Freeport-McMoran Sees Unusually Large Options Volume (FCX)

Freeport-McMoran, Inc. (NYSE:FCX) saw unusually large options trading activity on Thursday. Stock investors acquired 10,798 put options on the company. This is an increase of 108% compared to the typical daily volume of 5,201 put options.

Freeport-McMoran (NYSE FCX) opened at 14.32 on Tuesday. Freeport-McMoran has a 12 month low of $9.24 and a 12 month high of $17.06. The company has a market cap of $20.73 billion, a price-to-earnings ratio of 20.20 and a beta of 2.54. The company has a 50-day moving average of $14.54 and a 200-day moving average of $13.14.

Freeport-McMoran (NYSE:FCX) last released its quarterly earnings results on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.21 by ($0.04). Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. The business had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.67 billion. During the same period in the prior year, the firm earned ($0.02) earnings per share. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. Analysts predict that Freeport-McMoran will post $0.98 EPS for the current year.

A number of analysts have weighed in on the stock. Raymond James Financial, Inc. assumed coverage on shares of Freeport-McMoran in a report on Tuesday, August 15th. They set a “market perform” rating and a $15.00 target price on the stock. Jefferies Group LLC restated a “buy” rating and set a $19.00 price target (down previously from $23.00) on shares of Freeport-McMoran in a research report on Wednesday, October 4th. FBR & Co restated a “market perform” rating and set a $13.00 price target (up previously from $12.00) on shares of Freeport-McMoran in a research report on Thursday, July 27th. Zacks Investment Research upgraded shares of Freeport-McMoran from a “sell” rating to a “hold” rating in a research report on Friday, July 28th. Finally, Berenberg Bank set a $10.00 price target on shares of Freeport-McMoran and gave the stock a “sell” rating in a research report on Friday, July 28th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Freeport-McMoran currently has a consensus rating of “Hold” and a consensus target price of $15.49.

In other Freeport-McMoran news, COO Harry M. Iv Conger bought 36,180 shares of the company’s stock in a transaction on Thursday, September 7th. The shares were bought at an average cost of $15.23 per share, with a total value of $551,021.40. Following the completion of the acquisition, the chief operating officer now owns 73,943 shares of the company’s stock, valued at $1,126,151.89. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.29% of the stock is currently owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in FCX. FMR LLC raised its holdings in shares of Freeport-McMoran by 104.4% in the first quarter. FMR LLC now owns 42,399,057 shares of the natural resource company’s stock valued at $566,451,000 after buying an additional 21,652,647 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Freeport-McMoran by 10.7% in the first quarter. Vanguard Group Inc. now owns 132,991,679 shares of the natural resource company’s stock valued at $1,776,769,000 after buying an additional 12,897,514 shares during the last quarter. BT Investment Management Ltd bought a new position in shares of Freeport-McMoran in the second quarter valued at about $94,821,000. BlueMountain Capital Management LLC raised its holdings in shares of Freeport-McMoran by 100.4% in the second quarter. BlueMountain Capital Management LLC now owns 26,461 shares of the natural resource company’s stock valued at $318,000 after buying an additional 6,651,458 shares during the last quarter. Finally, Westpac Banking Corp raised its holdings in shares of Freeport-McMoran by 1,493.6% in the first quarter. Westpac Banking Corp now owns 7,038,887 shares of the natural resource company’s stock valued at $102,454,000 after buying an additional 6,597,176 shares during the last quarter. 67.95% of the stock is owned by institutional investors and hedge funds.

ILLEGAL ACTIVITY WARNING: This news story was first reported by The Ledger Gazette and is owned by of The Ledger Gazette. If you are reading this news story on another site, it was illegally stolen and reposted in violation of US and international trademark & copyright law. The correct version of this news story can be accessed at https://ledgergazette.com/2017/10/10/freeport-mcmoran-sees-unusually-large-options-volume-fcx.html.

Freeport-McMoran Company Profile

Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves

Freeport-McMoran (NYSE FCX) opened at 14.32 on Tuesday. Freeport-McMoran has a 12 month low of $9.24 and a 12 month high of $17.06. The company has a market cap of $20.73 billion, a price-to-earnings ratio of 20.20 and a beta of 2.54. The company has a 50-day moving average of $14.54 and a 200-day moving average of $13.14.

Freeport-McMoran (NYSE:FCX) last released its quarterly earnings results on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.21 by ($0.04). Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. The business had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.67 billion. During the same period in the prior year, the firm earned ($0.02) earnings per share. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. Analysts predict that Freeport-McMoran will post $0.98 EPS for the current year.

A number of analysts have weighed in on the stock. Raymond James Financial, Inc. assumed coverage on shares of Freeport-McMoran in a report on Tuesday, August 15th. They set a “market perform” rating and a $15.00 target price on the stock. Jefferies Group LLC restated a “buy” rating and set a $19.00 price target (down previously from $23.00) on shares of Freeport-McMoran in a research report on Wednesday, October 4th. FBR & Co restated a “market perform” rating and set a $13.00 price target (up previously from $12.00) on shares of Freeport-McMoran in a research report on Thursday, July 27th. Zacks Investment Research upgraded shares of Freeport-McMoran from a “sell” rating to a “hold” rating in a research report on Friday, July 28th. Finally, Berenberg Bank set a $10.00 price target on shares of Freeport-McMoran and gave the stock a “sell” rating in a research report on Friday, July 28th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Freeport-McMoran currently has a consensus rating of “Hold” and a consensus target price of $15.49.

In other Freeport-McMoran news, COO Harry M. Iv Conger bought 36,180 shares of the company’s stock in a transaction on Thursday, September 7th. The shares were bought at an average cost of $15.23 per share, with a total value of $551,021.40. Following the completion of the acquisition, the chief operating officer now owns 73,943 shares of the company’s stock, valued at $1,126,151.89. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.29% of the stock is currently owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in FCX. FMR LLC raised its holdings in shares of Freeport-McMoran by 104.4% in the first quarter. FMR LLC now owns 42,399,057 shares of the natural resource company’s stock valued at $566,451,000 after buying an additional 21,652,647 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Freeport-McMoran by 10.7% in the first quarter. Vanguard Group Inc. now owns 132,991,679 shares of the natural resource company’s stock valued at $1,776,769,000 after buying an additional 12,897,514 shares during the last quarter. BT Investment Management Ltd bought a new position in shares of Freeport-McMoran in the second quarter valued at about $94,821,000. BlueMountain Capital Management LLC raised its holdings in shares of Freeport-McMoran by 100.4% in the second quarter. BlueMountain Capital Management LLC now owns 26,461 shares of the natural resource company’s stock valued at $318,000 after buying an additional 6,651,458 shares during the last quarter. Finally, Westpac Banking Corp raised its holdings in shares of Freeport-McMoran by 1,493.6% in the first quarter. Westpac Banking Corp now owns 7,038,887 shares of the natural resource company’s stock valued at $102,454,000 after buying an additional 6,597,176 shares during the last quarter. 67.95% of the stock is owned by institutional investors and hedge funds.

ILLEGAL ACTIVITY WARNING: This news story was first reported by The Ledger Gazette and is owned by of The Ledger Gazette. If you are reading this news story on another site, it was illegally stolen and reposted in violation of US and international trademark & copyright law. The correct version of this news story can be accessed at https://ledgergazette.com/2017/10/10/freeport-mcmoran-sees-unusually-large-options-volume-fcx.html.

Freeport-McMoran Company Profile

Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.

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