Deutsche Bank Aktiengesellschaft Trims Freeport-McMoRan (NYSE:FCX) Target Price to $46.00

Freeport-McMoRan (NYSE:FCX) had its price target decreased by Deutsche Bank Aktiengesellschaft from $47.00 to $46.00 in a research note issued to investors on Thursday, The Fly reports. The firm currently has a “buy” rating on the natural resource company’s stock. Deutsche Bank Aktiengesellschaft’s price target would indicate a potential upside of 39.18% from the company’s current price.

Several other analysts also recently issued reports on FCX. Exane BNP Paribas downgraded Freeport-McMoRan from an “outperform” rating to a “neutral” rating in a report on Friday, June 4th. Raymond James set a $47.00 target price on Freeport-McMoRan and gave the company an “outperform” rating in a research note on Friday, July 23rd. Morgan Stanley lowered their target price on Freeport-McMoRan from $38.00 to $36.50 and set an “equal weight” rating on the stock in a research note on Friday, July 23rd. Barclays cut Freeport-McMoRan from an “equal weight” rating to an “underweight” rating and set a $29.00 target price on the stock. in a research note on Thursday, July 8th. Finally, Credit Suisse Group cut Freeport-McMoRan from a “neutral” rating to an “underperform” rating and set a $29.00 target price on the stock. in a research note on Friday, September 10th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $38.72.

NYSE FCX opened at $33.05 on Thursday. The stock’s 50-day moving average price is $35.62 and its two-hundred day moving average price is $36.95. The company has a current ratio of 2.28, a quick ratio of 1.52 and a debt-to-equity ratio of 0.41. The company has a market cap of $48.52 billion, a PE ratio of 17.30 and a beta of 2.08. Freeport-McMoRan has a 1 year low of $14.67 and a 1 year high of $46.10.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, July 22nd. The natural resource company reported $0.77 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.02. The firm had revenue of $5.75 billion for the quarter, compared to the consensus estimate of $5.83 billion. Freeport-McMoRan had a return on equity of 15.07% and a net margin of 14.98%. The business’s revenue for the quarter was up 88.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.03 EPS. Research analysts forecast that Freeport-McMoRan will post 2.96 EPS for the current fiscal year.

Institutional investors have recently made changes to their positions in the business. HWG Holdings LP acquired a new position in shares of Freeport-McMoRan during the second quarter worth approximately $25,000. Joseph P. Lucia & Associates LLC lifted its holdings in shares of Freeport-McMoRan by 250.0% during the second quarter. Joseph P. Lucia & Associates LLC now owns 700 shares of the natural resource company’s stock worth $26,000 after buying an additional 500 shares during the last quarter. Mizuho Securities Co. Ltd. lifted its holdings in shares of Freeport-McMoRan by 120.4% during the first quarter. Mizuho Securities Co. Ltd. now owns 787 shares of the natural resource company’s stock worth $26,000 after buying an additional 430 shares during the last quarter. Liberty Wealth Management LLC acquired a new position in shares of Freeport-McMoRan during the second quarter worth approximately $26,000. Finally, Montag A & Associates Inc. acquired a new position in shares of Freeport-McMoRan during the second quarter worth approximately $37,000. 76.90% of the stock is owned by hedge funds and other 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. The North America Copper Mines segment operates open-pit copper mines in Morenci, Bagdad, Safford, Sierrita and Miami in Arizona and Chino and Tyrone in New Mexico.

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