Freeport-McMoRan (NYSE:FCX) Price Target Cut to $41.00
Freeport-McMoRan (NYSE:FCX – Get Free Report) had its target price reduced by investment analysts at Morgan Stanley from $44.00 to $41.00 in a report released on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the natural resource company’s stock. Morgan Stanley’s price target would indicate a potential upside of 21.02% from […] Freeport-McMoRan (NYSE:FCX) had its target price reduced by investment analysts at Morgan Stanley from $44.00 to $41.00 in a report released on Friday. The brokerage currently has an “equal weight” rating on the natural resource company’s stock. Morgan Stanley's price target would indicate a potential upside of 21.02% from the current price. Other equities analysts have also issued research reports about the company. JPMorgan Chase & Co. started coverage on Freeport- McMoRAN on October 17th and have issued a “neutral” and a $42.00 target price on the stock. Raymond James raised their price target on the company from $43.00. America First Investment Advisors LLC recently purchased a new position in Freeport McRan worth about $25,000 and ICA Group Wealth Management LLC purchased shares worth approximately $28,000. The company reported $0.39 earnings per share for the quarter, surpassing the consensus estimate of $5.43 billion.
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Freeport-McMoRan (NYSE:FCX – Get Free Report) had its target price reduced by investment analysts at Morgan Stanley from $44.00 to $41.00 in a report released on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the natural resource company’s stock. Morgan Stanley’s price target would indicate a potential upside of 21.02% from the company’s current price.
Other equities analysts also recently issued research reports about the company. JPMorgan Chase & Co. started coverage on Freeport-McMoRan in a report on Tuesday, October 17th. They issued a “neutral” rating and a $42.00 target price on the stock. 3M reiterated an “initiates” rating on shares of Freeport-McMoRan in a research note on Thursday, June 29th. Stifel Nicolaus decreased their target price on Freeport-McMoRan from $49.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, August 22nd. Sanford C. Bernstein initiated coverage on Freeport-McMoRan in a report on Thursday, June 29th. They set a “market perform” rating and a $41.00 target price on the stock. Finally, Raymond James raised their price target on Freeport-McMoRan from $43.00 to $44.00 and gave the company an “outperform” rating in a report on Friday, July 21st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $42.50.
Get Our Latest Analysis on FCX
Freeport-McMoRan (NYSE:FCX – Get Free Report) last posted its quarterly earnings data on Thursday, October 19th. The natural resource company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.05. Freeport-McMoRan had a net margin of 9.50% and a return on equity of 9.98%. The business had revenue of $5.82 billion during the quarter, compared to the consensus estimate of $5.43 billion. During the same quarter in the prior year, the company posted $0.26 earnings per share. The company’s quarterly revenue was up 16.4% compared to the same quarter last year. Research analysts predict that Freeport-McMoRan will post 1.58 EPS for the current year.
Several hedge funds have recently made changes to their positions in FCX. America First Investment Advisors LLC purchased a new position in Freeport-McMoRan during the first quarter worth about $25,000. Fairfield Bush & CO. bought a new position in Freeport-McMoRan during the 1st quarter valued at approximately $26,000. KB Financial Partners LLC bought a new position in Freeport-McMoRan during the 1st quarter valued at approximately $26,000. Retirement Group LLC raised its position in Freeport-McMoRan by 97.1% during the 2nd quarter. Retirement Group LLC now owns 670 shares of the natural resource company’s stock valued at $27,000 after purchasing an additional 330 shares during the last quarter. Finally, ICA Group Wealth Management LLC purchased a new position in shares of Freeport-McMoRan during the 4th quarter worth approximately $28,000. 77.96% of the stock is currently owned by institutional investors.
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, as well as oil and gas. The company's 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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Tópicos: Markets, NYSE