Shares of Freeport-McMoRan Inc (NYSE:FCX) were down 1.8% during mid-day trading on Friday . The stock traded as low as $18.05 and last traded at $17.72. Approximately 9,732,692 shares were traded during trading, a decline of 50% from the average daily volume of 19,436,936 shares. The stock had previously closed at $18.05.
A number of equities analysts have recently weighed in on the company. Goldman Sachs assumed coverage on Freeport-McMoRan in a research note on Tuesday. They issued a “buy” rating and a $23.00 price objective for the company. B. Riley set a $13.00 price objective on Freeport-McMoRan and gave the stock a “hold” rating in a research note on Wednesday, December 6th. UBS upped their price objective on Freeport-McMoRan from $14.00 to $18.50 and gave the stock a “neutral” rating in a research note on Tuesday, March 6th. ValuEngine raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Tuesday, February 20th. Finally, Royal Bank of Canada upped their price objective on Freeport-McMoRan to $22.00 and gave the stock a “sector perform” rating in a research note on Monday, March 12th. Three equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Freeport-McMoRan has an average rating of “Hold” and an average price target of $17.06.
The company has a quick ratio of 1.37, a current ratio of 2.14 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $27,769.65, a PE ratio of 14.13 and a beta of 2.42.
In related news, VP C Donald Whitmire, Jr. sold 21,500 shares of the business’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $19.49, for a total value of $419,035.00. Following the sale, the vice president now directly owns 70,239 shares in the company, valued at $1,368,958.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.29% of the stock is currently owned by insiders.
Hedge funds have recently modified their holdings of the business. American Beacon Advisors Inc. purchased a new stake in Freeport-McMoRan during the fourth quarter valued at approximately $131,000. Thompson Davis & CO. Inc. raised its position in Freeport-McMoRan by 756.8% during the fourth quarter. Thompson Davis & CO. Inc. now owns 9,348 shares of the natural resource company’s stock valued at $177,000 after purchasing an additional 8,257 shares during the period. Ballew Advisors Inc purchased a new stake in Freeport-McMoRan during the fourth quarter valued at approximately $190,000. Sowell Financial Services LLC purchased a new stake in Freeport-McMoRan during the fourth quarter valued at approximately $196,000. Finally, Belpointe Asset Management LLC purchased a new stake in Freeport-McMoRan during the third quarter valued at approximately $150,000. Institutional investors and hedge funds own 69.80% of the company’s stock.
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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