JPMorgan Chase & Co. Cuts Freeport-McMoRan (NYSE:FCX) Price Target to $51.00

Freeport-McMoRan (NYSE:FCX) had its price objective cut by equities research analysts at JPMorgan Chase & Co. from $52.00 to $51.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the natural resource company’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 3.24% from the stock’s previous close.

Other equities analysts also recently issued reports about the stock. Scotiabank upped their price objective on shares of Freeport-McMoRan from $48.00 to $55.00 and gave the company a “sector outperform” rating in a report on Tuesday, April 9th. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 price target on shares of Freeport-McMoRan in a research note on Thursday, January 25th. Bernstein Bank upped their price target on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research note on Tuesday. Sanford C. Bernstein upgraded shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and upped their price target for the company from $41.00 to $48.50 in a research note on Monday, January 8th. Finally, HSBC increased their price objective on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a research note on Tuesday. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.07.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $49.40 on Wednesday. The company has a current ratio of 2.35, a quick ratio of 1.38 and a debt-to-equity ratio of 0.31. The firm’s fifty day moving average price is $44.24 and its two-hundred day moving average price is $40.20. Freeport-McMoRan has a 1 year low of $32.83 and a 1 year high of $52.42. The firm has a market capitalization of $70.86 billion, a P/E ratio of 43.72, a price-to-earnings-growth ratio of 2.20 and a beta of 2.04.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.05. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The firm had revenue of $6.32 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same period in the prior year, the firm posted $0.52 earnings per share. The company’s quarterly revenue was up 17.3% compared to the same quarter last year. As a group, research analysts anticipate that Freeport-McMoRan will post 1.57 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Tompkins Financial Corp raised its holdings in Freeport-McMoRan by 33.8% during the 1st quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock worth $37,000 after purchasing an additional 200 shares during the last quarter. MV Capital Management Inc. grew its position in shares of Freeport-McMoRan by 38.6% during the 1st quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock worth $37,000 after buying an additional 221 shares during the period. Mather Group LLC. grew its position in shares of Freeport-McMoRan by 1.3% during the 1st quarter. Mather Group LLC. now owns 17,417 shares of the natural resource company’s stock worth $819,000 after buying an additional 222 shares during the period. Archford Capital Strategies LLC grew its position in shares of Freeport-McMoRan by 1.3% during the 1st quarter. Archford Capital Strategies LLC now owns 18,489 shares of the natural resource company’s stock worth $869,000 after buying an additional 237 shares during the period. Finally, Hartford Financial Management Inc. grew its position in shares of Freeport-McMoRan by 1.5% during the 1st quarter. Hartford Financial Management Inc. now owns 16,302 shares of the natural resource company’s stock worth $767,000 after buying an additional 247 shares during the period. Institutional investors own 80.77% of the company’s stock.

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.