Freeport-McMoRan (NYSE:FCX) Stock Rating Lowered by Credit Suisse Group

Freeport-McMoRan (NYSE:FCX) was downgraded by research analysts at Credit Suisse Group from a “neutral” rating to an “underperform” rating in a research note issued on Tuesday, Marketbeat Ratings reports. They currently have a $10.00 target price on the natural resource company’s stock, down from their prior target price of $11.00. Credit Suisse Group’s target price indicates a potential downside of 23.02% from the stock’s current price. The analysts noted that the move was a valuation call.

A number of other brokerages have also recently issued reports on FCX. Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $14.00 target price on the stock in a report on Wednesday, November 13th. Clarkson Capital restated a “neutral” rating on shares of Freeport-McMoRan in a report on Monday, September 23rd. ValuEngine cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 3rd. BMO Capital Markets upgraded Freeport-McMoRan from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $12.00 to $17.00 in a report on Tuesday, December 17th. Finally, BNP Paribas initiated coverage on Freeport-McMoRan in a report on Friday, September 20th. They set an “outperform” rating on the stock. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $13.48.

Freeport-McMoRan stock traded up $0.01 during mid-day trading on Tuesday, hitting $12.99. The stock had a trading volume of 243,797 shares, compared to its average volume of 15,735,365. The stock has a 50-day simple moving average of $12.57 and a two-hundred day simple moving average of $10.84. The stock has a market capitalization of $19.17 billion, a PE ratio of 8.53 and a beta of 2.51. Freeport-McMoRan has a 12 month low of $8.43 and a 12 month high of $14.68. The company has a current ratio of 2.47, a quick ratio of 1.16 and a debt-to-equity ratio of 0.57.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Wednesday, October 23rd. The natural resource company reported ($0.01) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.01). Freeport-McMoRan had a positive return on equity of 0.91% and a negative net margin of 0.22%. The firm had revenue of $3.31 billion for the quarter, compared to analysts’ expectations of $3.49 billion. During the same quarter last year, the business earned $0.35 earnings per share. The company’s revenue was down 32.6% compared to the same quarter last year. Sell-side analysts expect that Freeport-McMoRan will post 0.01 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Legacy Capital Partners Inc. increased its holdings in Freeport-McMoRan by 1.9% in the 4th quarter. Legacy Capital Partners Inc. now owns 40,820 shares of the natural resource company’s stock worth $536,000 after purchasing an additional 780 shares in the last quarter. IHT Wealth Management LLC increased its holdings in Freeport-McMoRan by 6.4% in the 3rd quarter. IHT Wealth Management LLC now owns 20,387 shares of the natural resource company’s stock worth $195,000 after purchasing an additional 1,229 shares in the last quarter. Compagnie Lombard Odier SCmA increased its holdings in Freeport-McMoRan by 0.7% in the 2nd quarter. Compagnie Lombard Odier SCmA now owns 174,400 shares of the natural resource company’s stock worth $2,024,000 after purchasing an additional 1,244 shares in the last quarter. FinTrust Capital Advisors LLC increased its holdings in Freeport-McMoRan by 27.5% in the 3rd quarter. FinTrust Capital Advisors LLC now owns 6,313 shares of the natural resource company’s stock worth $60,000 after purchasing an additional 1,361 shares in the last quarter. Finally, State of Michigan Retirement System grew its position in shares of Freeport-McMoRan by 0.4% in the 3rd quarter. State of Michigan Retirement System now owns 348,823 shares of the natural resource company’s stock valued at $3,338,000 after buying an additional 1,500 shares during the last quarter. 71.11% of the stock is currently owned by institutional investors.

Freeport-McMoRan Company Profile

Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.

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Analyst Recommendations for Freeport-McMoRan (NYSE:FCX)

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