Freeport-McMoRan Inc (FCX) Short Interest Down 20.7% in February
Freeport-McMoRan Inc (NYSE:FCX) saw a significant drop in short interest in February. As of February 28th, there was short interest totalling 34,213,112 shares, a drop of 20.7% from the February 15th total of 43,124,890 shares. Approximately 2.4% of the shares of the company are sold short. Based on an average daily trading volume, of 23,754,343 shares, the days-to-cover ratio is currently 1.4 days.
In other news, VP C Donald Whitmire, Jr. sold 7,425 shares of Freeport-McMoRan stock in a transaction on Tuesday, February 12th. The stock was sold at an average price of $11.58, for a total transaction of $85,981.50. Following the completion of the sale, the vice president now owns 67,974 shares of the company’s stock, valued at $787,138.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.05% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in Freeport-McMoRan by 3.6% during the third quarter. Vanguard Group Inc. now owns 154,818,850 shares of the natural resource company’s stock worth $2,155,078,000 after acquiring an additional 5,375,340 shares in the last quarter. Vanguard Group Inc grew its holdings in shares of Freeport-McMoRan by 3.6% during the third quarter. Vanguard Group Inc now owns 154,818,850 shares of the natural resource company’s stock worth $2,155,078,000 after purchasing an additional 5,375,340 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Freeport-McMoRan by 8.9% during the third quarter. BlackRock Inc. now owns 102,252,475 shares of the natural resource company’s stock worth $1,423,352,000 after purchasing an additional 8,364,557 shares during the last quarter. Fisher Asset Management LLC grew its holdings in shares of Freeport-McMoRan by 0.4% during the fourth quarter. Fisher Asset Management LLC now owns 32,378,452 shares of the natural resource company’s stock worth $333,822,000 after purchasing an additional 121,884 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Freeport-McMoRan by 4.7% during the fourth quarter. Geode Capital Management LLC now owns 21,269,503 shares of the natural resource company’s stock worth $218,954,000 after purchasing an additional 959,745 shares during the last quarter. 70.78% of the stock is owned by hedge funds and other institutional investors.
Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, January 24th. The natural resource company reported $0.11 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by ($0.07). The business had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.86 billion. Freeport-McMoRan had a return on equity of 15.77% and a net margin of 12.12%. The firm’s revenue was down 26.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.51 EPS. On average, sell-side analysts predict that Freeport-McMoRan will post 0.44 earnings per share for the current year.
FCX has been the subject of a number of research reports. Citigroup raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $14.00 to $16.00 in a report on Tuesday, February 19th. TheStreet downgraded Freeport-McMoRan from a “b-” rating to a “c+” rating in a report on Monday, November 19th. Morgan Stanley downgraded Freeport-McMoRan from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 13th. Zacks Investment Research raised Freeport-McMoRan from a “strong sell” rating to a “hold” rating in a research note on Thursday, February 14th. Finally, ValuEngine raised Freeport-McMoRan from a “sell” rating to a “hold” rating in a research note on Wednesday, January 30th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating to the stock. Freeport-McMoRan currently has an average rating of “Hold” and a consensus target price of $16.13.
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Freeport-McMoRan Company Profile
Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. 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 in Peru and El Abra in Chile.
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