Freeport-McMoRan Inc. (NYSE: FCX) Is Getting Increasingly Hard To Ignore


    The Vanguard Group, Inc. recently announced the acquisition of new stake in Freeport-McMoRan Inc. (NYSE:FCX). The institutional investor has increased its shareholding in the Basic Materials company by 0.84% to 153.82 million shares with purchase of 1.28 million shares. This fresh investment now brings its stake to 10.59% valued currently at $1.99 billion. In addition, SSgA Funds Management, Inc. raised its holdings by 2.07 million to 66.32 million shares. And Fisher Asset Management LLC has lifted its position by 3.44% or 1.32 million shares – to 39.59 million shares.

    With over 15.31 million Freeport-McMoRan Inc. (FCX) shares trading Monday and a closing price of $15.61 on the day, the dollar volume was approximately $238.93 million. The shares have shown a positive weekly performance of 7.21% and its price on 08/31/20 lost nearly -0.26%. Currently, there are 1.45B common shares owned by the public and among those 1.44B shares have been available to trade.

    Incidentally, analysts’ outlook for the Freeport-McMoRan Inc. stock is 2.10 for the next 12 months.

    Insiders at the company have transacted a total of 30 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 24 of these insider trades were purchases, accounting for 1,189,373 shares. Insider sales of the common stock occurred on 6 occasions, with total insider shares sold totaling 174,985 shares.

    The top 3 mutual fund holders in Freeport-McMoRan Inc. are Vanguard Total Stock Market Index, Vanguard Mid Cap Index Fund, and Vanguard 500 Index Fund. Vanguard Total Stock Market Index owns 41.3 million shares of the company’s stock, all valued at over $533.6 million. The company sold -0.19 million shares recently to bring their total holdings to about 2.84% of the shares outstanding. Vanguard Mid Cap Index Fund sold -0.28 million shares to see its total holdings shrink to 35.61 million shares valued at over $460.11 million and representing 2.45% of the shares outstanding. Vanguard 500 Index Fund sold -0.19 million shares to bring its total holdings to over 29.94 million shares at a value of $386.81 million. Vanguard 500 Index Fund now owns shares totaling to 2.06% of the shares outstanding.

    Shares of Freeport-McMoRan Inc. (NYSE: FCX) opened at $15.89, up $0.24 from a prior closing price of $15.65. However, the script later closed the day at $15.61, down -0.26%. The company’s stock has a 5-day price change of 7.21% and 60.10% over the past three months. FCX shares are trading 18.98% year to date (YTD), with the 12-month market performance up to 69.86% higher. It has a 12-month low price of $4.82 and touched a high of $15.70 over the same period. Currently, 15.31 million shares have been traded, compared to an average intraday trading volume of 20.67 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 9.35%, 18.26%, and 42.17% respectively.

    Institutional ownership of Freeport-McMoRan Inc. (NYSE: FCX) shares accounts for 71.70% of the company’s 1.45B shares outstanding. Mutual fund holders own 32.44%, while other institutional holders and individual stakeholders account for 38.86% and 1.54% respectively.

    It has a market capitalization of $21.58B and a beta (3y monthly) value of 2.34. The earnings-per-share (ttm) stands at -$0.44. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.15% over the week and 3.31% over the month.

    Analysts forecast that Freeport-McMoRan Inc. (FCX) will achieve an EPS of $0.13 for the current quarter, $0.23 for the next quarter and $1.27 for 2021. The lowest estimate earnings-per-share for the quarter is $0.04 while analysts give the company a high EPS estimate of $0.21. Comparatively, EPS for the current quarter was -$0.01 a year ago. Earnings per share for the fiscal year are expected to decrease by -109.80%, and 454.59% over the next financial year.

    Looking at the support for the FCX, a number of firms have released research notes about the stock. Morgan Stanley stated their Equal-Weight rating for the stock in a research note on August 04, 2020, with the firm’s price target at $12.50. Barclays coverage for the Freeport-McMoRan Inc. (FCX) stock in a research note released on July 20, 2020 offered a Equal Weight rating with a price target of $14. Scotiabank was of a view on April 27, 2020 that the stock is Sector Outperform, while Barclays gave the stock Overweight rating on April 16, 2020, issuing a price target of $10. Credit Suisse on their part issued Neutral rating on April 07, 2020.


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