Freeport Mcmoran Copper & Gold Inc Stock in Q2 2018 Driven by Institutional Investors

September 30, 2018 - By Mark Babin

Freeport-McMoRan Inc. (NYSE:FCX) Logo

Sentiment for Freeport Mcmoran Copper & Gold Inc (NYSE:FCX)

Freeport Mcmoran Copper & Gold Inc (NYSE:FCX) institutional sentiment increased to 1.08 in Q2 2018. Its up 0.01, from 1.07 in 2018Q1. The ratio is positive, as 283 hedge funds started new and increased positions, while 261 sold and reduced their positions in Freeport Mcmoran Copper & Gold Inc. The hedge funds in our partner’s database now own: 1.01 billion shares, up from 1.00 billion shares in 2018Q1. Also, the number of hedge funds holding Freeport Mcmoran Copper & Gold Inc in their top 10 positions decreased from 10 to 7 for a decrease of 3. Sold All: 63 Reduced: 198 Increased: 211 New Position: 72.

Freeport-McMoRan Inc. engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company has market cap of $20.17 billion. It primarily explores for copper concentrate, copper cathode, copper rod, gold, molybdenum, silver, and other metals, as well as gas and oil. It has a 7.02 P/E ratio. The companyÂ’s portfolio of assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.

The stock increased 0.36% or $0.05 during the last trading session, reaching $13.92. About 16.08 million shares traded. Freeport-McMoRan Inc. (NYSE:FCX) has declined 4.69% since September 30, 2017 and is downtrending. It has underperformed by 20.31% the S&P500.

Analysts await Freeport-McMoRan Inc. (NYSE:FCX) to report earnings on October, 24. They expect $0.48 earnings per share, up 41.18 % or $0.14 from last year’s $0.34 per share. FCX’s profit will be $695.52 million for 7.25 P/E if the $0.48 EPS becomes a reality. After $0.58 actual earnings per share reported by Freeport-McMoRan Inc. for the previous quarter, Wall Street now forecasts -17.24 % negative EPS growth.

Stuyvesant Capital Management holds 8.18% of its portfolio in Freeport-McMoRan Inc. for 254,380 shares. Pacific Heights Asset Management Llc owns 4.08 million shares or 7.21% of their US portfolio. Moreover, Gibraltar Capital Management Inc. has 5.32% invested in the company for 365,060 shares. The Jersey-based Contrarius Investment Management Ltd has invested 4.69% in the stock. Icahn Carl C, a New York-based fund reported 50.16 million shares.

Freeport-McMoRan Inc. (NYSE:FCX) Ratings Coverage

Ratings analysis reveals 30% of Freeport-McMoRan’s analysts are positive. Out of 10 Wall Street analysts rating Freeport-McMoRan, 3 give it “Buy”, 1 “Sell” rating, while 6 recommend “Hold”. The lowest target is $14.7500 while the high is $2500. The stock’s average target of $18.53 is 33.12% above today’s ($13.92) share price. FCX was included in 12 notes of analysts from April 3, 2018. The firm has “Hold” rating by BMO Capital Markets given on Tuesday, April 24. As per Tuesday, April 3, the company rating was maintained by RBC Capital Markets. The stock has “Buy” rating by Jefferies on Monday, April 9. The stock of Freeport-McMoRan Inc. (NYSE:FCX) earned “Buy” rating by Cowen & Co on Tuesday, April 24. Deutsche Bank upgraded Freeport-McMoRan Inc. (NYSE:FCX) on Thursday, July 26 to “Hold” rating. The firm earned “Outperformer” rating on Wednesday, May 2 by IBC. The rating was maintained by B. Riley & Co on Thursday, April 26 with “Neutral”. The company was upgraded on Wednesday, May 23 by FBR Capital. The firm has “Neutral” rating by Bank of America given on Thursday, August 2. FBR Capital maintained the stock with “Buy” rating in Wednesday, September 19 report.

More important recent Freeport-McMoRan Inc. (NYSE:FCX) news were published by: Seekingalpha.com which released: “Freeport-McMoRan: Buy The China Induced Weakness” on September 06, 2018, also Seekingalpha.com published article titled: “Deep Value At Freeport-McMoRan”, Seekingalpha.com published: “Freeport-McMoRan: Update On Recent Developments” on September 17, 2018. More interesting news about Freeport-McMoRan Inc. (NYSE:FCX) was released by: Seekingalpha.com and their article: “A Structural Valuation Of Freeport-McMoRan” with publication date: September 20, 2018.

Freeport-McMoRan Inc. (NYSE:FCX) Institutional Positions Chart

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