Freeport-McMoRan (FCX) Stock Rating Lowered by Morgan Stanley

Freeport-McMoRan (NYSE:FCX) was downgraded by investment analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a note issued to investors on Wednesday.

A number of other equities analysts have also commented on the company. ValuEngine raised Freeport-McMoRan from a “sell” rating to a “hold” rating in a research note on Wednesday, January 30th. Raymond James dropped their price target on Freeport-McMoRan from $14.50 to $14.00 and set a “market perform” rating for the company in a research note on Friday, January 25th. Credit Suisse Group assumed coverage on Freeport-McMoRan in a research note on Wednesday, January 9th. They issued a “neutral” rating and a $12.00 price objective for the company. Zacks Investment Research lowered Freeport-McMoRan from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 8th. Finally, TheStreet lowered Freeport-McMoRan from a “b-” rating to a “c+” rating in a research note on Monday, November 19th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $16.15.

Freeport-McMoRan stock traded up $0.80 during midday trading on Wednesday, reaching $12.29. 36,166,207 shares of the stock traded hands, compared to its average volume of 26,733,396. Freeport-McMoRan has a 12 month low of $9.60 and a 12 month high of $19.74. The firm has a market cap of $16.88 billion, a PE ratio of 8.09 and a beta of 2.20. The company has a current ratio of 3.23, a quick ratio of 1.80 and a debt-to-equity ratio of 0.64.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, January 24th. The natural resource company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.07). Freeport-McMoRan had a net margin of 12.12% and a return on equity of 15.88%. The firm had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.86 billion. During the same period in the previous year, the company posted $0.51 earnings per share. Freeport-McMoRan’s quarterly revenue was down 26.9% on a year-over-year basis. As a group, equities research analysts forecast that Freeport-McMoRan will post 0.5 earnings per share for the current fiscal year.

Several large investors have recently bought and sold shares of the company. Gateway Investment Advisers LLC lifted its stake in shares of Freeport-McMoRan by 8.4% during the 4th quarter. Gateway Investment Advisers LLC now owns 67,882 shares of the natural resource company’s stock worth $700,000 after acquiring an additional 5,256 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Freeport-McMoRan by 3.6% during the 3rd quarter. Vanguard Group Inc. now owns 154,818,850 shares of the natural resource company’s stock worth $2,155,078,000 after acquiring an additional 5,375,340 shares during the last quarter. Commonwealth Bank of Australia lifted its stake in shares of Freeport-McMoRan by 61.3% during the 3rd quarter. Commonwealth Bank of Australia now owns 230,251 shares of the natural resource company’s stock worth $3,198,000 after acquiring an additional 87,500 shares during the last quarter. Morgan Stanley lifted its stake in shares of Freeport-McMoRan by 32.1% during the 3rd quarter. Morgan Stanley now owns 6,360,492 shares of the natural resource company’s stock worth $88,539,000 after acquiring an additional 1,546,116 shares during the last quarter. Finally, Iron Financial LLC bought a new stake in shares of Freeport-McMoRan during the 3rd quarter worth approximately $176,000. 70.49% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.

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Analyst Recommendations for Freeport-McMoRan (NYSE:FCX)

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