Freeport-McMoRan Copper & Gold Inc. (FPMB.DE) Balance Step Levels in Focus

Ivan Schwartz
August 22, 2017

The stock of Freeport-McMoRan Inc (NYSE:FCX) has "Sell" rating given on Tuesday, April 19 by CLSA.

Copper prices zoomed 1.7 percent higher on Monday to reach levels not seen in almost three years as investors bet on further global economic growth.

Copper futures trading on the Comex market in NY rallied again on Monday spurred by troubles at the world's second largest copper mine and large-scale speculators positioning themselves for a continued run in prices. During the same quarter in the previous year, the firm posted ($0.02) earnings per share. M Holdings Securities Inc. now owns 14,396 shares of the natural resource company's stock worth $192,000 after buying an additional 150 shares during the period. Parkwood LLC boosted its stake in shares of Freeport-McMoran by 380.3% in the first quarter. As of quarter end Advisory Services Network, LLC had bought a total of 11,508 shares growing its stake by 12.8%. Sprott Inc. increased its stake in shares of Freeport-McMoran by 2.6% 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.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jefferies upgraded Freeport-McMoRan Inc (NYSE:FCX) rating on Tuesday, May 17. About 14.98 million shares traded. Freeport-McMoRan, Inc.'s P/E ratio is 20.78 and the market cap is 21.32B. Moving toward the technical facts, its current distance from 20-Day Simple Moving Average is -3.68% and standing -14.95% away from 50-Day Simple Moving Average while traded down -55.54% from 200-Day Simple Moving Average. Freeport-McMoran also was the recipient of some unusual options trading on Wednesday. Stock traders acquired 48,064 call options on the company. BT Investment Management Ltd purchased a new stake in shares of Freeport-McMoran during the second quarter valued at approximately $94,821,000. In the last earnings report the EPS was $0.71 and is projected to be $0.89 for the current year with 1,447,307,000 shares now outstanding. The Return on Equity (ROE) value stands at 16.8%. Next quarter's EPS is estimated at $0.32 and the next full year EPS is projected to be $1.35. The company's revenue was up 11.3% compared to the same quarter past year. With the last close down 8.54% from the two hundred day average, compared with the S&P 500 Index which has increased 0.05% over the date range. FCX's value Change from Open was at 1.31% with a Gap of 2.76%. If you are accessing this piece on another domain, it was illegally copied and reposted in violation of USA & global copyright legislation. Trexquant Inv LP invested 0.5% in Freeport-McMoRan Inc (NYSE:FCX).

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Several research analysts have commented on the company.

On August 15 analysts at Raymond James starting coverage on FCX with an initial rating of "Market Perform". Analysts have placed a $14.92 price target on Freeport-McMoRan Inc., suggesting a 5.44% gain from recent close.

Among 22 analysts covering Freeport-McMoran Copper & Gold (NYSE:FCX), 5 have Buy rating, 5 Sell and 12 Hold. Berenberg Bank set a $10.00 price target on Freeport-McMoran and gave the stock a "sell" rating in a research report on Friday, July 28th. Finally, Deutsche Bank AG reiterated a "hold" rating and issued a $13.00 price objective (down previously from $14.00) on shares of Freeport-McMoran in a research report on Sunday, June 25th.

Zacks offers analysts with an Average Broker Rating (or ABR), basing it on sell-side recommendations. The company presently has a consensus rating of "Hold" and an average price target of $14.32. The original version of this story can be read at The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer.

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