Freeport-McMoRan (NYSE:FCX) Upgraded at Deutsche Bank Aktiengesellschaft

Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan (NYSE:FCX [1] - Free Report [2]) from a hold rating to a buy rating in a report published on Thursday morning, MarketBeat Ratings [3] reports. Deutsche Bank Aktiengesellschaft currently has £47.00 price target on the natural resource company's stock. Several other equities analysts have also recently weighed in on FCX.

Sanford C. Bernstein cut shares of Freeport-McMoRan from an "outperform" rating to a "market perform" rating and decreased their target price for the company from £51.00 to £46.00 in a research note on Tuesday, January 7th. Argus cut shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Friday, January 31st.

Jefferies Financial Group raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and raised their target price for the company from £40.00 to £48.00 in a research note on Thursday, February 27th. BMO Capital Markets reduced their price objective on shares of Freeport-McMoRan from £54.00 to £50.00 and set an "outperform" rating for the company in a research report on Friday, January 24th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Freeport-McMoRan from £55.00 to £48.00 and set a "neutral" rating for the company in a research report on Thursday, January 16th.

Seven investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of £51.75. View Our Latest Research Report on FCX [4]

Freeport-McMoRan Price Performance

Shares of FCX [5] opened at £36.97 on Thursday.

Freeport-McMoRan has a twelve month low of £34.26 and a twelve month high of £55.24. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. The company has a 50 day moving average of £38.06 and a 200-day moving average of £42.36.

The stock has a market capitalization of £53.13 billion, a P/E ratio of 28.66, a P/E/G ratio of 0.87 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX [6] - Get Free Report [7]) last released its earnings results on Thursday, January 23rd. The natural resource company reported £0.31 earnings per share for the quarter, missing the consensus estimate of £0.36 by (£0.05). Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%.

As a group, equities research analysts forecast that Freeport-McMoRan will post 1.68 EPS for the current fiscal year.

Institutional Investors Weigh In On Freeport-McMoRan

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Freeport-McMoRan by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 123,219,298 shares of the natural resource company's stock worth £4,692,191,000 after buying an additional 642,776 shares in the last quarter.

Fisher Asset Management LLC lifted its holdings in shares of Freeport-McMoRan by 2.4% during the third quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company's stock worth £2,965,717,000 after buying an additional 1,392,494 shares in the last quarter. Price T Rowe Associates Inc.

MD raised its stake in Freeport-McMoRan by 21.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company's stock valued at £1,214,203,000 after purchasing an additional 5,735,171 shares in the last quarter.

Geode Capital Management LLC raised its stake in Freeport-McMoRan by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 29,579,298 shares of the natural resource company's stock valued at £1,122,922,000 after purchasing an additional 688,240 shares in the last quarter. Finally, Franklin Resources Inc. raised its stake in Freeport-McMoRan by 8.0% in the fourth quarter.

Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company's stock valued at £1,123,445,000 after purchasing an additional 2,191,926 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Company Profile

(Get Free Report [8]) 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.

Freeport-McMoRan (NYSE:FCX) Upgraded at Deutsche Bank Aktiengesellschaft

Freeport-McMoRan Price Performance

Institutional Investors Weigh In On Freeport-McMoRan

Freeport-McMoRan Company Profile

Further Reading

References