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Morgan Stanley Upgrades Freeport-McMoRan Inc (FCX) to an Overweight from an Equal-weight

In a filing, Freeport-McMoRan Inc revealed its Senior VP & CAO Higgins Stephen T. unloaded Company’s shares for reported $4.16 million on May 13 ’24. In the deal valued at $52.03 per share,80,000 shares were sold. As a result of this transaction, Higgins Stephen T. now holds 104,377 shares worth roughly $5.34 million.

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Then, ADKERSON RICHARD C sold 54,771 shares, generating $2,781,118 in total proceeds. Upon selling the shares at $50.78, the Chairman of the Board & CEO now owns 3,652,478 shares.

Before that, Higgins Stephen T. sold 42,767 shares. Freeport-McMoRan Inc shares valued at $2,153,259 were divested by the Senior VP & CAO at a price of $50.35 per share. As a result of the transaction, Higgins Stephen T. now holds 104,377 shares, worth roughly $5.34 million.

Morgan Stanley upgraded its Freeport-McMoRan Inc [FCX] rating to an Overweight from a an Equal-weight in a research note published on June 21, 2024; the price target was increased to $62 from $49.50. A number of analysts have revised their coverage, including BofA Securities’s analysts, who increased its forecast for the stock in early April from “a Neutral” to “a Buy”. Bernstein revised its rating on January 08, 2024. It rated FCX as “an Outperform” which previously was an “a Mkt perform”.

Price Performance Review of FCX

On Monday, Freeport-McMoRan Inc [NYSE:FCX] saw its stock fall -0.76% to $51.13. Over the last five days, the stock has gained 5.21%. Freeport-McMoRan Inc shares have risen nearly 20.50% since the year began. Nevertheless, the stocks have risen 35.84% over the past one year. While a 52-week high of $55.24 was reached on 05/20/24, a 52-week low of $32.72 was recorded on 02/13/24. SMA at 50 days reached $50.69, while 200 days put it at $42.56. A total of 7.59 million shares were traded, compared to the trading of 8.3 million shares in the previous session.

Levels Of Support And Resistance For FCX Stock

The 24-hour chart illustrates a support level at 50.65, which if violated will result in even more drops to 50.16. On the upside, there is a resistance level at 51.50. A further resistance level may holdings at 51.86. The Relative Strength Index (RSI) on the 14-day chart is 56.02, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 1.75, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 13.47%. Stochastics%K at 89.78% indicates the stock is a selling.

The most recent change occurred on October 17, 2023 when JP Morgan began covering the stock and recommended ‘”a Neutral”‘ rating along with a $42 price target.

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