Investors Purchase High Volume of Freeport-McMoran Put Options (FCX)

Freeport-McMoran, Inc. (NYSE:FCX) was the recipient of unusually large options trading activity on Thursday. Traders bought 10,798 put options on the stock. This represents an increase of approximately 108% compared to the average daily volume of 5,201 put options.

Several research analysts have commented on FCX shares. Jefferies Group LLC set a $15.00 target price on shares of Freeport-McMoran and gave the stock a “buy” rating in a research report on Monday, July 10th. ValuEngine upgraded shares of Freeport-McMoran from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Vertical Research restated a “buy” rating and issued a $20.00 target price on shares of Freeport-McMoran in a research report on Tuesday, August 29th. Deutsche Bank AG restated a “hold” rating and issued a $13.00 target price (down previously from $14.00) on shares of Freeport-McMoran in a research report on Sunday, June 25th. Finally, BMO Capital Markets set a $17.00 target price on shares of Freeport-McMoran and gave the stock a “hold” rating in a research report on Wednesday, July 26th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Freeport-McMoran has an average rating of “Hold” and an average price target of $15.49.

In other news, COO Harry M. Iv Conger bought 36,180 shares of the firm’s stock in a transaction on Thursday, September 7th. The stock was purchased at an average price of $15.23 per share, for a total transaction of $551,021.40. Following the transaction, the chief operating officer now owns 73,943 shares in the company, valued at $1,126,151.89. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.29% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Freeport-McMoran by 4.9% during the 2nd quarter. Vanguard Group Inc. now owns 139,502,519 shares of the natural resource company’s stock worth $1,675,425,000 after acquiring an additional 6,510,840 shares during the last quarter. State Street Corp boosted its stake in Freeport-McMoran by 4.6% during the 1st quarter. State Street Corp now owns 64,979,781 shares of the natural resource company’s stock worth $868,135,000 after acquiring an additional 2,835,834 shares during the last quarter. FMR LLC boosted its stake in Freeport-McMoran by 104.4% during the 1st quarter. FMR LLC now owns 42,399,057 shares of the natural resource company’s stock worth $566,451,000 after acquiring an additional 21,652,647 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Freeport-McMoran by 39.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 20,568,631 shares of the natural resource company’s stock worth $247,029,000 after acquiring an additional 5,810,712 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Freeport-McMoran by 14.7% during the 1st quarter. Geode Capital Management LLC now owns 12,966,422 shares of the natural resource company’s stock worth $172,986,000 after acquiring an additional 1,664,093 shares during the last quarter. 67.94% of the stock is currently owned by institutional investors and hedge funds.

Shares of Freeport-McMoran (NYSE:FCX) opened at 14.33 on Friday. The firm has a market capitalization of $20.74 billion, a price-to-earnings ratio of 20.21 and a beta of 2.54. The company’s 50-day moving average is $14.53 and its 200 day moving average is $13.12. Freeport-McMoran has a 1-year low of $9.24 and a 1-year high of $17.06.

Freeport-McMoran (NYSE:FCX) last released its quarterly earnings data on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.21 by ($0.04). Freeport-McMoran had a return on equity of 10.45% and a net margin of 5.97%. The firm had revenue of $3.71 billion for the quarter, compared to the consensus estimate of $3.67 billion. During the same period in the previous year, the business earned ($0.02) EPS. The firm’s revenue was up 11.3% compared to the same quarter last year. On average, analysts expect that Freeport-McMoran will post $0.97 EPS for the current fiscal year.

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Freeport-McMoran Company Profile

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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