Freeport-McMoRan (NYSE:FCX) Stock Rating Lowered by Sanford C. Bernstein

Freeport-McMoRan (NYSE:FCX) was downgraded by analysts at Sanford C. Bernstein from an “outperform” rating to a “market perform” rating in a note issued to investors on Tuesday,Finviz reports. They currently have a $46.00 price objective on the natural resource company’s stock, down from their previous price objective of $51.00. Sanford C. Bernstein’s price target would indicate a potential upside of 19.33% from the company’s previous close.

Several other research analysts have also recently weighed in on FCX. Morgan Stanley decreased their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. Scotiabank decreased their target price on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating for the company in a research note on Monday. Raymond James raised their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Finally, JPMorgan Chase & Co. increased their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Seven research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $52.96.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $38.55 on Tuesday. Freeport-McMoRan has a 12 month low of $36.26 and a 12 month high of $55.24. The business’s fifty day simple moving average is $42.48 and its two-hundred day simple moving average is $44.89. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. The company has a market cap of $55.39 billion, a price-to-earnings ratio of 28.14, a P/E/G ratio of 3.00 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The company had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. During the same period last year, the company earned $0.39 EPS. Freeport-McMoRan’s revenue for the quarter was up 16.6% on a year-over-year basis. Research analysts anticipate that Freeport-McMoRan will post 1.49 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Freeport-McMoRan

Large investors have recently added to or reduced their stakes in the company. Deane Retirement Strategies Inc. raised its position in shares of Freeport-McMoRan by 0.4% during the 3rd quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company’s stock valued at $2,357,000 after purchasing an additional 201 shares during the period. Koshinski Asset Management Inc. raised its holdings in Freeport-McMoRan by 1.0% during the third quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company’s stock valued at $1,037,000 after acquiring an additional 214 shares during the period. Trust Co. of Vermont raised its holdings in Freeport-McMoRan by 5.2% during the third quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock valued at $228,000 after acquiring an additional 228 shares during the period. Fidelis Capital Partners LLC lifted its position in shares of Freeport-McMoRan by 2.0% in the third quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company’s stock valued at $560,000 after acquiring an additional 231 shares in the last quarter. Finally, Prospera Private Wealth LLC boosted its stake in shares of Freeport-McMoRan by 4.4% in the third quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock worth $277,000 after acquiring an additional 234 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

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.