Freeport-McMoRan (FCX) Stock Rating Reaffirmed by Scotiabank

Freeport-McMoRan (NYSE:FCX)‘s stock had its “hold” rating reissued by investment analysts at Scotiabank in a note issued to investors on Monday. They currently have a $19.00 price target on the natural resource company’s stock. Scotiabank’s price objective indicates a potential downside of 2.61% from the stock’s current price.

A number of other research firms have also commented on FCX. FBR & Co restated a “neutral” rating and issued a $12.00 price target (down from $13.00) on shares of Freeport-McMoRan in a research report on Thursday, September 14th. CIBC started coverage on shares of Freeport-McMoRan in a research report on Friday, September 15th. They issued a “sector outperform” rating and a $18.00 price target on the stock. Jefferies Group restated a “buy” rating and issued a $19.00 price target (down from $23.00) on shares of Freeport-McMoRan in a research report on Wednesday, October 4th. Zacks Investment Research upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a research report on Tuesday, October 10th. Finally, Royal Bank of Canada set a $14.00 price target on shares of Freeport-McMoRan and gave the company a “hold” rating in a research report on Wednesday, October 11th. Two analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $15.80.

Freeport-McMoRan (FCX) traded up $0.59 during midday trading on Monday, reaching $19.51. 26,228,476 shares of the company were exchanged, compared to its average volume of 20,641,533. The company has a market capitalization of $28,240.00, a PE ratio of 27.10 and a beta of 2.51. Freeport-McMoRan has a twelve month low of $11.05 and a twelve month high of $19.99. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.32 and a current ratio of 2.02.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Wednesday, October 25th. The natural resource company reported $0.34 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.03. The business had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.06 billion. Freeport-McMoRan had a net margin of 6.20% and a return on equity of 13.35%. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.13 earnings per share. equities analysts predict that Freeport-McMoRan will post 1.09 EPS for the current year.

Hedge funds have recently made changes to their positions in the company. IHT Wealth Management LLC lifted its position in shares of Freeport-McMoRan by 27.1% during the second quarter. IHT Wealth Management LLC now owns 1,758 shares of the natural resource company’s stock worth $843,000 after purchasing an additional 375 shares in the last quarter. Sun Life Financial INC lifted its position in shares of Freeport-McMoRan by 96,340.0% during the second quarter. Sun Life Financial INC now owns 9,644 shares of the natural resource company’s stock worth $116,000 after purchasing an additional 9,634 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Freeport-McMoRan during the third quarter worth approximately $140,000. Rothschild Investment Corp IL acquired a new position in shares of Freeport-McMoRan during the third quarter worth approximately $147,000. Finally, Belpointe Asset Management LLC acquired a new position in shares of Freeport-McMoRan during the third quarter worth approximately $150,000. Institutional investors own 68.07% of the company’s stock.

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About Freeport-McMoRan

Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.

Analyst Recommendations for Freeport-McMoRan (NYSE:FCX)

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