Freeport-McMoran Copper & Gold Inc. (NYSE:FCX)’s share price shot up 3.7% during mid-day trading on Wednesday . The stock traded as high as $10.90 and last traded at $10.89, with a volume of 29,574,290 shares trading hands. The stock had previously closed at $10.50.

Several research firms recently issued reports on FCX. Deutsche Bank AG boosted their target price on shares of Freeport-McMoran Copper & Gold from $10.00 to $11.00 and gave the company a “hold” rating in a research note on Monday, May 2nd. Barclays PLC reiterated a “hold” rating on shares of Freeport-McMoran Copper & Gold in a research note on Tuesday, May 3rd. Zacks Investment Research upgraded shares of Freeport-McMoran Copper & Gold from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a research note on Tuesday, April 19th. Jefferies Group restated a “hold” rating and set a $11.00 price objective (up from $10.00) on shares of Freeport-McMoran Copper & Gold in a research report on Wednesday, April 27th. Finally, FBR & Co restated a “hold” rating and set a $8.00 price objective on shares of Freeport-McMoran Copper & Gold in a research report on Wednesday, April 27th. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $12.63.

The firm has a 50-day moving average of $11.01 and a 200 day moving average of $9.01. The company’s market capitalization is $13.64 billion.

Freeport-McMoran Copper & Gold (NYSE:FCX) last released its earnings results on Tuesday, April 26th. The natural resource company reported ($0.16) EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.01. The business earned $3.53 billion during the quarter, compared to analyst estimates of $3.52 billion. During the same period last year, the business posted ($0.06) EPS. Freeport-McMoran Copper & Gold’s revenue was down 15.1% compared to the same quarter last year. On average, equities research analysts forecast that Freeport-McMoran Copper & Gold Inc. will post $0.50 EPS for the current year.

Several hedge funds and institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Freeport-McMoran Copper & Gold by 29.1% in the fourth quarter. Vanguard Group Inc. now owns 98,557,392 shares of the natural resource company’s stock valued at $667,234,000 after buying an additional 22,244,887 shares during the period. Thornburg Investment Management Inc. increased its position in Freeport-McMoran Copper & Gold by 571.6% in the fourth quarter. Thornburg Investment Management Inc. now owns 11,092,464 shares of the natural resource company’s stock valued at $75,096,000 after buying an additional 9,440,903 shares during the period. Letko Brosseau & Associates Inc. increased its position in Freeport-McMoran Copper & Gold by 54.7% in the fourth quarter. Letko Brosseau & Associates Inc. now owns 8,564,526 shares of the natural resource company’s stock valued at $57,982,000 after buying an additional 3,029,575 shares during the period. Bank of Montreal Can increased its position in Freeport-McMoran Copper & Gold by 1,549.1% in the fourth quarter. Bank of Montreal Can now owns 5,531,205 shares of the natural resource company’s stock valued at $37,446,000 after buying an additional 5,195,795 shares during the period. Finally, Gamco Investors INC. ET AL increased its position in Freeport-McMoran Copper & Gold by 52.9% in the fourth quarter. Gamco Investors INC. ET AL now owns 4,186,394 shares of the natural resource company’s stock valued at $28,342,000 after buying an additional 1,448,002 shares during the period.

Freeport-McMoRan Inc (FCX) is a natural resource company with a portfolio of mineral assets, and oil and natural gas resources. The Company’s segments include the Morenci, Cerro Verde, Grasberg and Tenke Fungurume copper mines, the Rod & Refining operations and the U.S. Oil & Gas Operations. It has organized its operations into five primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining and Molybdenum mines.

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