Investors Buy High Volume of Call Options on Freeport-McMoran (FCX)
Freeport-McMoran, Inc. (NYSE:FCX) was the target of some unusual options trading on Wednesday. Investors acquired 48,064 call options on the company. This represents an increase of approximately 145% compared to the typical volume of 19,644 call options.
A number of hedge funds and other institutional investors have recently bought and sold shares of FCX. Sun Life Financial INC raised its position 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 valued at $116,000 after buying an additional 9,634 shares during the last quarter. First Manhattan Co. raised its position 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 valued at $120,000 after buying an additional 33 shares during the last quarter. Outfitter Advisors LTD. acquired a new position in Freeport-McMoran during the second quarter valued at $121,000. Acrospire Investment Management LLC acquired a new position in Freeport-McMoran during the first quarter valued at $122,000. Finally, Fisher Asset Management LLC acquired a new position in Freeport-McMoran during the second quarter valued at $122,000. 69.94% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have recently weighed in on the company. Clarkson Capital restated a “neutral” rating on shares of Freeport-McMoran in a research report on Monday, July 10th. ValuEngine cut Freeport-McMoran from a “buy” rating to a “hold” rating in a research report on Thursday, July 13th. BidaskClub upgraded Freeport-McMoran from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. BMO Capital Markets set a $17.00 price target on Freeport-McMoran and gave the company a “hold” rating in a research report on Wednesday, July 26th. Finally, Berenberg Bank cut Freeport-McMoran from a “hold” rating to a “sell” rating and set a $10.00 price target for the company. in a research report on Wednesday, July 12th. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $14.32.
Shares of Freeport-McMoran (NYSE FCX) opened at 14.15 on Friday. The firm has a market capitalization of $20.48 billion, a price-to-earnings ratio of 19.96 and a beta of 2.59. 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 $13.58 and a 200-day moving average price of $13.04.
Freeport-McMoran (NYSE:FCX) last posted its quarterly earnings results on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.21 by $0.04. The business had revenue of $3.71 billion for the quarter, compared to analyst estimates of $3.67 billion. Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.02) earnings per share. On average, equities analysts expect that Freeport-McMoran will post $0.89 earnings per share for the current fiscal 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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