Traders Purchase Large Volume of Call Options on Freeport-McMoRan (FCX)
Freeport-McMoRan Inc (NYSE:FCX) was the target of some unusual options trading activity on Wednesday. Investors bought 5,265 call options on the stock. This represents an increase of 105% compared to the typical volume of 2,572 call options.
A number of hedge funds have recently made changes to their positions in the stock. Poplar Forest Capital LLC raised its stake in shares of Freeport-McMoRan by 1.4% in the third quarter. Poplar Forest Capital LLC now owns 2,611,561 shares of the natural resource company’s stock valued at $28,362,000 after buying an additional 34,819 shares during the period. Strid Group LLC purchased a new position in Freeport-McMoRan during the third quarter worth $112,000. Mirador Capital Partners LP purchased a new position in Freeport-McMoRan during the third quarter worth $182,000. Sigma Investment Counselors Inc. raised its position in Freeport-McMoRan by 17.2% in the third quarter. Sigma Investment Counselors Inc. now owns 13,710 shares of the natural resource company’s stock worth $149,000 after buying an additional 2,010 shares during the last quarter. Finally, Staley Capital Advisers Inc. raised its position in Freeport-McMoRan by 31.4% in the third quarter. Staley Capital Advisers Inc. now owns 1,057,305 shares of the natural resource company’s stock worth $11,482,000 after buying an additional 252,900 shares during the last quarter. Institutional investors own 66.80% of the company’s stock.
A number of analysts have weighed in on FCX shares. FBR & Co boosted their target price on shares of Freeport-McMoRan from $12.00 to $13.00 and gave the stock a “mkt perform” rating in a research note on Friday, February 3rd. Vetr raised shares of Freeport-McMoRan from a “buy” rating to a “strong-buy” rating and set a $14.75 target price on the stock in a research note on Wednesday, April 12th. Jefferies Group LLC boosted their target price on shares of Freeport-McMoRan to $16.00 and gave the stock a “buy” rating in a research note on Tuesday, March 28th. Citigroup Inc started coverage on shares of Freeport-McMoRan in a research note on Tuesday, February 21st. They set a “neutral” rating and a $16.00 target price on the stock. Finally, Deutsche Bank AG raised shares of Freeport-McMoRan from a “sell” rating to a “hold” rating and boosted their target price for the stock from $12.50 to $14.00 in a research note on Tuesday, March 21st. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. Freeport-McMoRan has a consensus rating of “Hold” and an average price target of $13.76.
Freeport-McMoRan (NYSE:FCX) traded down 0.126% on Wednesday, reaching $11.865. 6,892,055 shares of the company traded hands. The stock has a market capitalization of $17.17 billion, a price-to-earnings ratio of 63.449 and a beta of 2.49. The stock’s 50-day moving average is $12.41 and its 200-day moving average is $13.86. Freeport-McMoRan has a 1-year low of $9.24 and a 1-year high of $17.06.
Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, April 25th. The natural resource company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by $0.01. The business had revenue of $3.34 billion for the quarter, compared to the consensus estimate of $3.51 billion. Freeport-McMoRan had a negative net margin of 28.09% and a positive return on equity of 3.52%. The business’s quarterly revenue was down 5.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.16) earnings per share. Equities research analysts expect that Freeport-McMoRan will post $1.07 EPS for the current year.
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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