Economy

Near term Outlook For Freeport-McMoRan Inc. (NYSE:FCX)

Freeport-McMoRan Inc. has 1.5 billion shares outstanding, and in the last trade has seen ATR around 0.44. BidaskClub upgraded Freeport-McMoran from a "sell" rating to a "hold" rating in a research note on Thursday, August 24th. They issued a "neutral" rating and a $16.00 price objective for the company. The consensus analyst target price is $15.92.

The market capitalization (Stock Price Multiply by Total Number of Outstanding Shares) for the company is reported at $21.04B. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Momo Inc. (MOMO) has made its way to a 12-month gain of 26.54%. (NYSE:FCX) traded up 3.58% during trading on Wednesday, hitting $14.48.

The TTM operating margin for the company stands at 10.7%. The company has a market cap of $20.71 billion, a P/E ratio of 20.18 and a beta of 2.54. The share price has moved backward from its 20 days moving average, trading at a distance of -4.13% and stays -11.35% away from its 50 days moving average.

Freeport-McMoran (NYSE:FCX) last released its quarterly earnings data on Wednesday, October 25th. The company's quarterly EPS surprised Wall Street by as much as 10% to the upside in its last earnings announcement, so investors should note this tendency when assessing consensus estimates. The value of the company's investment in Freeport-McMoRan, Inc. increased from $12,268,000 to $15,956,000 a change of $3,688,000 for the reporting period. The company had revenue of $4.31 billion for the quarter, compared to analysts' expectations of $4.06 billion. Guardian Capital Advisors LP now owns 34,254 shares of the natural resource company's stock valued at $427,000 after purchasing an additional 400 shares during the last quarter. Breaking that down further, it has performed -8.21% for the week, -2.51% for the month, -2.71% over the last quarter, 16.31% for the past half-year and 25.04% for this previous year. During the same quarter in the prior year, the firm earned $0.13 EPS.

In related news, COO Harry M. Iv Conger purchased 36,180 shares of the company's stock in a transaction that occurred on Thursday, September 7th.

Moving average convergence divergence (MACD) shows that the stock is on a PRICE RELATIVITY trend.

Whereas, firm has insider ownership was declared as 0.20% and Insider transaction was recorded recently as 1.18%.

A number of hedge funds have recently modified their holdings of the stock. (NYSE:FCX) by 28.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. Mitsubishi UFJ Kokusai Asset Management Co. BlueMountain Capital Management LLC increased its holdings in Freeport-McMoran by 100.4% during the 2nd quarter. Ltd. now owns 207,443 shares of the natural resource company's stock worth $2,912,000 after purchasing an additional 10,491 shares during the last quarter. BT Investment Management Ltd purchased a new stake in Freeport-McMoran during the 2nd quarter worth approximately $94,821,000. The value in dollars went from $2,134,000 to $2,631,000 increasing 23.3% since the last quarter.

Freeport-McMoRan Inc.'s 20-Day Simple Moving Average is -0.61%. The institutional investor owned 59,800 shares of the natural resource company's stock after buying an additional 13,350 shares during the period. Finally, Essex Investment Management Co. Vanguard Group Inc. now owns 139,502,519 shares of the natural resource company's stock worth $1,675,425,000 after purchasing an additional 6,510,840 shares during the last quarter.

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