CICC Research Lowers Freeport-McMoRan (NYSE:FCX) Price Target to $42.30

Freeport-McMoRan (NYSE:FCX) had its price objective cut by stock analysts at CICC Research from $51.60 to $42.30 in a report issued on Friday,MarketScreener reports. The firm currently has an “outperform” rating on the natural resource company’s stock. CICC Research’s price target would suggest a potential upside of 18.29% from the stock’s current price.

Other research analysts also recently issued reports about the stock. Jefferies Financial Group reissued a “buy” rating and set a $46.00 target price on shares of Freeport-McMoRan in a research report on Wednesday. BNP Paribas Exane reduced their price objective on Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating for the company in a report on Thursday. UBS Group lowered their target price on Freeport-McMoRan from $50.00 to $42.50 and set a “neutral” rating on the stock in a research note on Thursday. Wall Street Zen raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Saturday, July 26th. Finally, Hsbc Global Res lowered Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 22nd. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $46.74.

Freeport-McMoRan Stock Up 1.2%

Shares of NYSE:FCX opened at $35.76 on Friday. Freeport-McMoRan has a 1 year low of $27.66 and a 1 year high of $52.06. The company has a market capitalization of $51.34 billion, a PE ratio of 27.09, a price-to-earnings-growth ratio of 0.68 and a beta of 1.59. The business has a fifty day moving average price of $43.10 and a two-hundred day moving average price of $40.55. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The company had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $6.85 billion. During the same period in the previous year, the firm earned $0.46 EPS. The firm’s quarterly revenue was up 14.5% on a year-over-year basis. Analysts forecast that Freeport-McMoRan will post 1.68 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Twin Peaks Wealth Advisors LLC bought a new stake in Freeport-McMoRan during the 2nd quarter worth approximately $28,000. City Holding Co. purchased a new position in shares of Freeport-McMoRan during the 1st quarter valued at $33,000. Beacon Capital Management LLC increased its holdings in shares of Freeport-McMoRan by 59.6% in the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock worth $38,000 after purchasing an additional 327 shares during the period. Dagco Inc. purchased a new stake in shares of Freeport-McMoRan in the first quarter worth $37,000. Finally, MTM Investment Management LLC bought a new stake in Freeport-McMoRan during the second quarter valued at $43,000. Institutional investors 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.