Traders Buy Shares of Freeport-McMoRan (FCX) on Weakness

Traders purchased shares of Freeport-McMoRan Inc (NYSE:FCX) on weakness during trading hours on Monday. $64.37 million flowed into the stock on the tick-up and $34.35 million flowed out of the stock on the tick-down, for a money net flow of $30.02 million into the stock. Of all companies tracked, Freeport-McMoRan had the 27th highest net in-flow for the day. Freeport-McMoRan traded down ($0.13) for the day and closed at $19.75

A number of research analysts have issued reports on FCX shares. Zacks Investment Research raised Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a research note on Tuesday, November 14th. ValuEngine raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday, October 26th. Jefferies Group reissued a “buy” rating and issued a $19.00 target price (down from $23.00) on shares of Freeport-McMoRan in a research note on Wednesday, October 4th. Morgan Stanley upgraded Freeport-McMoRan from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $10.00 to $14.00 in a report on Monday, December 11th. Finally, Royal Bank of Canada set a $14.00 price target on Freeport-McMoRan and gave the company a “hold” rating in a report on Wednesday, October 11th. Two equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $15.80.

The stock has a market capitalization of $27,960.00, a price-to-earnings ratio of 26.83 and a beta of 2.51. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.32 and a current ratio of 2.02.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Wednesday, October 25th. The natural resource company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.03. Freeport-McMoRan had a return on equity of 13.35% and a net margin of 6.20%. The business had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.06 billion. During the same quarter in the prior year, the company posted $0.13 earnings per share. Freeport-McMoRan’s revenue was up 11.2% on a year-over-year basis. analysts forecast that Freeport-McMoRan Inc will post 1.09 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FCX. BlueMountain Capital Management LLC raised its holdings in Freeport-McMoRan by 100.4% during the second quarter. BlueMountain Capital Management LLC now owns 26,461 shares of the natural resource company’s stock worth $318,000 after acquiring an additional 6,651,458 shares in the last quarter. Vanguard Group Inc. raised its holdings in Freeport-McMoRan by 4.9% during 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 acquiring an additional 6,510,840 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Freeport-McMoRan by 18.1% during the third quarter. Bank of New York Mellon Corp now owns 24,292,902 shares of the natural resource company’s stock worth $341,073,000 after acquiring an additional 3,724,271 shares in the last quarter. Oakmont Corp bought a new stake in Freeport-McMoRan during the third quarter worth about $41,553,000. Finally, Contrarius Investment Management Ltd raised its holdings in Freeport-McMoRan by 74.3% during the third quarter. Contrarius Investment Management Ltd now owns 6,176,460 shares of the natural resource company’s stock worth $86,717,000 after acquiring an additional 2,633,409 shares in the last quarter. Institutional investors and hedge funds own 68.06% of the company’s stock.

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About Freeport-McMoRan

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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