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Shares of Freeport-McMoRan (NYSE:FCX) were the target of some unusual options trading on Monday. Investors bought 18,500 put options on the stock, AnalystRatings.Net reports. This represents an increase of 240% compared to the average volume of 5,439 put options.

FCX has been the subject of a number of recent research reports. Analysts at Stifel Nicolaus downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday. They now have a $37.00 price target on the stock. They noted that the move was a valuation call. Separately, analysts at Bank of America upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Monday, August 11th. They now have a $42.00 price target on the stock. Finally, analysts at Argus upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Monday, August 11th. They now have a $42.00 price target on the stock. They noted that the move was a valuation call. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Freeport-McMoRan currently has a consensus rating of “Buy” and a consensus price target of $41.67.

Shares of Freeport-McMoRan (NYSE:FCX) traded up 0.75% on Monday, hitting $36.37. The stock had a trading volume of 6,405,212 shares. Freeport-McMoRan has a 1-year low of $30.10 and a 1-year high of $39.32. The stock has a 50-day moving average of $37.64 and a 200-day moving average of $34.46. The company has a market cap of $37.790 billion and a price-to-earnings ratio of 14.99.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $0.46 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.49 by $0.03. The company had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.24 billion. During the same quarter in the previous year, the company posted $0.49 earnings per share. The company’s revenue for the quarter was up 28.8% on a year-over-year basis. Analysts expect that Freeport-McMoRan will post $2.41 EPS for the current fiscal year.

Freeport-McMoRan Inc is a United States-based natural resources company with a global portfolio of mineral assets, including copper, gold, and molybdenum, in addition to oil and gas resources.

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