Freeport-McMoRan Inc (NYSE:FCX) was the recipient of a significant increase in short interest in September. As of September 28th, there was short interest totalling 28,920,594 shares, an increase of 13.1% from the September 14th total of 25,571,376 shares. Approximately 2.0% of the company’s stock are sold short. Based on an average daily trading volume, of 22,513,134 shares, the days-to-cover ratio is currently 1.3 days.
A number of institutional investors and hedge funds have recently modified their holdings of FCX. Fox Run Management L.L.C. acquired a new position in Freeport-McMoRan during the third quarter worth $145,000. St. Johns Investment Management Company LLC increased its holdings in Freeport-McMoRan by 243.2% during the second quarter. St. Johns Investment Management Company LLC now owns 8,665 shares of the natural resource company’s stock worth $150,000 after buying an additional 6,140 shares during the last quarter. Parallel Advisors LLC increased its holdings in Freeport-McMoRan by 165.5% during the second quarter. Parallel Advisors LLC now owns 9,015 shares of the natural resource company’s stock worth $155,000 after buying an additional 5,619 shares during the last quarter. Private Trust Co. NA acquired a new position in Freeport-McMoRan during the second quarter worth $172,000. Finally, Confluence Investment Management LLC acquired a new position in Freeport-McMoRan during the second quarter worth $175,000. Institutional investors and hedge funds own 71.74% of the company’s stock.
FCX has been the topic of a number of research reports. Berenberg Bank reaffirmed a “sell” rating and issued a $15.00 price target on shares of Freeport-McMoRan in a research note on Monday, July 2nd. ValuEngine lowered shares of Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a research note on Tuesday, October 2nd. Deutsche Bank raised shares of Freeport-McMoRan from a “sell” rating to a “hold” rating in a research report on Thursday, July 26th. Barclays assumed coverage on shares of Freeport-McMoRan in a research report on Wednesday, October 10th. They issued an “underweight” rating and a $12.00 price objective on the stock. Finally, Bank of America raised shares of Freeport-McMoRan from an “underperform” rating to a “neutral” rating and set a $17.00 price objective on the stock in a research report on Thursday, August 2nd. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $17.50.
Shares of FCX stock opened at $12.83 on Tuesday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.62 and a current ratio of 2.72. The firm has a market capitalization of $20.17 billion, a PE ratio of 11.09 and a beta of 2.48. Freeport-McMoRan has a 12 month low of $12.18 and a 12 month high of $20.25.
Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Wednesday, July 25th. The natural resource company reported $0.58 EPS for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.04. The business had revenue of $5.17 billion for the quarter, compared to analyst estimates of $4.97 billion. Freeport-McMoRan had a net margin of 14.87% and a return on equity of 24.01%. The firm’s revenue for the quarter was up 39.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.17 earnings per share. Analysts anticipate that Freeport-McMoRan will post 1.92 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Monday, October 15th will be issued a dividend of $0.05 per share. The ex-dividend date is Friday, October 12th. This represents a $0.20 dividend on an annualized basis and a yield of 1.56%. Freeport-McMoRan’s payout ratio is 17.09%.
Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.
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