Analyzing Freeport-McMoRan's (FCX) Surge – What's Driving the Stock?

Freeport-McMoRan stock is trading -5.27% below its average target price of $52.95 after marking a 2.8% during today's afternoon session. Analysts are giving the Large-Cap Industrial Metals & Mining company an average rating of buy and target prices ranging from $41.0 to $60.0 per share.

The stock has a very low short interest at 1.6%, and a short ratio of 1.38. The company's insiders own 0.63% of its outstanding shares, which indicates a strong alignment between management and shareholder interests. Finally, we also note that a significant number of institutional investors are invested in the stock, with 82.3% of Freeport-McMoRan's shares being owned by this investor type.

Institutions Invested in Freeport-McMoRan

Date Reported Holder Percentage Shares Value
2023-12-31 Vanguard Group Inc 8% 119,487,609 $5,993,498,449
2023-12-31 Blackrock Inc. 8% 110,693,592 $5,552,390,557
2023-12-31 FMR, LLC 6% 80,082,316 $4,016,928,958
2023-12-31 State Street Corporation 4% 62,903,247 $3,155,226,859
2023-12-31 Capital Research Global Investors 4% 59,752,726 $2,997,196,727
2023-12-31 Fisher Asset Management, LLC 4% 55,656,836 $2,791,746,885
2023-12-31 Price (T.Rowe) Associates Inc 2% 34,490,074 $1,730,022,106
2023-12-31 Geode Capital Management, LLC 2% 26,923,943 $1,350,504,976
2023-12-31 JP Morgan Chase & Company 2% 21,783,742 $1,092,672,495
2024-03-31 Bank Of New York Mellon Corporation 1% 21,157,118 $1,061,241,035

Besides an analyst consensus of some upside potential, other market factors point to there being mixed market sentiment on Freeport-McMoRan.

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.