Is Buying 52-Week Stock Like Freeport-McMoRan Inc. (FCX) a Winning Strategy?

January 20, 2018 - By Nellie Frank

Investors sentiment is 1 in 2017 Q3. Its the same as in 2017Q2. It is flat, as 57 investors sold Freeport-McMoRan Inc. shares while 214 reduced holdings. only 91 funds opened positions while 181 raised stakes. 961.13 million shares or 0.14% less from 962.50 million shares in 2017Q2 were reported.
Meeder Asset Management Inc, Ohio-based fund reported 43,390 shares. Advantus Management Inc invested in 136,135 shares or 0.05% of the stock. Oppenheimer Asset Mngmt, a New York-based fund reported 486,605 shares. Paloma Ptnrs Mngmt reported 0.01% stake. State Of Wisconsin Invest Board invested in 1.70 million shares or 0.07% of the stock. Moreover, Gamco Inc Et Al has 0.4% invested in Freeport-McMoRan Inc. (NYSE:FCX) for 4.64 million shares. Millennium Management Ltd invested in 0.07% or 3.26 million shares. Daiwa Secs reported 41,758 shares. State Of New Jersey Common Pension Fund D invested in 3.90M shares. Fifth Third Financial Bank reported 5,577 shares. Grassi Inv Management holds 59,200 shares or 0.14% of its portfolio. Kames Public Limited Company holds 0.03% or 74,868 shares in its portfolio. Sumitomo Mitsui Tru Inc invested in 4.35M shares. Wellington Shields Co Ltd Com owns 14,600 shares for 0.07% of their portfolio. San Francisco Sentry Inv Group (Ca) stated it has 0.04% in Freeport-McMoRan Inc. (NYSE:FCX).

Since August 21, 2017, it had 0 insider buys, and 1 insider sale for $15,435 activity.

The stock of Freeport-McMoRan Inc. (NYSE:FCX) hit a new 52-week high and has $20.56 target or 3.00 % above today’s $19.96 share price. The 6 months bullish chart indicates low risk for the $28.89B company. The 1-year high was reported on Jan, 20 by Barchart.com. If the $20.56 price target is reached, the company will be worth $866.82M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock.

The stock increased 2.89% or $0.56 during the last trading session, reaching $19.96. About 22.64 million shares traded or 26.25% up from the average. Freeport-McMoRan Inc. (NYSE:FCX) has risen 6.83% since January 20, 2017 and is uptrending. It has underperformed by 9.87% the S&P500.

Analysts await Freeport-McMoRan Inc. (NYSE:FCX) to report earnings on January, 24. They expect $0.43 EPS, up 72.00 % or $0.18 from last year’s $0.25 per share. FCX’s profit will be $622.47 million for 11.60 P/E if the $0.43 EPS becomes a reality. After $0.34 actual EPS reported by Freeport-McMoRan Inc. for the previous quarter, Wall Street now forecasts 26.47 % EPS growth.

Freeport-McMoRan Inc. (NYSE:FCX) Ratings Coverage

Among 23 analysts covering Freeport-McMoran Copper & Gold (NYSE:FCX), 5 have Buy rating, 5 Sell and 13 Hold. Therefore 22% are positive. Freeport-McMoran Copper & Gold had 92 analyst reports since July 28, 2015 according to SRatingsIntel. BMO Capital Markets maintained the stock with “Hold” rating in Tuesday, June 27 report. FBR Capital initiated it with “Mkt Perform” rating and $18 target in Friday, September 18 report. The stock of Freeport-McMoRan Inc. (NYSE:FCX) earned “Buy” rating by Jefferies on Tuesday, May 17. The rating was downgraded by Deutsche Bank to “Hold” on Thursday, November 17. The rating was maintained by Cowen & Co with “Buy” on Wednesday, April 12. The firm earned “Outperform” rating on Friday, July 24 by Cowen & Co. Berenberg upgraded it to “Hold” rating and $12 target in Wednesday, March 22 report. The company was maintained on Monday, August 28 by BMO Capital Markets. The firm earned “Neutral” rating on Tuesday, February 21 by Citigroup. Stifel Nicolaus maintained the shares of FCX in report on Tuesday, August 29 with “Hold” rating.

More notable recent Freeport-McMoRan Inc. (NYSE:FCX) news were published by: Fool.com which released: “Here’s Where Things Went Wrong for Freeport-McMoRan Inc. in 2017” on December 29, 2017, also Investorplace.com with their article: “Wednesday’s Vital Data: Apple Inc, Micron Technology, Inc. and Freeport …” published on December 27, 2017, Investorplace.com published: “Earnings Visibility Make Freeport-McMoRan (FCX) a Buy” on January 19, 2018. More interesting news about Freeport-McMoRan Inc. (NYSE:FCX) were released by: Fool.com and their article: “Is Freeport-McMoRan Inc. a Buy?” published on January 13, 2018 as well as Fool.com‘s news article titled: “Why Freeport-McMoRan Inc. Stock Exploded 36% Higher in December” with publication date: January 05, 2018.

Freeport-McMoRan Inc. engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company has market cap of $28.89 billion. It primarily explores for copper concentrate, copper cathode, copper rod, gold, molybdenum, silver, and other metals, as well as gas and oil. It has a 27.01 P/E ratio. The companyÂ’s portfolio of assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, 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 and El Abra mines in South America.

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