The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Freeport-McMoRan Inc. shares valued at $988,314 were purchased by Lance Ryan Michael on Aug 29. At $31.88 per share, Lance Ryan Michael acquired 31,000 shares. The insider’s holdings grew to 32,132 shares worth approximately $1.0 million following the completion of this transaction.
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Also, Lewis Sara Grootwassink purchased 3,000 shares, netting a total of over 86,355 in proceeds. Following the buying of shares at $28.79 each, the insider now holds 13,800 shares.
Before that, MCCOY DUSTAN E had sold 8,200 shares from its account. In a trade valued at $321,796, the Director traded Freeport-McMoRan Inc. shares for $39.24 each. Upon closing the transaction, the insider’s holdings decreased to 8,200 shares, worth approximately $4.17 million.
As published in a research note from Exane BNP Paribas on October 06, 2022, Freeport-McMoRan Inc. [FCX] has been rated down from an Outperform to a Neutral and the price target has been revised to $29. This represents a -6.93% premium over Wednesday’s closing price. Analysts at Exane BNP Paribas upgraded the stock from ‘”a Neutral”‘ to ‘”an Outperform”‘ outlook in a report released in mid July. As of July 13, 2022, Citigroup has decreased its “Buy” rating to a “Neutral” for FCX. Earlier on July 07, 2022, Wolfe Research downgraded its rating. Their new recommendation was “a Peer perform” for FCX stock which previously was a “an Outperform”.
Analyzing FCX Stock Performance
On Wednesday, Freeport-McMoRan Inc. [NYSE: FCX] plunged -5.74% to $31.01. The stock’s lowest price that day was $30.955, but it reached a high of $33.39 in the same session. During the last five days, there has been a drop of approximately -6.99%. Over the course of the year, Freeport-McMoRan Inc. shares have dropped approximately -25.04%. Shares of the company reached a 52-week high of $51.99 on 03/25/22 and a 52-week low of $24.80 on 07/14/22. A 50-day SMA is recorded $29.86, while a 200-day SMA reached $36.64. Nevertheless, trading volume fell to 20.03 million shares from 16.68 million shares the previous day.
Support And Resistance Levels for Freeport-McMoRan Inc. (FCX)
According to the 24-hour chart, there is a support level at 30.18, which, if violated, would cause prices to drop to 29.35. In the upper region, resistance lies at 32.61. The next price resistance is at 34.22. RSI (Relative Strength Index) is 52.13 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 1.08, which suggests the price will increase in the coming days. Percent R is at 44.47%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Freeport-McMoRan Inc. subject to short interest?
Stocks of Freeport-McMoRan Inc. saw a sharp rise in short interest on Jul 14, 2022 jumping by 5.06 million shares to 30.93 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 25.87 million shares. A jump of 16.36% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 1.21 of the overall float, the days-to-cover ratio (short ratio) jumped to 1.21.
Which companies own the most shares of Freeport-McMoRan Inc. (FCX)?
According to The Vanguard Group, Inc. filings, the company currently owns 111,607,738 shares, which is about 7.81% of the total FCX shares outstanding. The investor’s shares have appreciated by 715,203 from its previous 13-F filing of 110892535.0 shares. With the completion of the sale transaction, Fidelity Management & Research Co’s stake is now worth $2,853,617,320. Capital Research & Management Co acquire a 4.85% interest valued at $1.87 billion while SSgA Funds Management, Inc. sold a -1,528,381 stake. A total of -763,047 shares of Freeport-McMoRan Inc. were sold by BlackRock Fund Advisors during the quarter, and 1,317,415 were bought by Fisher Asset Management LLC. In its current portfolio, JPMorgan Investment Management, I holds 28,032,391 shares valued at $766.13 million.
In terms of Freeport-McMoRan Inc. share price expectations, FactSet research, analysts set an average price target of $35.98 in the next 12 months, up nearly 3.34% from the previous closing price of $32.90. Analysts anticipate Freeport-McMoRan Inc. stock to reach $55.00 by 2022, with the lowest price target being $23.00. In spite of this, 21 analysts ranked Freeport-McMoRan Inc. stock as an Overweight at the end of 2022. On June 09, 2022, Credit Suisse assigned a price target of “a Neutral” to the stock and upgraded coverage with a $38.