Freeport-McMoRan Inc (NYSE:FCX) was the recipient of a large growth in short interest in September. As of September 15th, there was short interest totalling 39,143,379 shares, a growth of 15.0% from the August 31st total of 34,034,371 shares. Based on an average trading volume of 19,459,606 shares, the days-to-cover ratio is presently 2.0 days. Currently, 2.7% of the company’s stock are short sold.

In related news, COO Harry M. Iv Conger purchased 36,180 shares of the business’s stock in a transaction that occurred on Thursday, September 7th. The shares were purchased at an average cost of $15.23 per share, for a total transaction of $551,021.40. Following the purchase, the chief operating officer now directly owns 73,943 shares of the company’s stock, valued at $1,126,151.89. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.40% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. First Manhattan Co. grew its position in Freeport-McMoRan by 0.3% in the 2nd quarter. First Manhattan Co. now owns 10,067 shares of the natural resource company’s stock valued at $120,000 after buying an additional 33 shares in the last quarter. M Holdings Securities Inc. grew its position in Freeport-McMoRan by 1.1% in the 1st quarter. M Holdings Securities Inc. now owns 14,396 shares of the natural resource company’s stock valued at $192,000 after buying an additional 150 shares in the last quarter. Sii Investments Inc. WI grew its position in Freeport-McMoRan by 2.3% in the 1st quarter. Sii Investments Inc. WI now owns 13,643 shares of the natural resource company’s stock valued at $182,000 after buying an additional 305 shares in the last quarter. IHT Wealth Management LLC grew its position in Freeport-McMoRan by 27.1% in the 2nd quarter. IHT Wealth Management LLC now owns 1,758 shares of the natural resource company’s stock valued at $843,000 after buying an additional 375 shares in the last quarter. Finally, Guardian Capital Advisors LP grew its position in Freeport-McMoRan by 1.2% in the 2nd quarter. Guardian Capital Advisors LP now owns 34,254 shares of the natural resource company’s stock valued at $427,000 after buying an additional 400 shares in the last quarter. Hedge funds and other institutional investors own 67.94% of the company’s stock.

Shares of Freeport-McMoRan (NYSE FCX) opened at 14.04 on Friday. The stock has a market cap of $20.32 billion, a P/E ratio of 19.80 and a beta of 2.57. The company’s 50-day moving average is $14.57 and its 200-day moving average is $12.98. Freeport-McMoRan has a 12-month low of $9.24 and a 12-month high of $17.06.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.21 by ($0.04). The company had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.67 billion. Freeport-McMoRan had a net margin of 8.81% and a return on equity of 15.87%. The business’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.02) EPS. On average, analysts expect that Freeport-McMoRan will post $0.95 earnings per share for the current fiscal year.

FCX has been the topic of a number of recent research reports. Jefferies Group LLC set a $15.00 price objective on shares of Freeport-McMoRan and gave the company a “buy” rating in a research note on Monday, July 10th. ValuEngine upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Vertical Research restated a “buy” rating and issued a $20.00 price objective on shares of Freeport-McMoRan in a research note on Tuesday, August 29th. BidaskClub upgraded shares of Freeport-McMoRan from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. Finally, Deutsche Bank AG restated a “hold” rating and issued a $13.00 price objective (down from $14.00) on shares of Freeport-McMoRan in a research note on Sunday, June 25th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Freeport-McMoRan currently has a consensus rating of “Hold” and a consensus price target of $15.51.

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Freeport-McMoRan Company Profile

Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.

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