Traders Purchase High Volume of Freeport-McMoran Call Options (FCX)
Freeport-McMoran, Inc. (NYSE:FCX) was the target of some unusual options trading activity on Monday. Stock traders acquired 26,905 call options on the stock. This represents an increase of approximately 117% compared to the average volume of 12,393 call options.
Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Freeport-McMoran by 10.7% in the first quarter. Vanguard Group Inc. now owns 132,991,679 shares of the natural resource company’s stock worth $1,776,769,000 after buying an additional 12,897,514 shares during the period. State Street Corp increased its position in shares of Freeport-McMoran by 4.6% in the first quarter. State Street Corp now owns 64,979,781 shares of the natural resource company’s stock worth $868,135,000 after buying an additional 2,835,834 shares during the period. FMR LLC increased its position in shares of Freeport-McMoran by 104.4% in the first quarter. FMR LLC now owns 42,399,057 shares of the natural resource company’s stock worth $566,451,000 after buying an additional 21,652,647 shares during the period. Bank of New York Mellon Corp increased its position in shares of Freeport-McMoran by 39.4% in the second quarter. Bank of New York Mellon Corp now owns 20,568,631 shares of the natural resource company’s stock worth $247,029,000 after buying an additional 5,810,712 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of Freeport-McMoran by 14.7% in the first quarter. Geode Capital Management LLC now owns 12,966,422 shares of the natural resource company’s stock worth $172,986,000 after buying an additional 1,664,093 shares during the period. 69.45% of the stock is owned by institutional investors and hedge funds.
Several analysts recently weighed in on FCX shares. Vetr cut shares of Freeport-McMoran from a “strong-buy” rating to a “buy” rating and set a $14.64 price target on the stock. in a report on Monday, April 10th. Cowen and Company reiterated a “buy” rating on shares of Freeport-McMoran in a report on Tuesday, April 11th. Royal Bank Of Canada restated a “hold” rating and set a $17.00 target price on shares of Freeport-McMoran in a report on Wednesday, April 19th. FBR & Co dropped their target price on shares of Freeport-McMoran from $13.00 to $12.00 and set a “mkt perform” rating on the stock in a report on Monday, May 1st. Finally, Jefferies Group LLC dropped their target price on shares of Freeport-McMoran from $16.00 to $14.50 and set a “buy” rating on the stock in a report on Thursday, June 8th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Freeport-McMoran currently has a consensus rating of “Hold” and an average target price of $14.27.
Freeport-McMoran (FCX) traded up 1.94% during midday trading on Monday, hitting $14.69. 12,525,501 shares of the stock traded hands. The company has a 50-day moving average of $12.60 and a 200-day moving average of $13.12. The stock has a market cap of $21.26 billion, a PE ratio of 20.72 and a beta of 2.59. Freeport-McMoran has a 12 month low of $9.24 and a 12 month high of $17.06.
Freeport-McMoran (NYSE:FCX) last posted its quarterly earnings data on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by $0.04. Freeport-McMoran had a return on equity of 10.45% and a net margin of 5.97%. The company had revenue of $3.71 billion for the quarter, compared to analyst estimates of $3.67 billion. During the same period in the previous year, the business posted ($0.02) earnings per share. The firm’s revenue was up 11.3% compared to the same quarter last year. On average, equities research analysts anticipate that Freeport-McMoran will post $0.87 earnings per share for the current year.
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Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.
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