Freeport-McMoran Sees Unusually Large Options Volume (FCX)
Freeport-McMoran, Inc. (NYSE:FCX) was the target of unusually large options trading on Wednesday. Stock traders purchased 48,064 call options on the company. This is an increase of approximately 145% compared to the typical daily volume of 19,644 call options.
A number of research firms have issued reports on FCX. Clarkson Capital reaffirmed a “neutral” rating on shares of Freeport-McMoran in a research note on Monday, July 10th. ValuEngine downgraded Freeport-McMoran from a “buy” rating to a “hold” rating in a research note on Thursday, July 13th. BidaskClub raised Freeport-McMoran from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. BMO Capital Markets set a $17.00 price objective on Freeport-McMoran and gave the stock a “hold” rating in a research note on Wednesday, July 26th. Finally, Berenberg Bank downgraded Freeport-McMoran from a “hold” rating to a “sell” rating and set a $10.00 price objective on the stock. in a research note on Wednesday, July 12th. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $14.32.
Freeport-McMoran (NYSE:FCX) opened at 14.15 on Monday. Freeport-McMoran has a 12 month low of $9.24 and a 12 month high of $17.06. The firm has a 50-day moving average price of $13.58 and a 200 day moving average price of $13.04. The company has a market cap of $20.48 billion, a P/E ratio of 19.96 and a beta of 2.59.
Freeport-McMoran (NYSE:FCX) last issued its quarterly earnings data on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.21 by $0.04. Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. The firm had revenue of $3.71 billion during the quarter, compared to analyst estimates of $3.67 billion. During the same period in the previous year, the firm posted ($0.02) earnings per share. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. Equities research analysts predict that Freeport-McMoran will post $0.89 EPS for the current year.
Large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of Freeport-McMoran by 4.9% in the second quarter. Vanguard Group Inc. now owns 139,502,519 shares of the natural resource company’s stock worth $1,675,425,000 after buying an additional 6,510,840 shares during the last quarter. State Street Corp boosted its stake 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 last quarter. FMR LLC boosted its stake 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 last quarter. Bank of New York Mellon Corp boosted its stake 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 last quarter. Finally, Geode Capital Management LLC boosted its stake 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 last quarter. 69.94% of the stock is owned by institutional investors and hedge funds.
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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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