The Attractiveness of Investing In Freeport-McMoRan Inc. (FCX) is Growing


Freeport-McMoRan Inc.’s recent filing unveils that its Director Lance Ryan Michael acquired Company’s shares for reported $0.99 million on Aug 29. In the deal valued at $31.88 per share,31,000 shares were bought. As a result of this transaction, Lance Ryan Michael now holds 32,132 shares worth roughly $ 1.13 million.

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Then, Lewis Sara Grootwassink bought 3,000 shares, generating $86,355 in total proceeds. Upon buying the shares at $28.79, the Director now owns 13,800 shares.

Before that, MCCOY DUSTAN E sold 8,200 shares. Freeport-McMoRan Inc. shares valued at $321,796 were divested by the Director at a price of $39.24 per share. As a result of the transaction, MCCOY DUSTAN E now holds 134,400 shares, worth roughly $4.73 million.

Exane BNP Paribas downgraded its Freeport-McMoRan Inc. [FCX] rating to a Neutral from a an Outperform in a research note published on Friday. PT values the company’s stock at a premium of -21.34 to its Friday closing price. A number of analysts have revised their coverage, including Exane BNP Paribas’s analysts, who increased its forecast for the stock in mid July from “a Neutral” to “an Outperform”. Citigroup also remained covering FCX and has decreased its forecast on July 13, 2022 with a “Neutral” recommendation from previously “Buy” rating. Wolfe Research revised its rating on July 07, 2022. It rated FCX as “a Peer perform” which previously was an “an Outperform”.

Price Performance Review of FCX

On Friday, Freeport-McMoRan Inc. [NYSE:FCX] saw its stock jump 11.50% to $35.19. On the same session, the stock had its day’s lowest price of $34.12, but rose to a high of $35.77. Over the last five days, the stock has gained 9.29%. Freeport-McMoRan Inc. shares have fallen nearly -14.94% since the year began. Nevertheless, the stocks have fallen -4.06% over the past one year. While a 52-week high of $51.63 was reached on 03/25/22, a 52-week low of $24.74 was recorded on 07/14/22. SMA at 50 days reached $29.90, while 200 days put it at $36.54. A total of 30.35 million shares were traded, compared to the trading of 15.06 million shares in the previous session.

Levels Of Support And Resistance For FCX Stock

The 24-hour chart illustrates a support level at 34.28, which if violated will result in even more drops to 33.38. On the upside, there is a resistance level at 35.93. A further resistance level may holdings at 36.68. The Relative Strength Index (RSI) on the 14-day chart is 64.72, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 1.06, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 7.30%. Stochastics %K at 70.37% indicates the stock is a holding.

How much short interest is there in Freeport-McMoRan Inc.?

A steep rise in short interest was recorded in Freeport-McMoRan Inc. stocks on Jul 14, 2022, growing by 5.06 million shares to a total of 30.93 million shares. Yahoo Finance data shows the prior-month short interest on Jun 14, 2022 was 25.87 million shares. There was a rise of 16.36%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 2.14% of the overall stock float, the days-to-cover ratio (short ratio) rose to 1.21.

Freeport-McMoRan Inc. [FCX] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 111,607,738 shares, or roughly 7.81% of the outstanding FCX shares. In other words, the investor’s shares have risen by 715,203 from its previous 13-F filing of 110892535.0. Additionally, Fidelity Management & Research Co decreased -6.78% of its stake after which the total value it holdings stand at $2,853,617,320, while Capital Research & Management Co added 4.85% of its stake to hold $1.87 billion in the firm. Over the last quarter, SSgA Funds Management, Inc. sold -1,528,381 shares of Freeport-McMoRan Inc., while BlackRock Fund Advisors sold -763,047 shares. At present, Fisher Asset Management LLC is holding 52,067,916 shares valued at $1.42 billion. JPMorgan Investment Management, I owned 28,032,391 shares of the company at the time of its most recent 13F filing, worth $766.13 million.

According to FactSet, Freeport-McMoRan Inc.’s share price will average $35.98 in the next year, based on opinions of analysts polled by the firm. This is up nearly 7.73 percent from its previous closing price of $31.56. Analysts expect Freeport-McMoRan Inc. stock to reach the higher price of $55.00, while the lowest price estimate is $23.00. However, 21 analysts have rated FCX stock as an Overweight in their predictions for 2022.


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