Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX)’s stock shows marginal decline in prices

745

Dallas, Texas 08/28/2013 (Financialstrend) – Shares of Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) had recently been presenting marginal decline in prices for the past few trading sessions, which further prove to ascertain the prospects for bearish trend in the near future as presented by the hedge fund trading activity in the stock. Though the stock had moved on to recover some of its losses in the recent days, there are indications that the shares should be sold out if an investor is still holding it in his portfolio. It was observed that the long position held by the hedge funds in this stock had declined by 18 percent to a total of 46 funds by this quarter.

The stock of Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) had been facing pessimistic sentiment from upper tier  managers of hedge funds like Senator Investment Group which had sold off the largest position in this company, a sale of  shares worth $331 million. Further, Omega Advisors were the next to exit this stock with the sale of shares worth $102.3 million. All such decline in interest from the hedge funds prove to ascertain the present declining trend of the stock.

Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) had closed on Tuesday at $30.60 per share and had thereby presented loss of 2.89% for the trading session. The stock was observed to be moving through the day to present intraday fluctuations in the range of $30.43 to $31.54 per share, while it presently has its 52 week low at $26.37 and 52 week high at $43.65 per share. Further, the stock had a trading volume of 14.28 million shares on Tuesday while the average level is at 14.13million shares per day. There are 1.04 billion shares of the company which are traded in the markets and the institutional owners hold 72%.

Subscribe to get your free report!

* indicates required
*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.