Short Interest in Freeport-McMoRan Inc. (FCX) Declines By 20.5%
Freeport-McMoRan Inc. (NYSE:FCX) was the recipient of a significant decline in short interest during the month of November. As of November 15th, there was short interest totalling 94,719,576 shares, a decline of 20.5% from the October 31st total of 119,141,390 shares. Currently, 7.2% of the company’s shares are short sold. Based on an average daily volume of 45,422,195 shares, the days-to-cover ratio is currently 2.1 days.
Freeport-McMoRan (NYSE:FCX) opened at 15.35 on Thursday. Freeport-McMoRan has a one year low of $3.52 and a one year high of $16.42. The company’s market capitalization is $20.90 billion. The stock’s 50 day moving average price is $12.13 and its 200-day moving average price is $11.49.
Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, October 25th. The natural resource company reported $0.13 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.19 by $0.06. The firm had revenue of $3.88 billion for the quarter, compared to the consensus estimate of $3.95 billion. Freeport-McMoRan had a negative net margin of 58.67% and a negative return on equity of 0.72%. The company’s revenue for the quarter was up 14.6% on a year-over-year basis. During the same period last year, the firm earned ($0.15) earnings per share. Equities analysts forecast that Freeport-McMoRan will post $0.25 EPS for the current year.
In related news, Director Courtney Mather acquired 150,000 shares of the stock in a transaction on Thursday, October 27th. The stock was purchased at an average price of $10.72 per share, for a total transaction of $1,608,000.00. Following the completion of the transaction, the director now owns 65,523 shares of the company’s stock, valued at approximately $702,406.56. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.40% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of FCX. River & Mercantile Asset Management LLP raised its stake in shares of Freeport-McMoRan by 29.4% in the second quarter. River & Mercantile Asset Management LLP now owns 308,790 shares of the natural resource company’s stock worth $3,441,000 after buying an additional 70,230 shares during the period. North Star Investment Management Corp. raised its stake in shares of Freeport-McMoRan by 5.4% in the second quarter. North Star Investment Management Corp. now owns 27,401 shares of the natural resource company’s stock worth $305,000 after buying an additional 1,400 shares during the period. Atria Investments LLC purchased a new stake in shares of Freeport-McMoRan during the second quarter worth $141,000. Mutual of Omaha Bank Wealth Management purchased a new stake in shares of Freeport-McMoRan during the second quarter worth $997,000. Finally, Gulf International Bank UK Ltd raised its stake in shares of Freeport-McMoRan by 9.0% in the second quarter. Gulf International Bank UK Ltd now owns 356,684 shares of the natural resource company’s stock worth $3,973,000 after buying an additional 29,500 shares during the period. 69.95% of the stock is owned by institutional investors and hedge funds.
FCX has been the topic of several research analyst reports. FBR & Co reissued a “market perform” rating on shares of Freeport-McMoRan in a research note on Wednesday, September 14th. Berenberg Bank cut Freeport-McMoRan from a “hold” rating to a “sell” rating and set a $10.90 target price on the stock. in a research note on Wednesday. Vetr cut Freeport-McMoRan from a “hold” rating to a “sell” rating and set a $9.17 target price on the stock. in a research note on Monday, October 17th. Barclays PLC boosted their target price on Freeport-McMoRan from $10.00 to $11.00 and gave the company an “equal weight” rating in a research note on Monday, August 8th. Finally, Zacks Investment Research cut Freeport-McMoRan from a “hold” rating to a “sell” rating in a research note on Tuesday, October 18th. Seven equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $11.10.
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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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