Shares of Freeport-McMoRan Inc (NYSE:FCX) have traded up a little today following closely in the footsteps of gold. As the price of gold has dwindled over the past month, it made up minimal ground today with a $8.80 increase (equal to about 0.83%) at the time of this article. Freeport-McMoRan, a company that stands as one of the world’s largest producers of gold and other precious metals, followed suit.
Most impressive has been the extreme volume that the stock has traded at, showing that there plenty of investors who are keeping a close eye on this company.
The stock is up 0.86% or $0.07 after the news, hitting $8.17 per share. About 25.42 million shares traded hands. FCX has declined 62.88% since April 27, 2015 and is downtrending. It has underperformed by 61.99% the S&P500.
Out of 11 analysts covering Freeport-McMoran Copper & Gold (NYSE:FCX), 5 rate it “Buy”, 1 “Sell”, while 5 “Hold”. This means 45% are positive. $25 is the highest target while $11 is the lowest. The $16.52 average target is 102.20% above today’s ($8.17) stock price. Freeport-McMoran Copper & Gold was the topic in 23 analyst reports since July 28, 2015 according to StockzIntelligence Inc. RBC Capital Markets maintained the stock on October 27 with “Sector Perform” rating. S&P Research upgraded it to “Hold” rating and $12 target price in a September 1 report. FBR Capital initiated the shares of FCX in a report on September 18 with “Mkt Perform” rating. Citigroup downgraded the firm’s rating on September 1. Citigroup has “Neutral” rating and $12 price target. Finally, Zacks upgraded the stock to “Strong Sell” rating in a September 1 report.
The institutional sentiment decreased to 0.68 in Q2 2015. Its down 0.11, from 0.79 in 2015Q1. The ratio fall, as 86 funds sold all Freeport-McMoRan Inc shares owned while 324 reduced positions. 68 funds bought stakes while 211 increased positions. They now own 722.03 million shares or 2.94% less from 743.88 million shares in 2015Q1.
Claren Road Asset Management Llc holds 15.96% of its portfolio in Freeport-McMoRan Inc for 1.65 million shares. Banta Asset Management Lp owns 159,044 shares or 6.8% of their US portfolio. Moreover, Northern Cross Llc has 6.5% invested in the company for 27.36 million shares. The California-based Pacific Heights Asset Management Llc has invested 5.65% in the stock. Stuyvesant Capital Management, a New York-based fund reported 113,587 shares.
Freeport-McMoRan Inc. is a natural resource firm with an industry portfolio of mineral assets, oil and natural gas resources, and a production profile. The company has a market cap of $9.35 billion. FCX has organized its activities into six primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining, Molybdenum mines, and United States gas and oil operations. It currently has negative earnings. 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 North America.