Clarkson Capital downgraded shares of Freeport-McMoRan (NYSE:FCX) from a buy rating to a neutral rating in a report published on Tuesday, Marketbeat Ratings reports. The firm currently has $15.00 price target on the natural resource company’s stock.

FCX has been the subject of several other reports. Berenberg Bank restated a sell rating and issued a $15.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, May 23rd. Alembic Global Advisors upgraded shares of Freeport-McMoRan from a neutral rating to a buy rating in a report on Wednesday, May 23rd. ValuEngine lowered shares of Freeport-McMoRan from a hold rating to a sell rating in a report on Wednesday, July 25th. Deutsche Bank upgraded shares of Freeport-McMoRan from a sell rating to a hold rating in a report on Thursday, July 26th. Finally, Jefferies Financial Group restated a buy rating and issued a $24.00 price objective on shares of Freeport-McMoRan in a report on Thursday, July 26th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have issued a buy rating to the stock. Freeport-McMoRan presently has an average rating of Hold and an average price target of $17.81.

NYSE:FCX opened at $13.58 on Tuesday. Freeport-McMoRan has a 52 week low of $12.18 and a 52 week high of $20.25. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.72 and a quick ratio of 1.62. The firm has a market cap of $19.75 billion, a P/E ratio of 11.61 and a beta of 2.50.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Wednesday, July 25th. The natural resource company reported $0.58 EPS for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.04. Freeport-McMoRan had a net margin of 14.87% and a return on equity of 24.01%. The company had revenue of $5.17 billion during the quarter, compared to analyst estimates of $4.97 billion. During the same period in the prior year, the business posted $0.17 EPS. The firm’s revenue was up 39.3% compared to the same quarter last year. equities research analysts expect that Freeport-McMoRan will post 1.92 EPS for the current fiscal year.

A number of hedge funds have recently made changes to their positions in the stock. HRT Financial LLC purchased a new stake in Freeport-McMoRan during the 2nd quarter valued at about $179,000. LFA Lugano Financial Advisors SA purchased a new stake in Freeport-McMoRan during the 2nd quarter valued at about $381,000. Bank of New York Mellon Corp grew its position in Freeport-McMoRan by 28.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 27,267,197 shares of the natural resource company’s stock valued at $470,631,000 after purchasing an additional 6,041,164 shares during the last quarter. Schroder Investment Management Group grew its position in Freeport-McMoRan by 28.3% during the 2nd quarter. Schroder Investment Management Group now owns 209,758 shares of the natural resource company’s stock valued at $3,522,000 after purchasing an additional 46,265 shares during the last quarter. Finally, Public Employees Retirement System of Ohio grew its position in Freeport-McMoRan by 1.3% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 581,249 shares of the natural resource company’s stock valued at $10,032,000 after purchasing an additional 7,183 shares during the last quarter. 71.79% of the stock is currently owned by institutional investors.

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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