Freeport-McMoRan (NYSE:FCX) Price Target Lowered to $43.00 at HSBC

Key Points

• HSBC has lowered its price target for Freeport-McMoRan (NYSE:FCX) from $46.00 to $43.00, maintaining a "hold" rating, suggesting a 19.34% potential upside from the current price.
• Other brokerages have mixed ratings on the stock; Sanford C. Bernstein upgraded FCX to "outperform" with a $48.50 target, while JPMorgan cut its target to $46.00 but kept an "overweight" rating.
• Freeport-McMoRan reported earnings of $0.54 per share, exceeding estimates, with revenue of $7.58 billion, marking a 14.5% increase compared to the same quarter last year.

Freeport-McMoRan (NYSE:FCX - Get Free Report) had its price target lowered by equities research analysts at HSBC from $46.00 to $43.00 in a research report issued on Thursday,MarketScreener reports. The brokerage presently has a "hold" rating on the natural resource company's stock. HSBC's price objective would indicate a potential upside of 19.34% from the company's current price.

A number of other brokerages also recently weighed in on FCX. Sanford C. Bernstein upgraded Freeport-McMoRan from a "market perform" rating to an "outperform" rating and set a $48.50 price target for the company in a report on Thursday. JPMorgan Chase & Co. dropped 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 report on Thursday. Stifel Canada raised shares of Freeport-McMoRan to a "strong-buy" rating in a report on Tuesday, July 8th. Stifel Nicolaus started coverage on shares of Freeport-McMoRan in a report on Wednesday, July 9th. They set a "buy" rating and a $56.00 target price on the stock. Finally, Wall Street Zen raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $47.44.

Freeport-McMoRan Trading Down 4.4%

Shares of NYSE:FCX opened at $36.03 on Thursday. Freeport-McMoRan has a 12-month low of $27.66 and a 12-month high of $52.61. The stock has a market cap of $51.73 billion, a PE ratio of 27.36, a P/E/G ratio of 0.85 and a beta of 1.59. The business has a 50 day moving average of $43.46 and a 200-day moving average of $40.52. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) 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 business had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $6.85 billion. During the same quarter in the prior year, the business posted $0.46 earnings per share. The firm's quarterly revenue was up 14.5% compared to the same quarter last year. As a group, equities research analysts forecast that Freeport-McMoRan will post 1.68 earnings per share for the current year.

Institutional Trading of Freeport-McMoRan

Institutional investors and hedge funds have recently bought and sold shares of the stock. Twin Peaks Wealth Advisors LLC purchased a new stake in Freeport-McMoRan in the second quarter worth about $28,000. City Holding Co. bought a new position in shares of Freeport-McMoRan during the first quarter valued at approximately $33,000. Beacon Capital Management LLC increased its stake in shares of Freeport-McMoRan by 59.6% during 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 in the last quarter. Dagco Inc. bought a new position in shares of Freeport-McMoRan during the first quarter valued at approximately $37,000. Finally, MTM Investment Management LLC bought a new stake in shares of Freeport-McMoRan during the second quarter valued at approximately $43,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

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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