Freeport-McMoran Sees Unusually High Options Volume (FCX)
Freeport-McMoran, Inc. (NYSE:FCX) saw some unusual options trading activity on Thursday. Traders bought 44,787 call options on the company. This is an increase of approximately 130% compared to the typical volume of 19,478 call options.
Several hedge funds and other institutional investors have recently modified their holdings of FCX. IHT Wealth Management LLC increased its position in shares of Freeport-McMoran by 27.1% in the second quarter. IHT Wealth Management LLC now owns 1,758 shares of the natural resource company’s stock worth $843,000 after buying an additional 375 shares during the last quarter. Acrospire Investment Management LLC acquired a new stake in Freeport-McMoran during the first quarter worth about $122,000. Advantage Investment Management LLC raised its stake in Freeport-McMoran by 5.6% in the first quarter. Advantage Investment Management LLC now owns 9,402 shares of the natural resource company’s stock worth $126,000 after buying an additional 500 shares during the period. Sun Life Financial INC raised its stake in Freeport-McMoran by 96,340.0% in the second quarter. Sun Life Financial INC now owns 9,644 shares of the natural resource company’s stock worth $116,000 after buying an additional 9,634 shares during the period. Finally, First Manhattan Co. raised its stake in Freeport-McMoran by 0.3% in the second quarter. First Manhattan Co. now owns 10,067 shares of the natural resource company’s stock worth $120,000 after buying an additional 33 shares during the period. 67.94% of the stock is currently owned by institutional investors and hedge funds.
Freeport-McMoran (NYSE FCX) opened at 15.07 on Friday. Freeport-McMoran has a 12-month low of $9.24 and a 12-month high of $17.06. The stock has a market cap of $21.81 billion, a PE ratio of 21.26 and a beta of 2.57. The firm has a 50-day moving average price of $14.34 and a 200-day moving average price of $12.97.
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 company had revenue of $3.71 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. Analysts forecast that Freeport-McMoran will post $0.91 EPS for the current fiscal year.
A number of research firms have recently commented on FCX. Clarkson Capital reaffirmed a “neutral” rating on shares of Freeport-McMoran in a research note on Monday, July 10th. ValuEngine downgraded shares of Freeport-McMoran from a “buy” rating to a “hold” rating in a research note on Thursday, July 13th. BidaskClub raised shares of 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 shares of Freeport-McMoran and gave the company a “hold” rating in a research note on Wednesday, July 26th. Finally, Berenberg Bank downgraded shares of Freeport-McMoran from a “hold” rating to a “sell” rating and set a $10.00 price objective for the company. in a research note on Wednesday, July 12th. Three equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Freeport-McMoran has an average rating of “Hold” and an average target price of $14.65.
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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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