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Shares of Freeport-McMoRan (NYSE:FCX) were the recipient of a large decline in short interest in July. As of July 31st, there was short interest totalling 27,825,169 shares, a decline of 9.4% from the July 15th total of 30,705,881 shares, AnalystRatings.NET reports. Based on an average daily trading volume, of 9,712,955 shares, the days-to-cover ratio is currently 2.9 days. Approximately 2.7% of the company’s stock are short sold.

A number of research firms have recently commented on FCX. Analysts at Stifel Nicolaus downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, August 14th. They now have a $37.00 price target on the stock. They noted that the move was a valuation call. Separately, analysts at Bank of America upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Monday, August 11th. They now have a $42.00 price target on the stock. Finally, analysts at Argus upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Monday, August 11th. They now have a $42.00 price target on the stock. They noted that the move was a valuation call. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $41.67.

Shares of Freeport-McMoRan (NYSE:FCX) opened at 36.37 on Tuesday. Freeport-McMoRan has a one year low of $30.10 and a one year high of $39.32. The stock’s 50-day moving average is $37.6 and its 200-day moving average is $34.50. The company has a market cap of $37.790 billion and a price-to-earnings ratio of 14.99.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Wednesday, July 23rd. The company reported $0.46 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.49 by $0.03. The company had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.24 billion. During the same quarter last year, the company posted $0.49 earnings per share. Freeport-McMoRan’s revenue was up 28.8% compared to the same quarter last year. On average, analysts predict that Freeport-McMoRan will post $2.41 earnings per share for the current fiscal year.

Freeport-McMoRan Inc is a United States-based natural resources company with a global portfolio of mineral assets, including copper, gold, and molybdenum, in addition to oil and gas resources.

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