Freeport-McMoRan (NYSE:FCX) Rating Lowered to “Hold” at Wall Street Zen

Freeport-McMoRan (NYSE:FCX) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.

FCX has been the topic of a number of other reports. Raymond James Financial reduced their price target on shares of Freeport-McMoRan from $55.00 to $46.00 and set an “outperform” rating on the stock in a research report on Thursday. Morgan Stanley lowered shares of Freeport-McMoRan from an “overweight” rating to an “equal weight” rating and boosted their price target for the company from $45.00 to $54.00 in a research report on Tuesday, July 15th. CICC Research reduced their price target on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a research report on Friday. Bank of America lowered shares of Freeport-McMoRan from a “buy” rating to a “neutral” rating and set a $42.00 price target on the stock. in a research report on Wednesday. Finally, Clarkson Capital restated a “neutral” rating and issued a $42.00 price target on shares of Freeport-McMoRan in a research report on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $46.74.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $35.76 on Friday. The stock has a market cap of $51.34 billion, a P/E ratio of 27.09, a PEG ratio of 0.68 and a beta of 1.59. The company’s 50-day simple moving average is $43.10 and its 200 day simple moving average is $40.55. Freeport-McMoRan has a twelve month low of $27.66 and a twelve month high of $52.06. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30.

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

Hedge Funds Weigh In On Freeport-McMoRan

Large investors have recently modified their holdings of the stock. Twin Peaks Wealth Advisors LLC acquired a new position in shares of Freeport-McMoRan during the second quarter worth approximately $28,000. City Holding Co. bought a new stake in shares of Freeport-McMoRan during the first quarter worth approximately $33,000. Beacon Capital Management LLC raised its stake in shares of Freeport-McMoRan by 59.6% during the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock worth $38,000 after buying an additional 327 shares during the last quarter. Dagco Inc. bought a new stake in shares of Freeport-McMoRan during the first quarter worth approximately $37,000. Finally, MTM Investment Management LLC bought a new stake in shares of Freeport-McMoRan during the second quarter worth approximately $43,000. 80.77% 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. 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.