Freeport-McMoRan (NYSE:FCX) PT Lowered to $30.00 at Morgan Stanley

Freeport-McMoRan (NYSE:FCXGet Rating) had its target price lowered by equities researchers at Morgan Stanley from $39.00 to $30.00 in a research report issued to clients and investors on Wednesday, The Fly reports. The firm presently has an “equal weight” rating on the natural resource company’s stock. Morgan Stanley’s price objective points to a potential upside of 1.45% from the stock’s previous close.

Other equities analysts have also issued research reports about the company. Barclays upped their price target on Freeport-McMoRan from $28.00 to $29.00 in a research note on Thursday, April 21st. Credit Suisse Group raised Freeport-McMoRan from an “underperform” rating to a “neutral” rating and upped their target price for the company from $32.00 to $38.00 in a research report on Thursday, June 9th. Royal Bank of Canada boosted their price objective on shares of Freeport-McMoRan from $46.00 to $47.00 and gave the company a “sector perform” rating in a research note on Friday, April 22nd. Clarkson Capital reaffirmed a “neutral” rating on shares of Freeport-McMoRan in a research note on Tuesday, June 14th. Finally, Stifel Nicolaus upped their target price on shares of Freeport-McMoRan from $49.00 to $54.00 in a report on Thursday, March 17th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Hold” and an average target price of $47.31.

Shares of FCX stock opened at $29.57 on Wednesday. The company’s 50-day moving average is $39.22 and its 200 day moving average is $42.26. The company has a market capitalization of $42.85 billion, a price-to-earnings ratio of 8.57, a price-to-earnings-growth ratio of 0.30 and a beta of 2.02. Freeport-McMoRan has a one year low of $28.87 and a one year high of $51.99. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.68 and a current ratio of 2.37.

Freeport-McMoRan (NYSE:FCXGet Rating) last issued its quarterly earnings data on Thursday, April 21st. The natural resource company reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.19. The company had revenue of $6.60 billion during the quarter, compared to the consensus estimate of $6.29 billion. Freeport-McMoRan had a net margin of 20.79% and a return on equity of 24.06%. Freeport-McMoRan’s revenue for the quarter was up 36.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.51 earnings per share. As a group, research analysts predict that Freeport-McMoRan will post 3.92 earnings per share for the current fiscal year.

In other Freeport-McMoRan news, Director Dustan E. Mccoy sold 8,200 shares of Freeport-McMoRan stock in a transaction that occurred on Tuesday, May 31st. The stock was sold at an average price of $39.24, for a total value of $321,768.00. Following the transaction, the director now directly owns 134,400 shares of the company’s stock, valued at approximately $5,273,856. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Hugh Grant acquired 12,300 shares of the business’s stock in a transaction on Monday, April 25th. The shares were purchased at an average cost of $40.75 per share, for a total transaction of $501,225.00. Following the completion of the transaction, the director now owns 15,776 shares in the company, valued at approximately $642,872. The disclosure for this purchase can be found here. Company insiders own 0.72% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in FCX. Dark Forest Capital Management LP purchased a new stake in Freeport-McMoRan during the 3rd quarter worth approximately $68,000. Verition Fund Management LLC acquired a new position in shares of Freeport-McMoRan in the third quarter worth $379,000. United Capital Financial Advisers LLC raised its stake in Freeport-McMoRan by 27.7% in the third quarter. United Capital Financial Advisers LLC now owns 13,213 shares of the natural resource company’s stock valued at $430,000 after buying an additional 2,864 shares in the last quarter. National Asset Management Inc. lifted its holdings in shares of Freeport-McMoRan by 5.0% in the 3rd quarter. National Asset Management Inc. now owns 27,150 shares of the natural resource company’s stock valued at $889,000 after purchasing an additional 1,294 shares during the last quarter. Finally, Oaktree Capital Management LP acquired a new stake in Freeport-McMoRan during the 3rd quarter worth approximately $59,645,000. 77.37% of the stock is currently owned by institutional investors.

About Freeport-McMoRan (Get Rating)

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino 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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