Freeport-McMoRan (NYSE:FCX) Downgraded by Jefferies Financial Group to “Hold”

Jefferies Financial Group lowered shares of Freeport-McMoRan (NYSE:FCX) from a buy rating to a hold rating in a research note issued to investors on Friday, Marketbeat reports. They currently have $40.00 price objective on the natural resource company’s stock, down from their prior price objective of $48.00.

FCX has been the subject of a number of other reports. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. JPMorgan Chase & Co. lowered their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Scotiabank lowered their price target on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating for the company in a report on Monday, January 6th. Raymond James upped their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Finally, Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. Eight research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $51.46.

Freeport-McMoRan Trading Down 1.9 %

Shares of Freeport-McMoRan stock opened at $37.78 on Friday. Freeport-McMoRan has a 1 year low of $36.26 and a 1 year high of $55.24. The firm has a market cap of $54.29 billion, a PE ratio of 27.58, a PEG ratio of 2.39 and a beta of 1.87. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. The company has a 50 day simple moving average of $40.81 and a two-hundred day simple moving average of $43.95.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. Analysts expect that Freeport-McMoRan will post 1.42 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in FCX. Matrix Trust Co purchased a new stake in shares of Freeport-McMoRan in the 3rd quarter worth about $25,000. University of Texas Texas AM Investment Management Co. purchased a new stake in Freeport-McMoRan during the 2nd quarter valued at about $27,000. Godsey & Gibb Inc. grew its position in Freeport-McMoRan by 150.4% during the 3rd quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 346 shares during the last quarter. Laurel Wealth Advisors LLC grew its position in Freeport-McMoRan by 487.8% during the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after purchasing an additional 600 shares during the last quarter. Finally, Continuum Advisory LLC grew its position in Freeport-McMoRan by 46.8% during the 3rd quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock valued at $37,000 after purchasing an additional 236 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

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.