Traders Buy Shares of Freeport-McMoRan (FCX) on Weakness

Investors bought shares of Freeport-McMoRan Inc (NYSE:FCX) on weakness during trading on Tuesday. $124.71 million flowed into the stock on the tick-up and $85.01 million flowed out of the stock on the tick-down, for a money net flow of $39.70 million into the stock. Of all equities tracked, Freeport-McMoRan had the 15th highest net in-flow for the day. Freeport-McMoRan traded down ($0.89) for the day and closed at $18.92

Several research firms recently commented on FCX. Morgan Stanley upgraded shares of Freeport-McMoRan from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $10.00 to $14.00 in a research note on Monday, December 11th. FBR & Co reiterated a “neutral” rating and set a $12.00 price objective (down previously from $13.00) on shares of Freeport-McMoRan in a research note on Thursday, September 14th. UBS Group boosted their price objective on shares of Freeport-McMoRan from $13.50 to $14.00 and gave the stock a “neutral” rating in a research note on Monday, October 30th. Zacks Investment Research lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Monday, November 13th. Finally, B. Riley reiterated a “neutral” rating on shares of Freeport-McMoRan in a research note on Wednesday, November 1st. Two investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $15.80.

The firm has a market capitalization of $27,380.00, a P/E ratio of 26.28 and a beta of 2.51. The company has a debt-to-equity ratio of 1.23, a current ratio of 2.02 and a quick ratio of 1.32.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Wednesday, October 25th. The natural resource company reported $0.34 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.03. The firm had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.06 billion. Freeport-McMoRan had a net margin of 6.20% and a return on equity of 13.35%. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.13 earnings per share. analysts expect that Freeport-McMoRan Inc will post 1.09 earnings per share for the current year.

Large investors have recently added to or reduced their stakes in the company. Shell Asset Management Co. increased its stake in shares of Freeport-McMoRan by 97.9% in the third quarter. Shell Asset Management Co. now owns 160,362 shares of the natural resource company’s stock worth $5,236,000 after acquiring an additional 79,343 shares during the period. AXA acquired a new stake in shares of Freeport-McMoRan in the second quarter worth $15,414,000. Ameriprise Financial Inc. increased its stake in shares of Freeport-McMoRan by 10.8% in the third quarter. Ameriprise Financial Inc. now owns 2,761,342 shares of the natural resource company’s stock worth $38,769,000 after acquiring an additional 270,171 shares during the period. Caxton Associates LP acquired a new stake in shares of Freeport-McMoRan in the second quarter worth $7,206,000. Finally, Commerzbank Aktiengesellschaft FI boosted its holdings in Freeport-McMoRan by 114.3% during the third quarter. Commerzbank Aktiengesellschaft FI now owns 1,667,157 shares of the natural resource company’s stock worth $23,407,000 after buying an additional 889,048 shares in the last quarter. Hedge funds and other institutional investors own 68.07% of the company’s stock.

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About Freeport-McMoRan

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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