Freeport-McMoRan (NYSE:FCX) Upgraded by Deutsche Bank Aktiengesellschaft to Buy Rating

Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan (NYSE:FCX - Free Report) from a hold rating to a buy rating in a report issued on Thursday, Marketbeat reports. They currently have $47.00 price objective on the natural resource company's stock.

A number of other equities research analysts also recently weighed in on the stock. BMO Capital Markets reduced their price target on shares of Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating on the stock in a research note on Friday, January 24th. JPMorgan Chase & Co. dropped their price target on Freeport-McMoRan from $55.00 to $48.00 and set a "neutral" rating for the company in a research note on Thursday, January 16th. Scotiabank reduced their price objective on Freeport-McMoRan from $48.00 to $45.00 and set a "sector perform" rating on the stock in a research report on Friday, January 24th. Sanford C. Bernstein downgraded Freeport-McMoRan from an "outperform" rating to a "market perform" rating and dropped their target price for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. Finally, Argus lowered Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Friday, January 31st. Seven equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Freeport-McMoRan has a consensus rating of "Moderate Buy" and a consensus target price of $51.75.

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Freeport-McMoRan Price Performance

FCX stock traded down $2.47 during mid-day trading on Thursday, hitting $34.48. The stock had a trading volume of 21,423,601 shares, compared to its average volume of 15,322,937. The firm has a fifty day simple moving average of $38.06 and a 200 day simple moving average of $42.35. Freeport-McMoRan has a 52 week low of $33.98 and a 52 week high of $55.24. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $49.54 billion, a P/E ratio of 26.73, a P/E/G ratio of 0.87 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. As a group, research analysts forecast that Freeport-McMoRan will post 1.68 EPS for the current year.

Institutional Investors Weigh In On Freeport-McMoRan

A number of institutional investors have recently modified their holdings of FCX. Sanctuary Advisors LLC boosted its position in Freeport-McMoRan by 9.7% during the third quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company's stock valued at $8,219,000 after acquiring an additional 14,501 shares during the last quarter. Easterly Investment Partners LLC boosted its position in shares of Freeport-McMoRan by 137.5% during the 3rd quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company's stock valued at $7,375,000 after purchasing an additional 85,542 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Freeport-McMoRan during the third quarter worth approximately $754,000. Summit Global Investments grew its stake in Freeport-McMoRan by 1,559.3% during the third quarter. Summit Global Investments now owns 76,493 shares of the natural resource company's stock worth $3,819,000 after purchasing an additional 71,883 shares during the period. Finally, AIA Group Ltd increased its holdings in Freeport-McMoRan by 16.2% in the third quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company's stock worth $4,604,000 after purchasing an additional 12,887 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

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.