Price Action to Note: Is Freeport-McMoRan Inc a Buy? The Stock Reaches 52-Week High Today

Price Action to Note: Is Freeport McMoRan Inc a Buy? The Stock Reaches 52 Week High Today

The stock of Freeport-McMoRan Inc (NYSE:FCX) hit a new 52-week high and has $18.54 target or 39.00% above today’s $13.34 share price. The 6 months bullish chart indicates low risk for the $18.71 billion company. The 1-year high was reported on Nov, 11 by Barchart.com. If the $18.54 price target is reached, the company will be worth $7.30 billion 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 17.34 million shares traded hands. Freeport-McMoRan Inc (NYSE:FCX) has risen 41.39% since April 11, 2016 and is uptrending. It has outperformed by 35.25% the S&P500.

Freeport-McMoRan Inc (NYSE:FCX) Ratings Coverage

Out of 18 analysts covering Freeport-McMoran Copper & Gold (NYSE:FCX), 6 rate it a “Buy”, 5 “Sell”, while 7 “Hold”. This means 33% are positive. $25 is the highest target while $5 is the lowest. The $11.48 average target is -13.94% below today’s ($13.34) stock price. Freeport-McMoran Copper & Gold has been the topic of 48 analyst reports since July 28, 2015 according to StockzIntelligence Inc. The company was maintained on Saturday, August 29 by Deutsche Bank. The firm has “Hold” rating by Zacks given on Thursday, August 20. On Tuesday, January 12 the stock rating was downgraded by Jefferies to “Hold”. The firm has “Sector Perform” rating by RBC Capital Markets given on Tuesday, August 11. The stock has “Hold” rating given by Deutsche Bank on Monday, October 5. RBC Capital Markets maintained it with “Sector Perform” rating and $14 target price in Friday, September 25 report. The rating was downgraded by Morgan Stanley on Wednesday, September 14 to “Underweight”. The company was reinitiated on Monday, October 17 by Bank of America. The rating was downgraded by Citigroup to “Sell” on Tuesday, February 23. The stock of Freeport-McMoRan Inc (NYSE:FCX) has “Outperform” rating given on Monday, May 16 by Cowen & Co.

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 decreased to 0.79 in Q2 2016. Its down 0.08, from 0.87 in 2016Q1. The ratio dived, 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.
Ironwood Fincl Lc holds 829 shares or 0.01% of its portfolio. California Public Employees Retirement holds 4.71 million shares or 0.08% of its portfolio. Metropolitan Life Insurance Ny has 0.06% invested in the company for 665,304 shares. Great West Life Assurance Can owns 940,540 shares or 0.04% of their US portfolio. Monetta Service, a Illinois-based fund reported 50,000 shares. New Century Inv Mngmt has invested 0.33% of its portfolio in Freeport-McMoRan Inc (NYSE:FCX). Deutsche National Bank Ag holds 9.68M shares or 0.08% of its portfolio. British Columbia Inv Mgmt Corp holds 0.05% or 512,456 shares in its portfolio. Poplar Forest Capital Ltd Company, a California-based fund reported 2.58M shares. Johnson Fincl Gru Inc Inc accumulated 0% or 2,190 shares. Commonwealth Equity Services holds 308,087 shares or 0.03% of its portfolio. Thomas J Herzfeld Advsr Incorporated holds 32,000 shares or 0.19% of its portfolio. Vantage Advsr Ltd Liability holds 0.02% or 5,326 shares in its portfolio. Westpac Banking Corporation has 0% invested in the company for 997,666 shares. Whittier Trust owns 2,375 shares or 0% of their US portfolio.

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

More important recent Freeport-McMoRan Inc (NYSE:FCX) news were published by: Fool.com which released: “Better Buy: Freeport-McMoRan Inc. vs. Vale SA” on October 13, 2016, also Schaeffersresearch.com published article titled: “Freeport-McMoRan Inc (FCX) Calls Hot On Election Day Surge”, Schaeffersresearch.com published: “Most Active Weekly Options: AT&T Inc. and Freeport-McMoRan Inc” on October 31, 2016. More interesting news about Freeport-McMoRan Inc (NYSE:FCX) was released by: Investorplace.com and their article: “Freeport-McMoRan Inc (FCX) Stock Follows Copper Prices Down” with publication date: October 13, 2016.

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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