Why Is Freeport-McMoRan (FCX) Rising Today?

This afternoon we watched Freeport-McMoRan rise 1.1% to a price of $38.77 per share. The large-cap Industrial Metals & Mining company is now trading -15.2% below its average target price of $45.72. Analysts have set target prices ranging from $29.0 to $57.0 per share for Freeport-McMoRan, and have given the stock an average rating of buy.

Freeport-McMoRan's short interest — meaning the percentage of the share float that is being shorted — is lower than average at 1.0%. The stock's short ratio is 1.27. The company's insiders own 0.57% of its outstanding shares, which indicates a strong alignment between management and shareholder interests.

Another number to watch is the company's rate of institutional share ownership, which now stands at 81.0%. In conclusion, we believe there is mixed market sentiment regarding Freeport-McMoRan.

Institutions Invested in Freeport-McMoRan

Date Reported Holder Percentage Shares Value
2023-06-30 Vanguard Group Inc 8% 119,063,497 $4,616,091,833
2023-06-30 Blackrock Inc. 8% 107,532,960 $4,169,052,908
2023-06-30 FMR, LLC 6% 91,319,012 $3,540,438,137
2023-06-30 State Street Corporation 4% 63,242,717 $2,451,920,167
2023-06-30 Capital Research Global Investors 4% 59,495,524 $2,306,641,492
2023-06-30 Fisher Asset Management, LLC 4% 54,842,377 $2,126,238,981
2023-06-30 JP Morgan Chase & Company 2% 32,226,360 $1,249,415,991
2023-06-30 Geode Capital Management, LLC 2% 25,980,753 $1,007,273,805
2023-06-30 Bank Of New York Mellon Corporation 2% 21,659,892 $839,754,022
2023-06-30 Morgan Stanley 1% 17,504,649 $678,655,249
The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.