Freeport-McMoran, Inc. (FCX) Short Interest Up 15.0% in September
Freeport-McMoran, Inc. (NYSE:FCX) was the target of a large increase in short interest in the month of September. As of September 15th, there was short interest totalling 39,143,379 shares, an increase of 15.0% from the August 31st total of 34,034,371 shares. Based on an average daily volume of 19,459,606 shares, the days-to-cover ratio is currently 2.0 days. Currently, 2.7% of the shares of the stock are sold short.
In related news, COO Harry M. Iv Conger purchased 36,180 shares of the business’s stock in a transaction dated Thursday, September 7th. The stock was acquired at an average price of $15.23 per share, for a total transaction of $551,021.40. Following the acquisition, the chief operating officer now directly owns 73,943 shares of the company’s stock, valued at approximately $1,126,151.89. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.29% of the company’s stock.
A number of large investors have recently made changes to their positions in the business. Sun Life Financial INC lifted its holdings in shares of Freeport-McMoran by 96,340.0% in the second quarter. Sun Life Financial INC now owns 9,644 shares of the natural resource company’s stock valued at $116,000 after purchasing an additional 9,634 shares in the last quarter. First Manhattan Co. raised its position in Freeport-McMoran by 0.3% during the second quarter. First Manhattan Co. now owns 10,067 shares of the natural resource company’s stock valued at $120,000 after buying an additional 33 shares during the period. Outfitter Advisors LTD. acquired a new position in Freeport-McMoran during the second quarter valued at $121,000. Fisher Asset Management LLC acquired a new position in Freeport-McMoran during the second quarter valued at $122,000. Finally, Partnervest Advisory Services LLC acquired a new position in Freeport-McMoran during the second quarter valued at $123,000. 67.94% of the stock is currently owned by institutional investors.
A number of brokerages have issued reports on FCX. Zacks Investment Research cut shares of Freeport-McMoran from a “hold” rating to a “sell” rating in a report on Wednesday, July 5th. Jefferies Group LLC reissued a “buy” rating and set a $18.00 price target on shares of Freeport-McMoran in a research note on Thursday, July 27th. Deutsche Bank AG reissued a “hold” rating and set a $13.00 price target (down previously from $14.00) on shares of Freeport-McMoran in a research note on Sunday, June 25th. Macquarie began coverage on Freeport-McMoran in a report on Thursday, September 7th. They issued a “neutral” rating and a $16.00 price target on the stock. Finally, BidaskClub upgraded Freeport-McMoran from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 27th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $15.51.
Shares of Freeport-McMoran (NYSE FCX) opened at 14.64 on Wednesday. The stock’s 50 day moving average price is $14.51 and its 200 day moving average price is $13.09. Freeport-McMoran has a 12-month low of $9.24 and a 12-month high of $17.06. The firm has a market cap of $21.19 billion, a PE ratio of 20.65 and a beta of 2.54.
Freeport-McMoran (NYSE:FCX) last issued its quarterly earnings results on Tuesday, July 25th. The natural resource company reported $0.17 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.21 by ($0.04). Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. The firm had revenue of $3.71 billion during the quarter, compared to analysts’ expectations of $3.67 billion. During the same quarter last year, the company posted ($0.02) EPS. The firm’s revenue was up 11.3% compared to the same quarter last year. On average, equities research analysts predict that Freeport-McMoran will post $0.95 EPS for the current fiscal year.
Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.
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