Freeport-McMoRan (NYSE:FCX) Price Target Cut to $48.00 by Analysts at BMO Capital Markets

Key Points

• Analysts at BMO Capital Markets have reduced Freeport-McMoRan's (FCX) price target from $54.00 to $48.00, although they maintain an "outperform" rating, suggesting a potential upside of 25.04% from the previous close.
• Freeport-McMoRan's stock recently saw a 15.4% decline, trading down to $38.39 with a trading volume significantly higher than its average.
• Despite the recent price drop, Freeport-McMoRan reported a 14.5% year-over-year increase in revenue for the last quarter, posting $7.58 billion compared to earlier estimates.

Freeport-McMoRan (NYSE:FCX - Get Free Report) had its price objective decreased by equities research analysts at BMO Capital Markets from $54.00 to $48.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an "outperform" rating on the natural resource company's stock. BMO Capital Markets' target price indicates a potential upside of 25.04% from the company's previous close.

Other equities analysts have also issued reports about the company. Scotiabank raised their price target on Freeport-McMoRan from $48.00 to $52.00 and gave the stock a "sector outperform" rating in a report on Wednesday, July 9th. JPMorgan Chase & Co. raised their price target on Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a report on Wednesday, July 9th. Hsbc Global Res lowered Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 22nd. Royal Bank Of Canada lifted their price objective on Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a research note on Wednesday, June 4th. Finally, Wall Street Zen raised 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, nine have given a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, Freeport-McMoRan presently has a consensus rating of "Moderate Buy" and an average price target of $50.93.

Freeport-McMoRan Stock Down 15.4%

Shares of Freeport-McMoRan stock traded down $6.97 on Wednesday, hitting $38.39. The company had a trading volume of 60,179,449 shares, compared to its average volume of 15,582,024. The stock has a market capitalization of $55.11 billion, a price-to-earnings ratio of 29.01, a P/E/G ratio of 0.84 and a beta of 1.59. Freeport-McMoRan has a 1 year low of $27.66 and a 1 year high of $52.61. The stock has a 50 day moving average of $43.59 and a 200-day moving average of $40.54. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, topping 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 company's quarterly revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.46 earnings per share. As a group, sell-side analysts forecast that Freeport-McMoRan will post 1.68 earnings per share for the current year.

Institutional Trading of Freeport-McMoRan

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FCX. Twin Peaks Wealth Advisors LLC purchased a new stake in shares of Freeport-McMoRan in the second quarter worth about $28,000. City Holding Co. acquired a new stake in shares of Freeport-McMoRan in the first quarter valued at approximately $33,000. Dagco Inc. acquired a new stake in shares of Freeport-McMoRan in the first quarter valued at approximately $37,000. Beacon Capital Management LLC increased its holdings in shares of Freeport-McMoRan by 59.6% in the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company's stock valued at $38,000 after purchasing an additional 327 shares during the last quarter. Finally, CKW Financial Group acquired a new stake in shares of Freeport-McMoRan in the first quarter valued at approximately $40,000. Institutional investors and hedge funds 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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