Stock traders buy large volume of Freeport-McMoRan call options (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCX – Get Rating) saw unusually large options trades on Friday. Investors bought 105,922 call options on the stock. This represents an increase of approximately 49% over the average volume of 70,881 call options.

Analysts set new price targets

A number of equity research analysts have recently commented on FCX ​​shares. Citigroup raised its price target on Freeport-McMoRan from $28.00 to $29.00 in a Friday, July 22 research report. Credit Suisse Group lowered its price target on Freeport-McMoRan to $34.00 in a Friday, July 22 research report. Barclays lowered its price target on Freeport-McMoRan to $23.00 in a Thursday, October 20 research report. Deutsche Bank Aktiengesellschaft lowered its price target on Freeport-McMoRan from $35.00 to $30.00 and placed a “hold” rating on the stock in a Wednesday, October 5 research report. Finally, StockNews.com began covering Freeport-McMoRan in a research report on Wednesday, October 12. They have set a “holding” rating on the stock. One analyst rated the stock with a sell rating, eleven issued a hold rating and five gave the company’s stock a buy rating. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $37.73.

Freeport-McMoRan Price Performance

FCX stock traded at $1.58 at midday Friday, hitting $38.33. 1,218,917 shares were traded, against an average volume of 17,470,320. The stock has a market capitalization of $54.78 billion, a PE ratio of 14.68, a P/E/G ratio of 0, 51 and a beta of 1.95. Freeport-McMoRan has a 52-week low of $24.80 and a 52-week high of $51.99. The company has a debt ratio of 0.40, a current ratio of 2.56 and a quick ratio of 1.76. The company has a fifty-day moving average price of $30.26 and a 200-day moving average price of $32.37.

Freeport-McMoRan (NYSE:FCX – Get Rating) last released quarterly earnings data on Thursday, October 20. The natural resources company reported earnings per share of $0.26 for the quarter, missing consensus analyst estimates of $0.40 per ($0.14). The company posted revenue of $5 billion for the quarter, versus a consensus estimate of $4.91 billion. Freeport-McMoRan had a return on equity of 17.69% and a net margin of 16.72%. The company’s revenue was down 17.8% year over year. In the same quarter of the previous year, the company achieved EPS of $0.89. As a group, analysts expect Freeport-McMoRan to post EPS of 2.36 for the current fiscal year.

Freeport-McMoRan dividend announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 1. Shareholders of record on Friday, October 14 received a dividend of $0.15. The ex-dividend date was Thursday, October 13. This represents a dividend of $0.60 on an annualized basis and a dividend yield of 1.57%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 11.41%.

Insider Trading at Freeport-McMoRan

In other news, director Ryan Michael Lance bought 31,000 shares of the company in a deal that took place on Monday, August 29. The shares were acquired at an average price of $31.88 per share, for a total transaction of $988,280.00. Following the completion of the acquisition, the administrator now directly owns 32,132 shares of the company, valued at $1,024,368.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. Insiders of the company own 0.72% of the shares of the company.

Institutional investors weigh in on Freeport-McMoRan

Institutional investors have recently changed their positions in the stock. Citizens Financial Group Inc RI increased its position in Freeport-McMoRan shares by 0.9% during the third quarter. Citizens Financial Group Inc RI now owns 366,696 shares of the natural resource company valued at $10,022,000 after buying 3,133 additional shares last quarter. Dakota Wealth Management purchased a new equity stake in Freeport-McMoRan during Q3, valued at approximately $304,000. Cornerstone Advisors LLC increased its position in Freeport-McMoRan shares by 26.9% during the third quarter. Cornerstone Advisors LLC now owns 193,500 shares of the natural resource company valued at $5,288,000 after buying an additional 41,000 shares in the last quarter. Gabelli Funds LLC increased its position in Freeport-McMoRan shares by 1.7% during the third quarter. Gabelli Funds LLC now owns 1,234,850 shares of the resource company valued at $33,748,000 after buying an additional 20,500 shares last quarter. Finally, Missouri Trust & Investment Co increased its position in Freeport-McMoRan shares by 42.7% in the third quarter. Missouri Trust & Investment Co now owns 3,010 shares of the resource company valued at $82,000 after buying 900 more shares last quarter. Institutional investors hold 77.38% of the company’s shares.

About Freeport-McMoRan

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Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America and Indonesia. The company mainly explores copper, gold, molybdenum, silver and other metals, as well as oil and gas. Its assets include the Grasberg mining district in Indonesia; Morenci, Baghdad, Safford, Sierrita and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.

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