Freeport-McMoRan Inc. (NYSE:FCX) does about 20.69M shares in volume on a normal day but saw 16407348 shares change hands in Friday trading. The company now has a market cap of 21.64B USD and an enterprise value of about $30.09B. Its current market price is $15.65, marking an increase of 5.03% compared to the previous close of $14.90. The 52 week high reached by this stock is $15.34 whilst the lowest price level in 52 weeks is $4.82. The script in recent trading has seen the stock touch a high of $15.70 and a low of $15.17.
Freeport-McMoRan Inc. (FCX) has a 20-day trading average at $14.28 and the current price is 2.02% off the 52-week high compared with 224.69% distance from its 52-week low. The 50-day simple moving average of the closing price is $13.20 and its 200-day simple moving average is $10.98. If we look at the stock’s price movements over the week, volatility stands at 3.11%, which increases to 3.28% over 1 month. It is also key to look at other market indicators of price movement for the stock, where we see that the relative strength index (RSI) is at 70.39 to suggest the stock is overbought.
The consensus objective for the share price is $13.26, suggesting that the stock has a potential downside of -18.02% over the period.
The company shares received a number of brokerage firm price updates over the past month, with the latest being on August 04, 2020 when Morgan Stanley downgraded the stock to “Equal-Weight” and issued a price target of $12.50. Barclays also downgraded the stock to “Equal Weight” from Overweight on July 20, 2020 at a price target of $14. Scotiabank upgraded its price target at $12.50.
The current price level is 10.69%, 19.48%, and 42.84% away from its SMA20, SMA50, and SMA200 respectively, with the FCX price moving below the 50-day SMA on August 28. Freeport-McMoRan Inc. (FCX) stock is up 8.98% over the week and 20.94% over the past month. Its price is 19.28% year-to-date and 71.60% over the past year.
The stock last released its quarterly earnings report for quarter ended 6/29/2020, with the company’s earnings per share (EPS) of $0.03 above consensus estimates by $0.05. FCX’s earnings per share are forecast to grow by 1,050.00% this year and 452.20% over next year. Expected sales for next quarter are $3.94 billion, which analysts say will come at $13.06 billion for the current fiscal year and next year at $16.87 billion. In addition, estimates put the company’s current quarterly revenue at an average of $3.48 billion.
To reach the target analysts have set, the stock logically needs to shrink -18.02 percent from here.
Outstanding shares total 1.45B with insiders holding 0.70% of the shares and institutional holders owning 75.17% of the company’s common stock. The company has a return on investment of 2.90% and return on equity of -7.00%. The forward price to earnings ratio is 12.32. The beta has a value of 2.34. Price to book ratio is 2.54 and price to sales ratio is 1.68.
According to a U.S. Securities and Exchange Commission filing, Vanguard Total Stock Market Index has reduced its position in Freeport-McMoRan Inc. (FCX) to 41,300,287 shares, mirroring a recent drop by -0.46%. Vanguard Total Stock Market Index dumped -0.19 million shares of Freeport-McMoRan Inc. common stock bringing its total worth to about $533.6 million at the end of recent close, SEC documents show. Vanguard Total Stock Market Index isn’t the only investment manager who changed stakes and is followed by Vanguard Mid Cap Index Fund, which sold off -0.28 million shares to end up with 35,611,956 shares worth $460.11 million. Vanguard 500 Index Fund cut their holdings by -0.64% in the company over the course of the most recent quarter. It now holds a 2.06% position in Freeport-McMoRan Inc. thanks to 29.94 million shares amounting to $386.81 million.