Freeport-McMoRan (NYSE:FCX) Price Target Cut to $48.00 by Analysts at Dbs Bank

Key Points

• Analysts at Dbs Bank have cut Freeport-McMoRan's price target from $51.00 to $48.00, indicating a potential upside of 23.94% from the current share price.
• The stock recently opened at $38.73 and has seen price adjustments from various analysts, with a consensus rating of "Moderate Buy" and an average target price of $46.47.
• Freeport-McMoRan reported a quarterly earnings per share (EPS) of $0.54, exceeding expectations and reflecting a 14.5% increase in revenue year over year.

Freeport-McMoRan (NYSE:FCX - Get Free Report) had its target price reduced by stock analysts at Dbs Bank from $51.00 to $48.00 in a research note issued to investors on Thursday,MarketScreener reports. Dbs Bank's price objective would indicate a potential upside of 23.94% from the company's current price.

Several other equities analysts have also recently weighed in on FCX. Wall Street Zen cut shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Friday, September 26th. Sanford C. Bernstein raised shares of Freeport-McMoRan from a "market perform" rating to an "outperform" rating and set a $48.50 price objective for the company in a research report on Thursday, September 25th. UBS Group dropped their price target on shares of Freeport-McMoRan from $50.00 to $42.50 and set a "neutral" rating for the company in a research report on Thursday, September 25th. BMO Capital Markets dropped their price objective on shares of Freeport-McMoRan from $54.00 to $48.00 and set an "outperform" rating for the company in a report on Wednesday, September 24th. Finally, BNP Paribas Exane dropped their price objective on shares of Freeport-McMoRan from $56.00 to $52.00 and set an "outperform" rating for the company in a report on Thursday, September 25th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, Freeport-McMoRan presently has a consensus rating of "Moderate Buy" and an average target price of $46.47.

Freeport-McMoRan Stock Performance

FCX opened at $38.73 on Thursday. The stock's 50 day simple moving average is $42.69 and its 200 day simple moving average is $40.54. 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 stock has a market cap of $55.61 billion, a P/E ratio of 29.76, a P/E/G ratio of 0.72 and a beta of 1.59. Freeport-McMoRan has a 1-year low of $27.66 and a 1-year high of $51.19.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings results 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 business had revenue of $7.58 billion for the quarter, compared to analysts' expectations of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The company's quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.46 earnings per share. As a group, equities analysts anticipate that Freeport-McMoRan will post 1.68 EPS for the current fiscal year.

Hedge Funds Weigh In On Freeport-McMoRan

A number of institutional investors have recently added to or reduced their stakes in the stock. Twin Peaks Wealth Advisors LLC acquired a new stake in shares of Freeport-McMoRan during the second quarter worth $28,000. City Holding Co. bought a new position in shares of Freeport-McMoRan in the first quarter valued at approximately $33,000. Dagco Inc. bought a new stake in Freeport-McMoRan during the first quarter valued at approximately $37,000. Beacon Capital Management LLC increased its stake 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 worth $38,000 after buying an additional 327 shares during the period. Finally, CKW Financial Group purchased a new position in Freeport-McMoRan during the 1st quarter valued at $40,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

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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