Is There More Upside Ahead For Freeport-McMoRan Inc. (NYSE: FCX)

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FIVE Stock

The Vanguard Group, Inc. has recently announced that it has increased stake in Freeport-McMoRan Inc. (NYSE:FCX) by 0.84%. After grabbing 153.82 million shares, the institutional investor is now in possession of 1.28 million shares of the Basic Materials Company. The new investment brought the stake of investor firm to 10.59% having worth around $1.99 billion. Moreover, SSgA Funds Management, Inc. increased its share by 2.07 million to have a control over 66.32 million shares. And Fisher Asset Management LLC raised its holdings to 1.32 million shares by acquiring 39.59 million shares or 2.73% of the stake.

Freeport-McMoRan Inc. (FCX) concluded trading on 08/27/20 at a closing price of $14.90, with 17.59 million shares of worth about $262.08 million changed hands on the day. Weekly performance of the stock remained positive as price took a surge of 1.36% during that period and on Thursday the price saw a loss of about -0.73%. Currently the company’s common shares owned by public are about 1.45B shares, out of which, 1.44B shares are available for trading.

Analysts also issued an outlook of 2.10 for the Freeport-McMoRan Inc. stock for next 12 months.

According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 30 times over the past 12 months. They bought 1,189,373 shares in 24 of the transactions. In 6 selling transactions, insiders dumped 174,985 shares.

Vanguard Total Stock Market Index, Vanguard Mid Cap Index Fund, and Vanguard 500 Index Fund are the top 3 mutual funds which are holding stakes in Freeport-McMoRan Inc. Vanguard Total Stock Market Index is currently holding 41.3 million shares of worth totaling $533.6 million. The company recently came selling -0.19 million shares which brought its stake up to 2.84% of the company’s outstanding shares. Vanguard Mid Cap Index Fund sold -0.28 million shares, after which its hold over company’s outstanding shares shrunk to 2.45%, leaving 35.61 million shares with the mutual fund that have a worth of about $460.11 million. Vanguard 500 Index Fund, after selling 29.94 million shares, have now control over 2.06% of the stake in the company. It holds -0.19 million shares of worth $386.81 million.

Freeport-McMoRan Inc. (NYSE: FCX) started trading at $15.18, above $0.17 from concluding price of the previous day. However, the stock finished the trading on the day at a closing price of $14.90, or with a loss of -0.73%. Stock saw a price change of 1.36% in past 5 days and over the past one month there was a price change of 12.03%. Year-to-date (YTD), FCX shares are showing a performance of 13.57% which increased to 66.48% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $4.82 but also hit the highest price of $15.19 during that period. While comparing its average daily trading volume of 20.75 million shares, we see that about 17.59 million changed hands on the day. The stock is currently trading 6.12% above its 20-day simple moving average (SMA20), while that difference is up 14.49% for SMA50 and it goes to 36.23% higher than SMA200.

The Vanguard Group, Inc. acquired 153.82 million shares of Freeport-McMoRan Inc. having value of about $1.99 billion. Data submitted at the U.S SEC by The Vanguard Group, Inc. revealed that the firm now holds 1.28 million shares in the company valued at close to $19069839.5, or have control over 0.84% stake in the company. Freeport-McMoRan Inc. (NYSE: FCX) currently have 1.45B outstanding shares and institutions hold larger chunk of about 71.70% of that. Holding of mutual funds in the company is about 32.64% while other institutional holders and individual stake holders have control over 38.72% and 1.54% of the stake respectively.

The stock has a current market capitalization of $22.15B and its 3Y-monthly beta is at 2.35. It has posted earnings per share of -$0.44 in the same period. It has Quick Ratio of 1.20 while making debt-to-equity ratio of 1.11. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for FCX, volatility over the week remained 2.77% while standing at 3.26% over the month.

Analysts are in expectations that Freeport-McMoRan Inc. (FCX) stock would likely to be making an EPS of $0.13 in the current quarter, while forecast for next quarter ESPS is $0.23 and it is $1.27 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.04 which is $0.21 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$0.01 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -109.80% while it is estimated to increase by 454.59% in next year.

Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Morgan Stanley on August 04, 2020 offering an Equal-weight rating for the stock and assigned a target price of $12.50 to it. Coverage by Barclays stated Freeport-McMoRan Inc. (FCX) stock as an Equal weight in their note to investors on July 20, 2020, suggesting a price target of $14 for the stock. On April 27, 2020, Scotiabank Upgrade their recommendations, while on April 16, 2020, Barclays Upgrade their ratings for the stock with a price target of $10. Stock get a Neutral rating from Credit Suisse on April 07, 2020.


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