JPMorgan Chase & Co. Lowers Freeport-McMoRan (NYSE:FCX) Price Target to $48.00

Freeport-McMoRan (NYSE:FCX) had its price target reduced by stock analysts at JPMorgan Chase & Co. from $55.00 to $48.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the natural resource company’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 19.21% from the stock’s current price.

Other analysts have also issued reports about the company. Scotiabank reduced their price objective on 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. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Jefferies Financial Group lowered 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 report on Monday, January 6th. Raymond James raised their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Finally, Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Seven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.42.

Freeport-McMoRan Price Performance

FCX stock opened at $40.27 on Thursday. The company’s 50-day moving average price is $41.25 and its two-hundred day moving average price is $44.34. The firm has a market cap of $57.86 billion, a P/E ratio of 29.39, a P/E/G ratio of 2.13 and a beta of 1.87. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. Freeport-McMoRan has a 12 month low of $36.26 and a 12 month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The business had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. During the same period last year, the firm posted $0.39 earnings per share. The firm’s quarterly revenue was up 16.6% compared to the same quarter last year. On average, analysts anticipate that Freeport-McMoRan will post 1.46 earnings per share for the current fiscal year.

Institutional Trading of Freeport-McMoRan

Several institutional investors have recently added to or reduced their stakes in the stock. Deane Retirement Strategies Inc. grew its holdings in Freeport-McMoRan by 0.4% during the 3rd quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company’s stock worth $2,357,000 after acquiring an additional 201 shares during the period. Koshinski Asset Management Inc. boosted its position in shares of Freeport-McMoRan by 1.0% during the 3rd quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company’s stock valued at $1,037,000 after purchasing an additional 214 shares in the last quarter. Trust Co. of Vermont grew its stake in Freeport-McMoRan by 5.2% during the third quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock worth $228,000 after purchasing an additional 228 shares during the period. Fidelis Capital Partners LLC increased its holdings in Freeport-McMoRan by 2.0% in the third quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company’s stock worth $560,000 after purchasing an additional 231 shares in the last quarter. Finally, Prospera Private Wealth LLC lifted its stake in Freeport-McMoRan by 4.4% in the third quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock valued at $277,000 after buying an additional 234 shares during the period. 80.77% of the stock is currently owned by institutional investors.

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.