Freeport-McMoRan's (FCX) Neutral Rating Reaffirmed at Clarkson Capital

Key Points

• Clarkson Capital has reaffirmed a neutral rating for Freeport-McMoRan (FCX) with a price target of $42.00, indicating a potential upside of 11.23% from its previous close.
• Freeport-McMoRan reported a quarterly EPS of $0.54, surpassing estimates, while its revenue rose by 14.5% year-over-year to $7.58 billion.
• The stock has experienced a 16.8% decline recently, with a current ratio of 2.47 and market capitalization of $54.21 billion.

Freeport-McMoRan (NYSE:FCX - Get Free Report)'s stock had its "neutral" rating reissued by Clarkson Capital in a report released on Thursday. They currently have a $42.00 price objective on the natural resource company's stock. Clarkson Capital's price target would indicate a potential upside of 11.23% from the company's previous close.

FCX has been the subject of several other reports. Wall Street Zen upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. BMO Capital Markets decreased their price target on shares of Freeport-McMoRan from $54.00 to $48.00 and set an "outperform" rating for the company in a research note on Wednesday. Hsbc Global Res lowered shares of Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 22nd. Stifel Canada upgraded shares of Freeport-McMoRan to a "strong-buy" rating in a research note on Tuesday, July 8th. Finally, UBS Group lowered shares of Freeport-McMoRan from a "buy" rating to a "neutral" rating and increased their price target for the stock from $45.00 to $50.00 in a research note on Friday, July 11th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $48.97.

Freeport-McMoRan Stock Down 16.8%

Shares of NYSE FCX opened at $37.76 on Thursday. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. Freeport-McMoRan has a 12 month low of $27.66 and a 12 month high of $52.61. The firm has a market capitalization of $54.21 billion, a PE ratio of 28.61, a price-to-earnings-growth ratio of 0.85 and a beta of 1.59. The firm has a fifty day simple moving average of $43.46 and a two-hundred day simple moving average of $40.52.

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. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The business had revenue of $7.58 billion during the quarter, compared to analyst estimates of $6.85 billion. During the same period in the prior year, the business earned $0.46 EPS. The company's revenue for the quarter was up 14.5% on a year-over-year basis. Equities analysts expect that Freeport-McMoRan will post 1.68 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of Freeport-McMoRan by 1.6% during the second quarter. Vanguard Group Inc. now owns 126,983,947 shares of the natural resource company's stock valued at $5,504,754,000 after purchasing an additional 1,941,662 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Freeport-McMoRan by 3.2% in the second quarter. Fisher Asset Management LLC now owns 62,358,715 shares of the natural resource company's stock worth $2,703,250,000 after buying an additional 1,926,493 shares during the last quarter. State Street Corp boosted its holdings in shares of Freeport-McMoRan by 0.5% in the second quarter. State Street Corp now owns 61,787,174 shares of the natural resource company's stock worth $2,678,474,000 after buying an additional 320,514 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Freeport-McMoRan by 17.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company's stock worth $1,421,549,000 after buying an additional 5,661,958 shares during the last quarter. Finally, Amundi boosted its holdings in shares of Freeport-McMoRan by 28.1% in the first quarter. Amundi now owns 27,635,497 shares of the natural resource company's stock worth $1,046,280,000 after buying an additional 6,054,537 shares during the last quarter. 80.77% of the stock is 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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