Freeport-McMoRan (NYSE:FCX) Shares Down 6% on Disappointing Earnings

Freeport-McMoRan Inc. (NYSE:FCX)’s stock price was down 6% on Thursday following a dissappointing earnings announcement. The stock traded as low as $36.56 and last traded at $36.76. Approximately 4,101,134 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 12,150,418 shares. The stock had previously closed at $39.09.

The natural resource company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%.

Analysts Set New Price Targets

A number of research firms have issued reports on FCX. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Raymond James lifted their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Sanford C. Bernstein downgraded 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. Jefferies Financial Group decreased their price objective on Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Finally, Scotiabank reduced their target price on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a report on Monday, January 6th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.42.

Institutional Investors Weigh In On Freeport-McMoRan

A number of institutional investors have recently added to or reduced their stakes in the stock. Matrix Trust Co purchased a new position in shares of Freeport-McMoRan in the 3rd quarter worth approximately $25,000. University of Texas Texas AM Investment Management Co. purchased a new position in Freeport-McMoRan in the second quarter worth $27,000. Laurel Wealth Advisors LLC increased its position in shares of Freeport-McMoRan by 487.8% during the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 600 shares in the last quarter. Godsey & Gibb Inc. boosted its position in shares of Freeport-McMoRan by 150.4% in the 3rd quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 346 shares in the last quarter. Finally, Continuum Advisory LLC grew its stake in Freeport-McMoRan by 46.8% during the 3rd quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock worth $37,000 after buying an additional 236 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 5.7 %

The company has a 50-day moving average of $41.01 and a 200-day moving average of $44.08. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $52.99 billion, a price-to-earnings ratio of 27.03, a price-to-earnings-growth ratio of 2.44 and a beta of 1.87.

About Freeport-McMoRan

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.