Morgan Stanley Lowers Freeport-McMoRan (NYSE:FCX) Price Target to $44.00

Freeport-McMoRan (NYSE:FCX) had its target price decreased by research analysts at Morgan Stanley from $46.00 to $44.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the natural resource company’s stock. Morgan Stanley’s target price suggests a potential upside of 10.09% from the stock’s current price.

FCX has been the subject of several other reports. Raymond James Financial lowered their price objective on Freeport-McMoRan from $55.00 to $46.00 and set an “outperform” rating for the company in a research report on Thursday, September 25th. UBS Group set a $48.00 price target on shares of Freeport-McMoRan and gave the company a “buy” rating in a research note on Friday, October 3rd. Scotiabank set a $47.00 price objective on shares of Freeport-McMoRan and gave the stock an “outperform” rating in a research report on Wednesday. Citigroup upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 target price for the company in a report on Wednesday, October 8th. Finally, Dbs Bank cut their price target on shares of Freeport-McMoRan from $51.00 to $48.00 in a research note on Thursday, October 2nd. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $46.68.

Freeport-McMoRan Stock Up 2.5%

FCX stock opened at $39.97 on Wednesday. The company’s 50 day moving average price is $41.39 and its 200 day moving average price is $41.84. The firm has a market capitalization of $57.39 billion, a price-to-earnings ratio of 28.15, a PEG ratio of 0.94 and a beta of 1.64. Freeport-McMoRan has a fifty-two week low of $27.66 and a fifty-two week high of $49.12. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.19 and a current ratio of 2.45.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.09. The business had revenue of $6.97 billion for the quarter, compared to analyst estimates of $6.74 billion. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The company’s revenue was up 2.7% on a year-over-year basis. During the same period last year, the business earned $0.38 EPS. On average, equities research analysts anticipate that Freeport-McMoRan will post 1.68 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP increased its position in Freeport-McMoRan by 190.9% in the 3rd quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock valued at $1,431,326,000 after acquiring an additional 23,950,557 shares during the period. Nuveen LLC purchased a new stake in shares of Freeport-McMoRan during the first quarter worth approximately $366,959,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in shares of Freeport-McMoRan by 89.4% during the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 17,569,169 shares of the natural resource company’s stock worth $761,623,000 after purchasing an additional 8,292,873 shares during the period. Amundi grew its position in Freeport-McMoRan by 28.1% in the 1st quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock valued at $1,046,280,000 after buying an additional 6,054,537 shares during the last quarter. Finally, Crake Asset Management LLP increased its stake in Freeport-McMoRan by 2,140.8% in the 1st quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company’s stock valued at $224,496,000 after buying an additional 5,665,000 shares during the period. 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.