Freeport-McMoRan (NYSE:FCX) Given New $45.00 Price Target at Scotiabank

Freeport-McMoRan (NYSE:FCX) had its price objective cut by Scotiabank from $48.00 to $45.00 in a report issued on Friday,Benzinga reports. They currently have a sector perform rating on the natural resource company’s stock.

Other analysts also recently issued reports about the company. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. JPMorgan Chase & Co. reduced their price target on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. Jefferies Financial Group cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $48.00 to $40.00 in a research report on Friday. 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 cut Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. Eight analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.46.

Freeport-McMoRan Trading Down 1.9 %

Shares of Freeport-McMoRan stock opened at $37.78 on Friday. The firm’s 50-day moving average price is $40.81 and its two-hundred day moving average price is $43.95. The company has a market capitalization of $54.29 billion, a price-to-earnings ratio of 27.58, a PEG ratio of 2.39 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 Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (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%. On average, analysts forecast that Freeport-McMoRan will post 1.42 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of FCX. Matrix Trust Co acquired a new position in Freeport-McMoRan in the third quarter valued at $25,000. University of Texas Texas AM Investment Management Co. acquired a new stake in Freeport-McMoRan during the 2nd quarter worth about $27,000. Laurel Wealth Advisors LLC raised its position in shares of Freeport-McMoRan by 487.8% in the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after acquiring an additional 600 shares in the last quarter. Godsey & Gibb Inc. lifted its stake in shares of Freeport-McMoRan by 150.4% in the 3rd quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 346 shares during the period. Finally, Financial Life Planners bought a new stake in shares of Freeport-McMoRan during the 4th quarter valued at about $36,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

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.