Freeport-McMoran Sees Unusually Large Options Volume (FCX)
Freeport-McMoran, Inc. (NYSE:FCX) was the recipient of some unusual options trading on Tuesday. Stock investors purchased 41,703 put options on the company. This represents an increase of approximately 283% compared to the average daily volume of 10,892 put options.
Freeport-McMoran (NYSE:FCX) opened at 14.50 on Friday. Freeport-McMoran has a 52 week low of $9.24 and a 52 week high of $17.06. The firm has a 50-day moving average price of $12.40 and a 200-day moving average price of $13.17. The stock has a market capitalization of $20.98 billion, a PE ratio of 77.54 and a beta of 2.55.
Freeport-McMoran (NYSE:FCX) last posted its quarterly earnings data on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by $0.04. The company had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.67 billion. Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. Freeport-McMoran’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period in the previous year, the business earned ($0.02) earnings per share. Equities research analysts predict that Freeport-McMoran will post $0.97 EPS for the current fiscal year.
A number of analysts have recently issued reports on FCX shares. FBR & Co reiterated a “hold” rating and set a $13.00 price target on shares of Freeport-McMoran in a research report on Wednesday, April 5th. Vetr downgraded Freeport-McMoran from a “strong-buy” rating to a “buy” rating and set a $14.64 price target for the company. in a research report on Monday, April 10th. Cowen and Company reiterated a “buy” rating on shares of Freeport-McMoran in a research report on Tuesday, April 11th. Royal Bank Of Canada reiterated a “hold” rating and set a $17.00 price target on shares of Freeport-McMoran in a research report on Wednesday, April 19th. Finally, Jefferies Group LLC dropped their price target on Freeport-McMoran from $16.00 to $14.50 and set a “buy” rating for the company in a research report on Thursday, June 8th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $14.27.
Several large investors have recently modified their holdings of FCX. Acrospire Investment Management LLC acquired a new stake in shares of Freeport-McMoran during the first quarter valued at $122,000. Fisher Asset Management LLC acquired a new stake in shares of Freeport-McMoran during the second quarter valued at $122,000. Advantage Investment Management LLC increased its stake in shares of 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 valued at $126,000 after buying an additional 500 shares during the last quarter. Benjamin F. Edwards & Company Inc. increased its stake in shares of Freeport-McMoran by 56.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 10,704 shares of the natural resource company’s stock valued at $129,000 after buying an additional 3,865 shares during the last quarter. Finally, Atria Investments LLC acquired a new stake in shares of Freeport-McMoran during the first quarter valued at $134,000. Hedge funds and other institutional investors own 69.48% of the company’s stock.
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Freeport-McMoran Company Profile
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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