Freeport-McMoRan (NYSE:FCX) Earns Hold (C) Rating from Weiss Ratings

Key Points

• Freeport-McMoRan's stock has been given a "hold (c)" rating by Weiss Ratings, indicating analysts see limited upside at this time.
• Citigroup upgraded Freeport-McMoRan to a "buy" rating with a price target of $48.00, while other analysts have varied targets ranging from $42.00 to $56.00.
• The company reported $0.50 earnings per share (EPS) for the last quarter, exceeding expectations and reflecting a 2.7% year-over-year revenue growth to $6.97 billion.

Freeport-McMoRan (NYSE:FCX - Get Free Report)'s stock had its "hold (c)" rating restated by analysts at Weiss Ratings in a report issued on Saturday,Weiss Ratings reports.

A number of other equities research analysts have also issued reports on the stock. Citigroup raised shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $48.00 price objective for the company in a report on Wednesday, October 8th. Johnson Rice dropped their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 in a report on Monday, September 29th. Clarkson Capital reissued a "neutral" rating and issued a $42.00 price objective on shares of Freeport-McMoRan in a report on Thursday, September 25th. UBS Group set a $48.00 target price on shares of Freeport-McMoRan and gave the company a "buy" rating in a research report on Friday, October 3rd. Finally, BNP Paribas Exane decreased their target price on shares of Freeport-McMoRan from $56.00 to $52.00 and set an "outperform" rating on the stock in a research report on Thursday, September 25th. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $46.92.

Freeport-McMoRan Trading Up 0.3%

Shares of FCX traded up $0.11 during mid-day trading on Friday, reaching $41.34. The stock had a trading volume of 10,595,724 shares, compared to its average volume of 22,010,852. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.45 and a quick ratio of 1.21. Freeport-McMoRan has a 52-week low of $27.66 and a 52-week high of $49.21. The business's fifty day moving average is $42.55 and its 200 day moving average is $40.97. The firm has a market cap of $59.36 billion, a price-to-earnings ratio of 29.12, a P/E/G ratio of 0.96 and a beta of 1.58.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The firm had revenue of $6.97 billion during the quarter, compared to analyst estimates of $6.74 billion. During the same quarter in the prior year, the firm posted $0.38 earnings per share. Freeport-McMoRan's quarterly revenue was up 2.7% on a year-over-year basis. On average, sell-side analysts predict that Freeport-McMoRan will post 1.68 EPS for the current fiscal year.

Institutional Trading of Freeport-McMoRan

Several hedge funds have recently made changes to their positions in the business. Callan Family Office LLC increased its stake in shares of Freeport-McMoRan by 229.9% during the second quarter. Callan Family Office LLC now owns 26,983 shares of the natural resource company's stock worth $1,170,000 after buying an additional 18,803 shares during the period. Stratos Investment Management LLC increased its stake in shares of Freeport-McMoRan by 238.5% during the first quarter. Stratos Investment Management LLC now owns 64,519 shares of the natural resource company's stock worth $2,443,000 after buying an additional 45,458 shares during the period. Bourgeon Capital Management LLC increased its stake in shares of Freeport-McMoRan by 8.1% during the second quarter. Bourgeon Capital Management LLC now owns 331,549 shares of the natural resource company's stock worth $14,373,000 after buying an additional 24,803 shares during the period. Arizona State Retirement System increased its stake in shares of Freeport-McMoRan by 2.2% during the first quarter. Arizona State Retirement System now owns 421,469 shares of the natural resource company's stock worth $15,957,000 after buying an additional 8,989 shares during the period. Finally, Financial Sense Advisors Inc. increased its stake in shares of Freeport-McMoRan by 527.9% during the first quarter. Financial Sense Advisors Inc. now owns 76,127 shares of the natural resource company's stock worth $2,882,000 after buying an additional 64,003 shares during the period. Institutional investors and hedge funds own 80.77% of the company's stock.

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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