CICC Research Has Lowered Expectations for Freeport-McMoRan (NYSE:FCX) Stock Price

Key Points

• CICC Research has reduced its target price for Freeport-McMoRan from $51.60 to $42.30 while maintaining an "outperform" rating, indicating an expected upside of 18.82% from the current stock price.
• Other analysts, including JPMorgan and Bank of America, have also lowered their price targets, with the average rating now classified as a "Moderate Buy."
• The company's stock has shown volatility, with a 1-year low of $27.66 and a high of $52.06, all amidst current market trading activity reflective of investor sentiment.

Freeport-McMoRan (NYSE:FCX - Get Free Report) had its target price lowered by investment analysts at CICC Research from $51.60 to $42.30 in a research note issued to investors on Friday,MarketScreener reports. The brokerage presently has an "outperform" rating on the natural resource company's stock. CICC Research's price objective points to a potential upside of 18.82% from the stock's previous close.

Other equities analysts have also issued research reports about the stock. JPMorgan Chase & Co. cut their price objective on shares of Freeport-McMoRan from $56.00 to $46.00 and set an "overweight" rating for the company in a research report on Thursday. BNP Paribas Exane dropped their price objective on Freeport-McMoRan from $56.00 to $52.00 and set an "outperform" rating on the stock in a report on Thursday. Bank of America cut shares of Freeport-McMoRan from a "buy" rating to a "neutral" rating and set a $42.00 price target for the company. in a research note on Wednesday. UBS Group reduced their price target on Freeport-McMoRan from $50.00 to $42.50 and set a "neutral" rating on the stock in a research report on Thursday. Finally, Wall Street Zen upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $46.74.

Freeport-McMoRan Trading Up 0.7%

Shares of NYSE:FCX opened at $35.60 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. Freeport-McMoRan has a 1 year low of $27.66 and a 1 year high of $52.06. The company has a market cap of $51.11 billion, a P/E ratio of 27.04, a PEG ratio of 0.70 and a beta of 1.59. The stock's fifty day moving average price is $43.28 and its 200-day moving average price is $40.53.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.09. The firm had revenue of $7.58 billion during the quarter, compared to the consensus estimate of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The firm's quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.46 earnings per share. Sell-side analysts expect that Freeport-McMoRan will post 1.68 earnings per share for the current year.

Institutional Investors Weigh In On Freeport-McMoRan

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Nuveen LLC purchased a new stake in shares of Freeport-McMoRan in the 1st quarter worth about $366,959,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in Freeport-McMoRan by 89.4% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 17,569,169 shares of the natural resource company's stock valued at $761,623,000 after buying an additional 8,292,873 shares during the last quarter. Amundi grew its stake in Freeport-McMoRan by 28.1% during the 1st quarter. Amundi now owns 27,635,497 shares of the natural resource company's stock worth $1,046,280,000 after buying an additional 6,054,537 shares during the last quarter. Crake Asset Management LLP lifted its position in Freeport-McMoRan by 2,140.8% in the first quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company's stock worth $224,496,000 after purchasing an additional 5,665,000 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its stake in Freeport-McMoRan by 17.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company's stock worth $1,421,549,000 after purchasing an additional 5,661,958 shares in the last quarter. 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.

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