Freeport-McMoRan Inc. (FCX) Sees Large Increase in Short Interest
Freeport-McMoRan Inc. (NYSE:FCX) saw a significant increase in short interest in the month of September. As of September 30th, there was short interest totalling 118,487,700 shares, an increase of 3.1% from the September 15th total of 114,927,971 shares. Based on an average daily trading volume, of 27,935,858 shares, the days-to-cover ratio is presently 4.2 days. Approximately 9.1% of the company’s shares are short sold.
A number of hedge funds and other institutional investors have recently modified their holdings of FCX. Stonebridge Capital Advisors LLC bought a new position in shares of Freeport-McMoRan during the second quarter worth about $114,000. Fox Run Management L.L.C. acquired a new stake in Freeport-McMoRan during the second quarter worth $115,000. M Holdings Securities Inc. acquired a new stake in Freeport-McMoRan during the second quarter worth $119,000. Silvercrest Asset Management Group LLC acquired a new stake in Freeport-McMoRan during the first quarter worth $120,000. Finally, Swarthmore Group Inc. acquired a new stake in Freeport-McMoRan during the second quarter worth $125,000. 67.78% of the stock is currently owned by institutional investors and hedge funds.
Shares of Freeport-McMoRan (NYSE:FCX) opened at 9.66 on Monday. The company’s market cap is $12.83 billion. Freeport-McMoRan has a 12 month low of $3.52 and a 12 month high of $14.06. The firm has a 50-day moving average of $10.38 and a 200 day moving average of $11.19.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, July 26th. The natural resource company reported ($0.02) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.01) by $0.01. The company had revenue of $3.33 billion for the quarter, compared to analysts’ expectations of $3.70 billion. Freeport-McMoRan had a negative net margin of 87.70% and a negative return on equity of 3.68%. The firm’s revenue for the quarter was down 15.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.14 earnings per share. On average, analysts expect that Freeport-McMoRan will post $0.45 earnings per share for the current year.
Several equities research analysts have recently weighed in on the stock. Macquarie reiterated a “neutral” rating and set a $10.00 price objective on shares of Freeport-McMoRan in a research report on Tuesday, June 21st. Morgan Stanley reiterated a “hold” rating and set a $9.00 price objective on shares of Freeport-McMoRan in a research report on Tuesday, August 16th. HSBC reiterated a “buy” rating on shares of Freeport-McMoRan in a research report on Thursday, July 7th. Vetr upgraded shares of Freeport-McMoRan from a “buy” rating to a “strong-buy” rating and set a $14.36 price objective for the company in a research report on Tuesday, August 2nd. Finally, BMO Capital Markets restated a “hold” rating on shares of Freeport-McMoRan in a report on Wednesday, July 27th. Three analysts have rated the stock with a sell rating, thirteen have given a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $10.43.
Freeport-McMoRan Company Profile
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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