Freeport-McMoRan (NYSE:FCX) Sets New 52-Week Low - Time to Sell?

Freeport-McMoRan Inc. (NYSE:FCX - Get Free Report) shares reached a new 52-week low on Tuesday . The stock traded as low as $36.20 and last traded at $36.23, with a volume of 1490283 shares. The stock had previously closed at $36.67.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on FCX shares. Raymond James increased their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. lowered their target price on Freeport-McMoRan from $55.00 to $48.00 and set a "neutral" rating on the stock in a research note on Thursday, January 16th. Jefferies Financial Group downgraded Freeport-McMoRan from a "buy" rating to a "hold" rating and dropped their target price for the stock from $48.00 to $40.00 in a research report on Friday. BMO Capital Markets decreased their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating on the stock in a report on Friday. Finally, Scotiabank decreased their price objective on shares of Freeport-McMoRan from $48.00 to $45.00 and set a "sector perform" rating on the stock in a research report on Friday. Eight analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $51.46.

Freeport-McMoRan Stock Down 2.4 %

The company's 50-day moving average is $40.51 and its 200 day moving average is $43.64. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $51.45 billion, a PE ratio of 26.13, a price-to-earnings-growth ratio of 2.39 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings data 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%. As a group, analysts anticipate that Freeport-McMoRan Inc. will post 1.42 EPS for the current year.

Institutional Investors Weigh In On Freeport-McMoRan

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Deane Retirement Strategies Inc. raised its position in Freeport-McMoRan by 0.4% during the third quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company's stock valued at $2,357,000 after acquiring an additional 201 shares in the last quarter. Koshinski Asset Management Inc. increased its stake in shares of Freeport-McMoRan by 1.0% in the 3rd quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company's stock worth $1,037,000 after acquiring an additional 214 shares during the last quarter. Trust Co. of Vermont lifted its holdings in Freeport-McMoRan by 5.2% in the third quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company's stock valued at $228,000 after acquiring an additional 228 shares during the last quarter. Fidelis Capital Partners LLC increased its position in shares of Freeport-McMoRan by 2.0% during the 3rd quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company's stock worth $560,000 after purchasing an additional 231 shares during the last quarter. Finally, Prospera Private Wealth LLC raised its position in Freeport-McMoRan by 4.4% in the third quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company's stock valued at $277,000 after purchasing an additional 234 shares during the period. 80.77% of the stock is owned by hedge funds and other 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.