Freeport-McMoRan (NYSE:FCX) Price Target Lowered to $50.00 at BMO Capital Markets

Freeport-McMoRan (NYSE:FCX - Free Report) had its price target trimmed by BMO Capital Markets from $54.00 to $50.00 in a research note published on Friday,Benzinga reports. The firm currently has an outperform rating on the natural resource company's stock.

A number of other analysts also recently commented on FCX. Raymond James boosted their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an "outperform" rating in a report on Wednesday, October 23rd. Scotiabank reduced their price target on shares of Freeport-McMoRan from $52.00 to $48.00 and set a "sector perform" rating for the company in a research report on Monday, January 6th. Jefferies Financial Group cut Freeport-McMoRan from a "buy" rating to a "hold" rating and lowered their price target for the stock from $48.00 to $40.00 in a report on Friday. JPMorgan Chase & Co. reduced their price objective on Freeport-McMoRan from $55.00 to $48.00 and set a "neutral" rating for the company in a report on Thursday, January 16th. Finally, StockNews.com lowered Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Thursday, September 26th. Eight investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Freeport-McMoRan has an average rating of "Moderate Buy" and a consensus target price of $51.46.

Freeport-McMoRan Price Performance

Shares of FCX traded down $0.72 during mid-day trading on Friday, hitting $37.78. The company's stock had a trading volume of 19,073,988 shares, compared to its average volume of 10,110,935. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. Freeport-McMoRan has a 1-year low of $36.26 and a 1-year high of $55.24. The firm has a market capitalization of $54.29 billion, a P/E ratio of 27.58, a P/E/G ratio of 2.39 and a beta of 1.87. The firm has a 50-day simple moving average of $40.81 and a 200 day simple moving average of $43.95.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. Analysts predict that Freeport-McMoRan will post 1.42 EPS for the current fiscal year.

Institutional Trading of Freeport-McMoRan

A number of hedge funds have recently bought and sold shares of the company. First Dallas Securities Inc. lifted its stake in shares of Freeport-McMoRan by 0.5% during the 4th quarter. First Dallas Securities Inc. now owns 112,876 shares of the natural resource company's stock worth $4,298,000 after purchasing an additional 612 shares during the period. Calamos Wealth Management LLC lifted its position in Freeport-McMoRan by 6.0% during the fourth quarter. Calamos Wealth Management LLC now owns 7,047 shares of the natural resource company's stock worth $268,000 after buying an additional 401 shares during the period. abrdn plc boosted its stake in Freeport-McMoRan by 10.2% in the 4th quarter. abrdn plc now owns 1,258,896 shares of the natural resource company's stock worth $48,046,000 after buying an additional 116,695 shares during the last quarter. Childress Capital Advisors LLC grew its holdings in Freeport-McMoRan by 118.6% in the 4th quarter. Childress Capital Advisors LLC now owns 18,477 shares of the natural resource company's stock valued at $704,000 after buying an additional 10,025 shares during the period. Finally, Fourpath Capital Management LLC increased its stake in shares of Freeport-McMoRan by 14.2% during the 4th quarter. Fourpath Capital Management LLC now owns 6,336 shares of the natural resource company's stock valued at $241,000 after acquiring an additional 788 shares during the last quarter. Institutional investors and hedge funds 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.