Freeport-McMoRan Inc. (FCX) Sees Large Increase in Short Interest
Freeport-McMoRan Inc. (NYSE:FCX) was the recipient of a large growth in short interest in the month of September. As of September 30th, there was short interest totalling 118,487,700 shares, a growth of 3.1% from the September 15th total of 114,927,971 shares. Based on an average daily trading volume, of 27,935,858 shares, the days-to-cover ratio is presently 4.2 days. Approximately 9.1% of the company’s stock are short sold.
A number of research firms have recently weighed in on FCX. Vetr downgraded shares of Freeport-McMoRan from a “strong-buy” rating to a “buy” rating and set a $11.90 target price on the stock. in a research report on Thursday, September 22nd. Deutsche Bank AG raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and upped their target price for the stock from $12.00 to $12.50 in a research report on Monday, October 3rd. Jefferies Group reaffirmed a “buy” rating and issued a $15.00 target price on shares of Freeport-McMoRan in a research report on Thursday, July 14th. Morgan Stanley set a $9.00 target price on shares of Freeport-McMoRan and gave the stock a “hold” rating in a research report on Tuesday, September 13th. Finally, Berenberg Bank reaffirmed a “hold” rating and issued a $11.00 target price on shares of Freeport-McMoRan in a research report on Thursday, July 28th. Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and four have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $10.43.
Large investors have recently modified their holdings of the company. Stonebridge Capital Advisors LLC acquired a new stake in shares of Freeport-McMoRan during the second quarter worth $114,000. Fox Run Management L.L.C. acquired a new stake in shares of Freeport-McMoRan during the second quarter worth $115,000. M Holdings Securities Inc. acquired a new stake in shares of Freeport-McMoRan during the second quarter worth $119,000. Silvercrest Asset Management Group LLC acquired a new stake in shares of Freeport-McMoRan during the first quarter worth $120,000. Finally, Swarthmore Group Inc. acquired a new stake in shares of Freeport-McMoRan during the second quarter worth $125,000. Institutional investors and hedge funds own 67.78% of the company’s stock.
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Shares of Freeport-McMoRan (NYSE:FCX) opened at 9.66 on Monday. The stock’s market capitalization is $12.83 billion. Freeport-McMoRan has a 12-month low of $3.52 and a 12-month high of $14.06. The company has a 50-day moving average of $10.38 and a 200 day moving average of $11.19.
Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, July 26th. The natural resource company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by $0.01. Freeport-McMoRan had a negative net margin of 87.70% and a negative return on equity of 3.68%. The company earned $3.33 billion during the quarter, compared to analysts’ expectations of $3.70 billion. During the same quarter last year, the firm earned $0.14 EPS. Freeport-McMoRan’s revenue for the quarter was down 15.3% on a year-over-year basis. Analysts predict that Freeport-McMoRan will post $0.45 earnings per share for the current year.
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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