Stock Traders Purchase High Volume of Call Options on Freeport-McMoran (FCX)
Freeport-McMoran, Inc. (NYSE:FCX) was the target of some unusual options trading activity on Monday. Stock investors purchased 59,805 call options on the company. This represents an increase of approximately 168% compared to the typical volume of 22,335 call options.
Shares of Freeport-McMoran (NYSE:FCX) opened at 14.18 on Thursday. The firm has a market cap of $20.52 billion, a P/E ratio of 20.00 and a beta of 2.57. Freeport-McMoran has a 52-week low of $9.24 and a 52-week high of $17.06. The company has a 50-day moving average of $14.57 and a 200 day moving average of $12.98.
Freeport-McMoran (NYSE:FCX) last released its earnings results on Tuesday, July 25th. The natural resource company reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.04). Freeport-McMoran had a return on equity of 10.45% and a net margin of 5.97%. The company had revenue of $3.71 billion during the quarter, compared to analysts’ expectations of $3.67 billion. During the same period in the prior year, the company posted ($0.02) earnings per share. The company’s revenue was up 11.3% on a year-over-year basis. On average, equities analysts expect that Freeport-McMoran will post $0.95 earnings per share for the current year.
FCX has been the subject of several analyst reports. Jefferies Group LLC set a $15.00 price target on shares of Freeport-McMoran and gave the stock a “buy” rating in a report on Monday, July 10th. ValuEngine upgraded shares of Freeport-McMoran from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Vertical Research restated a “buy” rating and set a $20.00 price target on shares of Freeport-McMoran in a report on Tuesday, August 29th. BidaskClub upgraded shares of Freeport-McMoran from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Finally, Deutsche Bank AG restated a “hold” rating and set a $13.00 price target (down previously from $14.00) on shares of Freeport-McMoran in a report on Sunday, June 25th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Hold” and an average price target of $15.51.
In other news, COO Harry M. Iv Conger purchased 36,180 shares of the stock in a transaction on Thursday, September 7th. The stock was purchased at an average price of $15.23 per share, for a total transaction of $551,021.40. Following the acquisition, the chief operating officer now owns 73,943 shares in the company, valued at $1,126,151.89. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.40% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sun Life Financial INC boosted its position in shares of Freeport-McMoran by 96,340.0% during 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. boosted its position in shares of Freeport-McMoran by 0.3% during 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. purchased a new stake in shares of Freeport-McMoran during the second quarter valued at $121,000. Fisher Asset Management LLC purchased a new stake in shares of Freeport-McMoran during the second quarter valued at $122,000. Finally, Partnervest Advisory Services LLC purchased a new stake in shares of Freeport-McMoran during the second quarter valued at $123,000. 67.94% of the stock is currently owned by hedge funds and other institutional investors.
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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