Freeport-McMoRan (NYSE:FCX – Get Rating) was downgraded by equities researchers at Exane BNP Paribas from an “outperform” rating to a “neutral” rating in a research report issued to clients and investors on Tuesday, The Fly reports. They currently have a $50.00 price target on the natural resource company’s stock. Exane BNP Paribas’ target price would suggest a potential upside of 1.44% from the company’s previous close.
Other research analysts have also issued research reports about the company. Wolfe Research dropped their target price on Freeport-McMoRan from $47.00 to $45.00 and set an “outperform” rating on the stock in a report on Thursday, January 27th. Deutsche Bank Aktiengesellschaft lifted their price target on Freeport-McMoRan from $42.00 to $50.00 and gave the company a “hold” rating in a research note on Tuesday. StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Tuesday. Jefferies Financial Group lifted their price target on Freeport-McMoRan from $58.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, March 24th. Finally, BNP Paribas downgraded Freeport-McMoRan from an “outperform” rating to a “neutral” rating and set a $50.00 price target on the stock. in a research note on Tuesday. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Freeport-McMoRan presently has a consensus rating of “Hold” and a consensus price target of $44.80.
FCX stock traded down $1.61 during trading on Tuesday, hitting $49.29. 460,574 shares of the company’s stock were exchanged, compared to its average volume of 17,588,690. The business has a 50-day moving average price of $45.22 and a two-hundred day moving average price of $40.74. The stock has a market capitalization of $71.71 billion, a price-to-earnings ratio of 17.06, a PEG ratio of 0.46 and a beta of 2.00. Freeport-McMoRan has a 52-week low of $30.02 and a 52-week high of $51.99. The company has a current ratio of 2.52, a quick ratio of 1.75 and a debt-to-equity ratio of 0.39.
Freeport-McMoRan (NYSE:FCX – Get Rating) last posted its earnings results on Wednesday, January 26th. The natural resource company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). The business had revenue of $6.16 billion for the quarter, compared to analysts’ expectations of $6.48 billion. Freeport-McMoRan had a return on equity of 21.55% and a net margin of 18.85%. Freeport-McMoRan’s revenue for the quarter was up 37.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.38 EPS. On average, equities research analysts anticipate that Freeport-McMoRan will post 3.81 earnings per share for the current fiscal year.
In related news, CFO Kathleen L. Quirk sold 80,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 16th. The stock was sold at an average price of $44.02, for a total value of $3,521,600.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP C Donald Whitmire, Jr. sold 44,000 shares of the firm’s stock in a transaction on Wednesday, February 9th. The stock was sold at an average price of $43.44, for a total value of $1,911,360.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 164,670 shares of company stock worth $7,002,730. 0.72% of the stock is currently owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Tompkins Financial Corp boosted its holdings in shares of Freeport-McMoRan by 195.5% in the 4th quarter. Tompkins Financial Corp now owns 591 shares of the natural resource company’s stock worth $25,000 after acquiring an additional 391 shares in the last quarter. Raleigh Capital Management Inc. bought a new stake in shares of Freeport-McMoRan during the 4th quarter valued at $25,000. Key Financial Inc increased its holdings in shares of Freeport-McMoRan by 526.0% in the fourth quarter. Key Financial Inc now owns 626 shares of the natural resource company’s stock worth $26,000 after acquiring an additional 526 shares in the last quarter. JCIC Asset Management Inc. increased its holdings in shares of Freeport-McMoRan by 1,190.0% in the fourth quarter. JCIC Asset Management Inc. now owns 645 shares of the natural resource company’s stock worth $27,000 after acquiring an additional 595 shares in the last quarter. Finally, Rational Advisors LLC increased its holdings in shares of Freeport-McMoRan by 126.2% in the fourth quarter. Rational Advisors LLC now owns 656 shares of the natural resource company’s stock worth $27,000 after acquiring an additional 366 shares in the last quarter. 76.05% of the stock is currently owned by institutional investors and hedge funds.
About Freeport-McMoRan
Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.