth quarter. Palogic Value Management L.P. now owns 20,277 shares of the natural resource company’s stock worth $772,000 after acquiring an additional 292 shares in the last quarter. Finally, SeaCrest Wealth Management LLC grew its stake in Freeport-McMoRan by 1.6% in the fourth quarter. SeaCrest Wealth Management LLC now owns 19,104 shares of the natural resource company’s stock valued at $727,000 after acquiring an additional 307 shares during the period. 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.