Freddie Mac (OTCMKTS:FMCC) Hits New 12-Month Low After Analyst Downgrade

Freddie Mac (OTCMKTS:FMCC) shares hit a new 52-week low during mid-day trading on Tuesday after Mizuho downgraded the stock from an outperform rating to a neutral rating. Mizuho now has a $4.00 price target on the stock. Freddie Mac traded as low as $3.01 and last traded at $3.15, with a volume of 10,623,556 shares trading hands. The stock had previously closed at $3.68.

FMCC has been the topic of a number of other research reports. Wedbush initiated coverage on Freddie Mac in a research report on Friday, July 31st. They set an “outperform” rating and a $12.00 price target on the stock. BTIG Research downgraded Freddie Mac from a “buy” rating to a “neutral” rating in a research note on Tuesday, June 16th. Finally, Keefe, Bruyette & Woods decreased their price objective on Freddie Mac from $6.50 to $3.50 and set an “underperform” rating for the company in a report on Monday, September 28th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Freddie Mac currently has a consensus rating of “Hold” and an average price target of $9.88.

Freddie Mac Trading Down 7.3%

The company’s fifty day moving average is $4.82 and its 200 day moving average is $5.67. The company has a market capitalization of $1.90 billion, a P/E ratio of 292.29 and a beta of 1.74.

About Freddie Mac

Freddie Mac, formally known as the Federal Home Loan Mortgage Corporation, is a U.S. government-sponsored enterprise that supports liquidity, stability and affordability in the residential mortgage market. Chartered by Congress in 1970, the company operates in the secondary mortgage market rather than primarily originating mortgages directly with individual borrowers.

Freddie Mac purchases qualifying single-family and multifamily mortgages from approved lenders, providing those institutions with funds to make additional loans.