Freeport-McMoRan Copper & Gold Price Target Cut to $41.00 by Analysts at Morgan Stanley (FCX)
Stock analysts at Morgan Stanley lowered their price target on shares of Freeport-McMoRan Copper & Gold (NYSE:FCX) from $43.00 to $41.00 in a report issued on Monday, StockRatingsNetwork reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price target suggests a potential upside of 22.57% from the company’s current price.
A number of other firms have also recently commented on FCX. Analysts at Wellington Shields initiated coverage on shares of Freeport-McMoRan Copper & Gold in a research note to investors on Thursday. They set a “buy” rating and a $41.00 price target on the stock. Separately, analysts at Deutsche Bank reiterated a “buy” rating on shares of Freeport-McMoRan Copper & Gold in a research note to investors on Wednesday, October 2nd. They now have a $38.00 price target on the stock, up previously from $35.00. Finally, analysts at Barclays Capital upgraded shares of Freeport-McMoRan Copper & Gold from a “market weight” rating to an “overweight” rating in a research note to investors on Monday, September 9th. Five research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $37.83.
Shares of Freeport-McMoRan Copper & Gold (NYSE:FCX) traded down 0.98% during mid-day trading on Monday, hitting $33.45. 11,102,304 shares of the company’s stock traded hands. Freeport-McMoRan Copper & Gold has a 1-year low of $26.37 and a 1-year high of $42.89. The stock’s 50-day moving average is $32.33 and its 200-day moving average is $30.76. The company has a market cap of $34.717 billion and a price-to-earnings ratio of 12.03.
Freeport-McMoRan Copper & Gold (NYSE:FCX) last announced its earnings results on Tuesday, July 23rd. The company reported $0.49 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.41 by $0.08. The company had revenue of $4.29 billion for the quarter, compared to the consensus estimate of $4.28 billion. During the same quarter last year, the company posted $0.74 earnings per share. Freeport-McMoRan Copper & Gold’s revenue was down 4.2% compared to the same quarter last year. On average, analysts predict that Freeport-McMoRan Copper & Gold will post $2.47 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, November 1st. Investors of record on Tuesday, October 15th will be paid a dividend of $0.31 per share. This represents a $1.25 annualized dividend and a dividend yield of 3.74%. The ex-dividend date is Thursday, October 10th.
Freeport-McMoRan Copper & Gold Inc (NYSE:FCX) is an international mining company.
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