Freeport-McMoRan Inc. [NYSE: FCX] stock went on an upward path that rose over 7.88% on Wednesday, amounting to a one-week price increase of more than 5.04%. The company report on July 27, 2020 that Freeport-McMoRan Completes Sale of $1.5 Billion of Senior Notes.
Freeport-McMoRan Inc. (NYSE: FCX) announced today that it has completed the sale of $650 million aggregate principal amount of its 4.375% Senior Notes due 2028 and $850 million aggregate principal amount of its 4.625% Senior Notes due 2030. FCX intends to use the net proceeds from the offering to fund its previously announced cash tender offers for up to $1.5 billion aggregate purchase price of its 3.55% Senior Notes due 2022, 3.875% Senior Notes due 2023 and 4.55% Senior Notes due 2024, and the payment of accrued and unpaid interest, premiums, fees and expenses in connection therewith. Any net proceeds not used for the tender offers will be used for general corporate purposes, which may include repurchases or redemptions of FCX’s notes. These transactions will enable FCX to extend the maturities of certain of its outstanding indebtedness.
J.P. Morgan Securities LLC, BofA Securities, BNP Paribas Securities Corp., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Mizuho Securities USA LLC, SMBC Nikko Securities America, Inc., BMO Capital Markets Corp., MUFG Securities Americas Inc. and Scotia Capital (USA) Inc. were the joint book-running managers for the offering, with J.P. Morgan Securities LLC serving as the lead left book-running manager.
Over the last 12 months, FCX stock rose by 37.77%. The one-year Freeport-McMoRan Inc. stock forecast points to a potential downside of -5.35. The average equity rating for FCX stock is currently 2.10, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $20.32 billion, with 1.45 billion shares outstanding and 1.44 billion shares in the current float. Compared to the average trading volume of 21.91M shares, FCX stock reached a trading volume of 36743824 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on Freeport-McMoRan Inc. [FCX]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for FCX shares is $13.26 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on FCX stock is a recommendation set at 2.10. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Morgan Stanley have made an estimate for Freeport-McMoRan Inc. shares, keeping their opinion on the stock as Equal-Weight, with their previous recommendation back on August 04, 2020. The new note on the price target was released on July 20, 2020, representing the official price target for Freeport-McMoRan Inc. stock. Previously, the target price had yet another raise to $12.50, while Scotiabank analysts kept a Sector Outperform rating on FCX stock.
The Average True Range (ATR) for Freeport-McMoRan Inc. is set at 0.56, with the Price to Sales ratio for FCX stock in the period of the last 12 months amounting to 1.41. The Price to Book ratio for the last quarter was 2.29, with the Price to Cash per share for the same quarter was set at 1.10. Price to Free Cash Flow for FCX in the course of the last twelve months was 17.33 with Quick ratio for the last quarter at 1.10.
FCX Stock Performance Analysis:
Freeport-McMoRan Inc. [FCX] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 5.04. With this latest performance, FCX shares gained by 9.74% in over the last four-week period, additionally plugging by 12.57% over the last 6 months – not to mention a rise of 37.77% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for FCX stock in for the last two-week period is set at 64.73, with the RSI for the last a single of trading hit 68.20, and the three-weeks RSI is set at 65.76 for Freeport-McMoRan Inc. [FCX]. The present Moving Average for the last 50 days of trading for this stock 11.78, while it was recorded at 13.18 for the last single week of trading, and 10.64 for the last 200 days.
Insight into Freeport-McMoRan Inc. Fundamentals:
Operating Margin for any stock indicates how profitable investing would be, and Freeport-McMoRan Inc. [FCX] shares currently have an operating margin of +4.66 and a Gross Margin at +8.28. Freeport-McMoRan Inc.’s Net Margin is presently recorded at -1.71.
Return on Total Capital for FCX is now 2.37, given the latest momentum, and Return on Invested Capital for the company is -1.22. Return on Equity for this stock declined to -2.57, with Return on Assets sitting at -0.59. When it comes to the capital structure of this company, Freeport-McMoRan Inc. [FCX] has a Total Debt to Total Equity ratio set at 108.35. Additionally, FCX Total Debt to Total Capital is recorded at 52.00, with Total Debt to Total Assets ending up at 24.69. Long-Term Debt to Equity for the company is recorded at 107.82, with the Long-Term Debt to Total Capital now at 51.75.
Reflecting on the efficiency of the workforce at the company, Freeport-McMoRan Inc. [FCX] managed to generate an average of -$8,909 per employee. Receivables Turnover for the company is 11.54 with a Total Asset Turnover recorded at a value of 0.35.Freeport-McMoRan Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.10 and a Current Ratio set at 2.30.
FCX Stock EPS
With the latest financial reports released by the company, Freeport-McMoRan Inc. posted -0.01/share EPS, while the average EPS was predicted by analysts to be reported at -0.01/share. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for FCX.
Freeport-McMoRan Inc. [FCX] Insider Position Details
There are presently around $14,433 million, or 73.80% of FCX stock, in the hands of institutional investors. The top three institutional holders of FCX stocks are: VANGUARD GROUP INC with ownership of 159,345,982, which is approximately 2.153% of the company’s market cap and around 0.40% of the total institutional ownership; BLACKROCK INC., holding 114,667,983 shares of the stock with an approximate value of $1.6 billion in FCX stocks shares; and CAPITAL RESEARCH GLOBAL INVESTORS, currently with $962.55 million in FCX stock with ownership of nearly -23.495% of the company’s market capitalization.
305 institutional holders increased their position in Freeport-McMoRan Inc. [NYSE:FCX] by around 124,500,578 shares. Additionally, 355 investors decreased positions by around 147,820,455 shares, while 118 investors held positions by with 760,850,476 shares. The mentioned changes placed institutional holdings at 1,033,171,509 shares, according to the latest SEC report filing. FCX stock had 90 new institutional investments in for a total of 25,671,130 shares, while 114 institutional investors sold positions of 29,808,335 shares during the same period.