Notable Reporting: Time to Reconsider Freeport-McMoRan Inc After Achieving 52-Week High?

Notable Reporting: Time to Reconsider Freeport McMoRan Inc After Achieving 52 Week High?

The stock of Freeport-McMoRan Inc (NYSE:FCX) hit a new 52-week high and has $22.10 target or 55.00% above today’s $14.26 share price. The 5 months bullish chart indicates low risk for the $19.32B company. The 1-year high was reported on Nov, 21 by Barchart.com. If the $22.10 price target is reached, the company will be worth $10.63B more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 11.10 million shares traded hands. Freeport-McMoRan Inc (NYSE:FCX) has risen 14.32% since April 19, 2016 and is uptrending. It has outperformed by 10.46% the S&P500.

Freeport-McMoRan Inc (NYSE:FCX) Ratings Coverage

Out of 18 analysts covering Freeport-McMoran Copper & Gold (NYSE:FCX), 5 rate it a “Buy”, 5 “Sell”, while 8 “Hold”. This means 28% are positive. Freeport-McMoran Copper & Gold has been the topic of 50 analyst reports since July 28, 2015 according to StockzIntelligence Inc. The stock of Freeport-McMoRan Inc (NYSE:FCX) earned “Mkt Perform” rating by FBR Capital on Friday, September 18. As per Wednesday, September 14, the company rating was maintained by Macquarie Research. RBC Capital Markets maintained it with “Sector Perform” rating and $14 target price in Friday, September 25 report. On Friday, August 28 the stock rating was maintained by TheStreet with “Sell”. The company was downgraded on Wednesday, September 14 by Morgan Stanley. S&P Research upgraded Freeport-McMoRan Inc (NYSE:FCX) on Tuesday, September 1 to “Hold” rating. Deutsche Bank maintained Freeport-McMoRan Inc (NYSE:FCX) rating on Saturday, August 29. Deutsche Bank has “Buy” rating and $17 price target. Goldman Sachs initiated the stock with “Neutral” rating in Thursday, May 19 report. The stock of Freeport-McMoRan Inc (NYSE:FCX) has “Buy” rating given on Monday, August 31 by Deutsche Bank. As per Thursday, August 20, the company rating was downgraded by Zacks.

According to Zacks Investment Research, “Freeport-McMoRan is engaged in mineral exploration and development, mining and milling of copper, gold, and silver in Indonesia, and the smelting and refining of copper concentrates in Spain and Indonesia. They are the world’s lowest-cost copper producer and one of the world’s largest producers of copper and gold. FCX’s operations are conducted through its subsidiaries, P.T. Freeport Indonesia (PT-FI), P.T. IRJA Eastern Minerals Corporation (Eastern Mining) and through Atlantic Copper, S.A. (Atlantic).”

Insitutional Activity: The institutional sentiment increased to 0.98 in Q2 2016. Its up 0.19, from 0.79 in 2016Q1. The ratio is positive, as 87 funds sold all Freeport-McMoRan Inc shares owned while 221 reduced positions. 68 funds bought stakes while 175 increased positions. They now own 889.86 million shares or 5.15% more from 846.29 million shares in 2016Q1.
Cs Mckee Ltd Partnership last reported 0.88% of its portfolio in the stock. Rafferty Asset Mgmt Ltd Com accumulated 50,455 shares or 0.04% of the stock. Rockefeller Svcs has 0% invested in the company for 810 shares. Arrow Inv Advsr Limited Company accumulated 0.32% or 132,163 shares. Geode Capital Mngmt Ltd holds 0.06% or 10.14M shares in its portfolio. Moreover, Johnson Invest Counsel has 0% invested in Freeport-McMoRan Inc (NYSE:FCX) for 10,225 shares. Bp Public Ltd holds 160,000 shares or 0.07% of its portfolio. Allsquare Wealth Ltd Liability Company holds 0% or 200 shares in its portfolio. Teachers Retirement Of The State Of Kentucky has 0.02% invested in the company for 142,974 shares. Tiaa Cref Mgmt Ltd has 0.03% invested in the company for 3.63M shares. Greenwich Wealth Ltd Com reported 344,600 shares or 0.06% of all its holdings. Boston Family Office Lc accumulated 0.09% or 61,494 shares. Aberdeen Asset Pcl Uk last reported 594,520 shares in the company. Ladenburg Thalmann has 0.03% invested in the company for 195,958 shares. Bedrijfstakpensioenfonds Voor De Media Pno holds 54,300 shares or 0.08% of its portfolio.

Insider Transactions: Since October 27, 2016, the stock had 1 buy, and 0 sales for $1.61 million net activity. MATHER COURTNEY had bought 150,000 shares worth $1.61 million on Thursday, October 27.

More news for Freeport-McMoRan Inc (NYSE:FCX) were recently published by: Schaeffersresearch.com, which released: “Analyst Update: Celadon Group, Inc., Freeport-McMoRan Inc, and L Brands Inc” on November 17, 2016. Schaeffersresearch.com‘s article titled: “Most Active Weekly Options: AT&T Inc. and Freeport-McMoRan Inc” and published on October 31, 2016 is yet another important article.

FCX Company Profile

Freeport-McMoRan Inc. (FCX), incorporated on November 10, 1987, is a natural resource firm with a portfolio of mineral assets, and oil and natural gas resources. The Company’s divisions include the Morenci, Cerro Verde, Grasberg and Tenke Fungurume copper mines, the Rod & Refining activities and the U.S. Oil & Gas Operations. FCX has organized its activities into five primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining and Molybdenum mines. The Company’s portfolio of assets includes the Grasberg minerals district in Indonesia, mining activities in North and South America, the Tenke Fungurume (Tenke) minerals district in the Democratic Republic of Congo (DRC) in Africa, and oil and natural gas assets in the United States.

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