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Freeport-McMoRan (NYSE:FCX) Downgraded by Jefferies Financial Group to "Hold"

Freeport-McMoRan logo with Basic Materials background

Freeport-McMoRan (NYSE:FCX - Get Free Report) was downgraded by Jefferies Financial Group from a "buy" rating to a "hold" rating in a note issued to investors on Friday, Marketbeat Ratings reports. They presently have a $40.00 target price on the natural resource company's stock, down from their previous target price of $48.00. Jefferies Financial Group's price objective suggests a potential upside of 5.86% from the company's current price.

Other analysts also recently issued reports about the company. Scotiabank decreased their price objective on Freeport-McMoRan from $52.00 to $48.00 and set a "sector perform" rating for the company in a report on Monday, January 6th. Sanford C. Bernstein cut Freeport-McMoRan from an "outperform" rating to a "market perform" rating and decreased their price target for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. Raymond James raised their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. reduced their target price on Freeport-McMoRan from $55.00 to $48.00 and set a "neutral" rating on the stock in a report on Thursday, January 16th. Finally, StockNews.com lowered shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Thursday, September 26th. Eight research 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 company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $51.46.

Get Our Latest Report on Freeport-McMoRan

Freeport-McMoRan Trading Down 1.9 %

Shares of FCX stock traded down $0.72 during mid-day trading on Friday, reaching $37.78. 19,073,988 shares of the stock traded hands, compared to its average volume of 14,496,670. The company has a market cap of $54.29 billion, a price-to-earnings ratio of 27.58, a price-to-earnings-growth ratio of 2.39 and a beta of 1.87. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The stock's fifty day simple moving average is $40.81 and its two-hundred day simple moving average is $43.95. Freeport-McMoRan has a 1-year low of $36.26 and a 1-year high of $55.24.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 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%. On average, research analysts anticipate that Freeport-McMoRan will post 1.42 EPS for the current fiscal year.

Institutional Investors Weigh In On Freeport-McMoRan

Several hedge funds and other institutional investors have recently modified their holdings of the company. Matrix Trust Co acquired a new position in Freeport-McMoRan during the third quarter worth $25,000. University of Texas Texas AM Investment Management Co. bought a new position in Freeport-McMoRan in the 2nd quarter valued at about $27,000. Laurel Wealth Advisors LLC lifted its position in Freeport-McMoRan by 487.8% in the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company's stock valued at $28,000 after acquiring an additional 600 shares in the last quarter. Godsey & Gibb Inc. increased its holdings in Freeport-McMoRan by 150.4% during the 3rd quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company's stock worth $29,000 after purchasing an additional 346 shares in the last quarter. Finally, Financial Life Planners purchased a new stake in shares of Freeport-McMoRan in the fourth quarter worth approximately $36,000. Institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Freeport-McMoRan (NYSE:FCX)

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