Freeport-McMoran Target of Unusually High Options Trading (FCX)

Freeport-McMoran, Inc. (NYSE:FCX) saw some unusual options trading activity on Friday. Stock investors acquired 17,353 put options on the stock. This is an increase of 138% compared to the typical daily volume of 7,279 put options.

Shares of Freeport-McMoran (FCX) opened at 11.45 on Friday. Freeport-McMoran has a 52 week low of $9.24 and a 52 week high of $17.06. The firm’s 50-day moving average is $11.75 and its 200-day moving average is $13.51. The firm has a market capitalization of $16.57 billion, a P/E ratio of 61.23 and a beta of 2.55.

Freeport-McMoran (NYSE:FCX) last announced its quarterly earnings results on Tuesday, April 25th. The natural resource company reported $0.15 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by $0.01. Freeport-McMoran had a net margin of 1.11% and a return on equity of 7.97%. The company had revenue of $3.34 billion for the quarter, compared to the consensus estimate of $3.51 billion. During the same quarter in the prior year, the company earned ($0.16) earnings per share. The company’s quarterly revenue was down 5.3% on a year-over-year basis. Equities analysts anticipate that Freeport-McMoran will post $1.03 EPS for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Advantage Investment Management LLC bought a new position in Freeport-McMoran during the fourth quarter valued at $117,000. Acrospire Investment Management LLC bought a new position in Freeport-McMoran during the first quarter valued at $122,000. Ancora Advisors LLC bought a new position in Freeport-McMoran during the fourth quarter valued at $126,000. Atria Investments LLC bought a new position in Freeport-McMoran during the first quarter valued at $134,000. Finally, Leavell Investment Management Inc. bought a new position in Freeport-McMoran during the first quarter valued at $134,000. Institutional investors own 69.84% of the company’s stock.

FCX has been the topic of a number of recent research reports. Vetr raised shares of Freeport-McMoran from a “buy” rating to a “strong-buy” rating and set a $14.75 price target on the stock in a research report on Wednesday, April 12th. FBR & Co reaffirmed a “hold” rating and set a $13.00 price target on shares of Freeport-McMoran in a research report on Wednesday, April 5th. Jefferies Group LLC raised their price target on shares of Freeport-McMoran to $16.00 and gave the stock a “buy” rating in a research report on Tuesday, March 28th. Deutsche Bank AG raised shares of Freeport-McMoran from a “sell” rating to a “hold” rating and raised their price target for the stock from $12.50 to $14.00 in a research report on Tuesday, March 21st. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and set a $17.00 price target on shares of Freeport-McMoran in a research report on Wednesday, April 19th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $13.66.

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About Freeport-McMoran

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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