Freeport-McMoRan (NYSE:FCX) Price Target Cut to $46.00 by Analysts at Raymond James Financial

Key Points

• Raymond James Financial has cut its price target for Freeport-McMoRan from $55.00 to $46.00, maintaining an "outperform" rating, which suggests a potential upside of 27.67% from the current stock price.
• Analysts show mixed sentiment towards Freeport-McMoRan, with two giving a "Strong Buy" rating, nine a "Buy" rating, and ten a "Hold" rating; the average target price is $47.44.
• Freeport-McMoRan reported a strong quarterly performance, exceeding earnings estimates with $0.54 earnings per share and a revenue of $7.58 billion, reflecting a 14.5% increase year-over-year.

Freeport-McMoRan (NYSE:FCX - Get Free Report) had its price target lowered by Raymond James Financial from $55.00 to $46.00 in a note issued to investors on Thursday,MarketScreener reports. The brokerage presently has an "outperform" rating on the natural resource company's stock. Raymond James Financial's price target would indicate a potential upside of 27.67% from the stock's current price.

Other research analysts have also recently issued reports about the company. Jefferies Financial Group reaffirmed a "buy" rating and set a $46.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday. Stifel Nicolaus started coverage on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. They set a "buy" rating and a $56.00 price objective for the company. Hsbc Global Res downgraded shares of Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 22nd. Stifel Canada raised shares of Freeport-McMoRan to a "strong-buy" rating in a research report on Tuesday, July 8th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Freeport-McMoRan from $56.00 to $46.00 and set an "overweight" rating on the stock in a research note on Thursday. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $47.44.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $36.03 on Thursday. 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 business has a 50-day simple moving average of $43.46 and a 200 day simple moving average of $40.52. The firm has a market capitalization of $51.73 billion, a price-to-earnings ratio of 27.36, a PEG ratio of 0.85 and a beta of 1.59. Freeport-McMoRan has a one year low of $27.66 and a one year high of $52.61.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The firm had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $6.85 billion. During the same quarter in the previous year, the business earned $0.46 EPS. The company's revenue was up 14.5% compared to the same quarter last year. On average, research analysts anticipate that Freeport-McMoRan will post 1.68 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Freeport-McMoRan

Several hedge funds have recently modified their holdings of FCX. Portside Wealth Group LLC grew its position in Freeport-McMoRan by 0.8% during the 2nd quarter. Portside Wealth Group LLC now owns 30,333 shares of the natural resource company's stock worth $1,315,000 after purchasing an additional 245 shares in the last quarter. Hollencrest Capital Management grew its position in Freeport-McMoRan by 0.6% during the 2nd quarter. Hollencrest Capital Management now owns 45,133 shares of the natural resource company's stock worth $1,957,000 after purchasing an additional 250 shares in the last quarter. Waterloo Capital L.P. grew its position in Freeport-McMoRan by 3.9% during the 2nd quarter. Waterloo Capital L.P. now owns 6,658 shares of the natural resource company's stock worth $289,000 after purchasing an additional 251 shares in the last quarter. Strengthening Families & Communities LLC grew its holdings in shares of Freeport-McMoRan by 0.6% during the 2nd quarter. Strengthening Families & Communities LLC now owns 42,617 shares of the natural resource company's stock valued at $1,822,000 after acquiring an additional 261 shares in the last quarter. Finally, WealthCollab LLC grew its holdings in shares of Freeport-McMoRan by 17.1% during the 2nd quarter. WealthCollab LLC now owns 1,820 shares of the natural resource company's stock valued at $79,000 after acquiring an additional 266 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company's stock.

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.

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