Live Stock Coverage: What’s Next for Freeport-McMoRan Inc After Today’s Big Increase?

Live Stock Coverage: What's Next for Freeport McMoRan Inc After Today's Big Increase?

The stock of Freeport-McMoRan Inc (NYSE:FCX) is a huge mover today! The stock increased 7.21% or $1.09 on November 23, hitting $16.21. About 68.78 million shares traded hands or 90.84% up from the average. Freeport-McMoRan Inc (NYSE:FCX) has risen 38.90% since April 22, 2016 and is uptrending. It has outperformed by 33.49% the S&P500.
The move comes after 5 months positive chart setup for the $23.00B company. It was reported on Nov, 24 by Barchart.com. We have $17.51 PT which if reached, will make NYSE:FCX worth $1.84B more.

Analysts await Freeport-McMoRan Inc (NYSE:FCX) to report earnings on January, 24. They expect $0.26 earnings per share, up 1,400.00% or $0.28 from last year’s $-0.02 per share. FCX’s profit will be $368.91M for 15.59 P/E if the $0.26 EPS becomes a reality. After $0.13 actual earnings per share reported by Freeport-McMoRan Inc for the previous quarter, Wall Street now forecasts 100.00% EPS growth.

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. $25 is the highest target while $5 is the lowest. The $11.88 average target is -26.71% below today’s ($16.21) stock price. Freeport-McMoran Copper & Gold has been the topic of 50 analyst reports since July 28, 2015 according to StockzIntelligence Inc. RBC Capital Markets maintained the stock with “Sector Perform” rating in Monday, January 25 report. On Wednesday, September 14 the stock rating was downgraded by Morgan Stanley to “Underweight”. The rating was downgraded by Citigroup on Tuesday, September 1 to “Neutral”. The stock has “Sell” rating given by CLSA on Tuesday, April 19. On Monday, May 16 the stock rating was maintained by Cowen & Co with “Outperform”. Argus Research downgraded the stock to “Hold” rating in Wednesday, February 3 report. The stock has “Hold” rating given by Deutsche Bank on Tuesday, September 13. The firm earned “Outperform” rating on Saturday, August 15 by Macquarie Research. The stock of Freeport-McMoRan Inc (NYSE:FCX) earned “Equal Weight” rating by Barclays Capital on Monday, May 2. Macquarie Research downgraded Freeport-McMoRan Inc (NYSE:FCX) rating on Friday, January 8. Macquarie Research has “Neutral” rating and $7.30 price target.

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.
High Point Bancorporation accumulated 186 shares or 0% of the stock. Suntrust Banks, a Georgia-based fund reported 225,709 shares. Clearbridge Invs Limited Company reported 54.16M shares or 0.71% of all its holdings. Rothschild Investment Il owns 15,087 shares or 0.02% of their US portfolio. Hartford Invest Management reported 296,914 shares or 0.07% of all its holdings. Northern Trust has 17.33M shares for 0.06% of their US portfolio. Price T Rowe Assoc Inc Md reported 2.59M shares or 0.01% of all its holdings. Ls Advsrs Ltd reported 33,147 shares or 0.03% of all its holdings. Moreover, Two Sigma Securities Ltd Limited Liability Company has 0.27% invested in Freeport-McMoRan Inc (NYSE:FCX) for 44,415 shares. Ladenburg Thalmann Incorporated holds 195,958 shares or 0.03% of its portfolio. The Australia-based Amp Investors Limited has invested 0.04% in Freeport-McMoRan Inc (NYSE:FCX). Boston Family Office Limited Co last reported 0.09% of its portfolio in the stock. Moreover, Global X Mngmt Ltd Com has 0.05% invested in Freeport-McMoRan Inc (NYSE:FCX) for 92,913 shares. Nikko Asset Management Americas holds 1.68% of its portfolio in Freeport-McMoRan Inc (NYSE:FCX) for 1.64M shares. Ameritas Inv has invested 0.02% of its portfolio in Freeport-McMoRan Inc (NYSE:FCX).

Insider Transactions: Since October 27, 2016, the stock had 1 buy, and 0 insider sales for $1.61 million net activity. $1.61 million worth of Freeport-McMoRan Inc (NYSE:FCX) shares were bought by MATHER COURTNEY.

More news for Freeport-McMoRan Inc (NYSE:FCX) were recently published by: Fool.com, which released: “Better Buy: Freeport-McMoRan Inc. vs. Hecla Mining” on November 21, 2016. Streetinsider.com‘s article titled: “Form 424B2 FREEPORT-MCMORAN INC” and published on November 23, 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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