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%.