Deutsche Bank Aktiengesellschaft Lowers Freeport-McMoRan (NYSE:FCX) Price Target to $45.00

Key Points

• Deutsche Bank Aktiengesellschaft has reduced its price target for Freeport-McMoRan (FCX) from $47.00 to $45.00, maintaining a "buy" rating, which implies a potential upside of 16.19% from the stock's previous close.
• Other analysts have also adjusted their ratings, with BNP Paribas Exane and Raymond James lowering their price targets to $52.00 and $46.00, respectively, while Bank of America upgraded its rating to "buy" with a target of $42.00.
• Freeport-McMoRan’s stock currently holds an average analyst rating of "Moderate Buy," with a consensus target price of $46.47 and a recent share price opening at $38.73.

Freeport-McMoRan (NYSE:FCX - Get Free Report) had its price objective reduced by equities researchers at Deutsche Bank Aktiengesellschaft from $47.00 to $45.00 in a research note issued to investors on Thursday,MarketScreener reports. The firm currently has a "buy" rating on the natural resource company's stock. Deutsche Bank Aktiengesellschaft's target price points to a potential upside of 16.19% from the stock's previous close.

A number of other research analysts have also commented on the stock. BNP Paribas Exane dropped their price target on shares of Freeport-McMoRan from $56.00 to $52.00 and set an "outperform" rating on the stock in a research note on Thursday, September 25th. Raymond James Financial dropped their price target on shares of Freeport-McMoRan from $55.00 to $46.00 and set an "outperform" rating on the stock in a research note on Thursday, September 25th. Bank of America upgraded shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $42.00 price target on the stock in a research note on Tuesday. Clarkson Capital restated a "neutral" rating and set a $42.00 target price on shares of Freeport-McMoRan in a research report on Thursday, September 25th. Finally, Morgan Stanley lowered shares of Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and upped their target price for the stock from $45.00 to $54.00 in a research report on Tuesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and nine have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $46.47.

Freeport-McMoRan Price Performance

Shares of FCX opened at $38.73 on Thursday. Freeport-McMoRan has a 1-year low of $27.66 and a 1-year high of $51.19. The stock has a market cap of $55.61 billion, a PE ratio of 29.76, a price-to-earnings-growth ratio of 0.72 and a beta of 1.59. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. The firm has a fifty day moving average price of $42.69 and a 200 day moving average price of $40.54.

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in FCX. Nuveen LLC acquired a new position in Freeport-McMoRan during the 1st quarter valued at about $366,959,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in Freeport-McMoRan by 89.4% during 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 worth $761,623,000 after acquiring an additional 8,292,873 shares during the last quarter. Amundi boosted its position in shares of Freeport-McMoRan by 28.1% during the first 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 period. Crake Asset Management LLP boosted its position in shares of Freeport-McMoRan by 2,140.8% during 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 buying an additional 5,665,000 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Freeport-McMoRan by 17.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company's stock valued at $1,421,549,000 after purchasing an additional 5,661,958 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

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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