Freeport-McMoRan (NYSE:FCX) Given New $48.00 Price Target at Johnson Rice

Key Points

• Johnson Rice has reduced its price target for Freeport-McMoRan from $55.00 to $48.00, indicating a potential upside of 27.68% from the company's previous close.
• Other analysts have varying ratings and targets, with Royal Bank of Canada setting a target of $54.00 and Bank of America upgrading the stock and setting a target of $42.00.
• Freeport-McMoRan reported earnings of $0.54 per share, exceeding expectations, with revenue up 14.5% year-over-year at $7.58 billion.

Freeport-McMoRan (NYSE:FCX - Get Free Report) had its price target reduced by investment analysts at Johnson Rice from $55.00 to $48.00 in a research report issued on Monday,MarketScreener reports. Johnson Rice's price target would indicate a potential upside of 27.68% from the company's previous close.

Other analysts have also issued reports about the company. Royal Bank Of Canada boosted their price target on Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a report on Wednesday, June 4th. Bank of America upgraded Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $42.00 price target on the stock in a report on Tuesday. Scotiabank restated a "sector perform" rating and issued a $45.00 price target (down from $55.00) on shares of Freeport-McMoRan in a report on Thursday, September 25th. Clarkson Capital restated a "neutral" rating and issued a $42.00 price target on shares of Freeport-McMoRan in a report on Thursday, September 25th. Finally, JPMorgan Chase & Co. cut their price target on Freeport-McMoRan from $56.00 to $46.00 and set an "overweight" rating on the stock in a report on Thursday, September 25th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $46.81.

Freeport-McMoRan Stock Performance

FCX stock opened at $37.59 on Monday. The business's 50-day moving average price is $42.94 and its two-hundred day moving average price is $40.56. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The firm has a market cap of $53.97 billion, a PE ratio of 28.40, a P/E/G ratio of 0.68 and a beta of 1.59. Freeport-McMoRan has a 1-year low of $27.66 and a 1-year high of $51.45.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.09. The firm had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The company's revenue for the quarter 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. As a group, research analysts forecast that Freeport-McMoRan will post 1.68 earnings per share for the current year.

Institutional Investors Weigh In On Freeport-McMoRan

Large investors have recently added to or reduced their stakes in the stock. Twin Peaks Wealth Advisors LLC acquired a new stake in Freeport-McMoRan during the second quarter worth approximately $28,000. City Holding Co. acquired a new stake in Freeport-McMoRan during the first quarter worth approximately $33,000. Dagco Inc. acquired a new stake in Freeport-McMoRan during the first quarter worth approximately $37,000. Beacon Capital Management LLC grew its position in Freeport-McMoRan by 59.6% during the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company's stock worth $38,000 after buying an additional 327 shares in the last quarter. Finally, CKW Financial Group bought a new stake in Freeport-McMoRan during the first quarter worth $40,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.