November 24, 2016 - By Marguerite Chambers · 0 Comments
Freeport Mcmoran Copper & Gold Inc (NYSE:FCX) institutional sentiment increased to 0.98 in Q2 2016. Its up 0.19, from 0.79 in 2016Q1. The ratio is more positive, as 243 institutional investors started new or increased stock positions, while 308 decreased and sold their stock positions in Freeport Mcmoran Copper & Gold Inc. The institutional investors in our partner’s database now have: 889.86 million shares, up from 846.29 million shares in 2016Q1. Also, the number of institutional investors holding Freeport Mcmoran Copper & Gold Inc in their top 10 stock positions decreased from 8 to 7 for a decrease of 1. Sold All: 87 Reduced: 221 Increased: 175 New Position: 68.
Freeport-McMoRan Inc. is a natural resource firm with a portfolio of mineral assets, and oil and natural gas resources. The company has a market cap of $23.00 billion. The Company’s divisions include the Morenci, Cerro Verde, Grasberg and Tenke Fungurume copper mines, the Rod & Refining activities and the U.S. It currently has negative earnings. Oil & Gas Operations.
The stock increased 7.21% or $1.09 on November 23, hitting $16.21. About 68.78M 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.
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 $368.91 million 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.
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).”
Stuyvesant Capital Management holds 7.06% of its portfolio in Freeport-McMoRan Inc for 320,515 shares. Majedie Asset Management Ltd owns 3.32 million shares or 6.11% of their US portfolio. Moreover, Icahn Carl C has 5.71% invested in the company for 104.00 million shares. The New York-based Duquesne Family Office Llc has invested 4.44% in the stock. Pacific Heights Asset Management Llc, a California-based fund reported 4.07 million shares.#img1#
Insider Transactions: Since January 1, 0001, the stock had 1 buying transaction, and 0 selling transactions for $1.61 million net activity.
Ratings analysis reveals 28% of Freeport-McMoran Copper & Gold’s analysts are positive. Out of 18 Wall Street analysts rating Freeport-McMoran Copper & Gold, 5 give it “Buy”, 5 “Sell” rating, while 8 recommend “Hold”. The lowest target is $5 while the high is $25. The stock’s average target of $11.88 is -26.71% below today’s ($16.21) share price. FCX was included in 50 notes of analysts from July 28, 2015. The firm has “Sell” rating by TheStreet given on Friday, August 28. Cowen & Co maintained Freeport-McMoRan Inc (NYSE:FCX) on Monday, November 21 with “Outperform” rating. The stock of Freeport-McMoRan Inc (NYSE:FCX) has “Sector Perform” rating given on Monday, January 25 by RBC Capital Markets. RBC Capital Markets maintained it with “Sector Perform” rating and $15 target price in Tuesday, October 27 report. Bank of America reinitiated the stock with “Underperform” rating in Monday, October 17 report. On Monday, May 2 the stock rating was maintained by Barclays Capital with “Equal Weight”. Deutsche Bank downgraded Freeport-McMoRan Inc (NYSE:FCX) rating on Thursday, November 17. Deutsche Bank has “Hold” rating and $13.80 price target. The firm earned “Hold” rating on Thursday, August 20 by Zacks. The firm earned “Sell” rating on Tuesday, February 23 by Citigroup. Deutsche Bank maintained Freeport-McMoRan Inc (NYSE:FCX) rating on Monday, August 31. Deutsche Bank has “Buy” rating and $17 price target.
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.
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.
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By Marguerite Chambers