Freeport-McMoRan Copper & Gold Sees Significant Decrease in Short Interest (FCX)
Shares of Freeport-McMoRan Copper & Gold (NYSE:FCX) saw a large decrease in short interest in May. As of May 30th, there was short interest totalling 24,685,159 shares, a decrease of 8.7% from the May 15th total of 27,026,686 shares, Analyst Ratings Network.com reports. Based on an average daily trading volume, of 7,595,402 shares, the days-to-cover ratio is currently 3.3 days. Approximately 2.4% of the company’s stock are sold short.
Several analysts have recently commented on the stock. Analysts at Morgan Stanley raised their price target on shares of Freeport-McMoRan Copper & Gold from $40.00 to $43.00 in a research note on Thursday, May 15th. They now have an “overweight” rating on the stock. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Freeport-McMoRan Copper & Gold in a research note on Wednesday, April 30th. They now have a $36.00 price target on the stock. Finally, analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Freeport-McMoRan Copper & Gold in a research note on Friday, April 25th. They now have a $43.00 price target on the stock. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Freeport-McMoRan Copper & Gold currently has a consensus rating of “Buy” and an average price target of $39.35.
Freeport-McMoRan Copper & Gold (NYSE:FCX) opened at 35.66 on Wednesday. Freeport-McMoRan Copper & Gold has a 52 week low of $26.53 and a 52 week high of $38.09. The stock has a 50-day moving average of $34.48 and a 200-day moving average of $33.91. The company has a market cap of $37.041 billion and a price-to-earnings ratio of 14.72.
Freeport-McMoRan Copper & Gold (NYSE:FCX) last released its earnings data on Thursday, April 24th. The company reported $0.49 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.43 by $0.06. The company had revenue of $4.99 billion for the quarter, compared to the consensus estimate of $5.01 billion. During the same quarter in the prior year, the company posted $0.68 earnings per share. The company’s quarterly revenue was up 8.8% on a year-over-year basis. Analysts expect that Freeport-McMoRan Copper & Gold will post $2.65 EPS for the current fiscal year.
Freeport-McMoRan Copper & Gold Inc (NYSE:FCX) is an international mining company.
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