Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) surged on Wednesday as it leads the gainers in the S&P 500 on the heels of an upgrade by Bank of America Merrill Lynch.
Freeport-McMoRan Copper & Gol (FCX) shares surged over 4%, closing the day as the top performer in the S&P 500 SPX.
Analysts at Bank of America Merrill Lynch upgraded stock rating to buy from neutral, quoting its attractive valuation. They reported that the firm’s high exposure and advantage to copper and its strong dividend yield of 4 percent against 2.6 percent for its mining peers for their optimistic view.
Shares of Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) opened at $32.27 with 949.53 million outstanding shares and touch its highest price of $33.17 of the day and then finished at $32.84 by scoring +4.12%, as in the whole session stocks gain volume of 23.48 million shares which is higher than its average volume.
As the owner ship concerns stock institutional ownership remained 73.26% while insider ownership included 0.34%. The share capital of FCX has 949.53 million outstanding shares amid them 885.84 million shares have been floated in market.
For investors focus on the performance of the stocks so the FCX showed weekly ahead performance of 2.85% which was maintained for the month at -8.09%. Correspondingly the negative performance for the quarter was remained -15.08% and if took notice on yearly performance that was -20.77% whereas the year to date performance halted at -3.13%.
As the moving toward the returns measures returns on Investment ratio is significant measure which investor should have in consideration, the FCX return on investment was recorded as 14.58% as compare to its rivals has Southern Copper Corp (NYSE:SCCO)’s ROI 22.87%, Sterlite Industries India Limited (ADR) (NYSE:SLT)’s ROI 11.11%, Lihua International Inc (NASDAQ:LIWA)’s ROI 23.50%, Augusta Resource Corp. (USA) (NYSE:AZC)’s ROI -2.09%.
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