Freeport-McMoran, Inc. (FCX) Short Interest Update
Freeport-McMoran, Inc. (NYSE:FCX) saw a significant decline in short interest in the month of October. As of October 13th, there was short interest totalling 33,890,387 shares, a decline of 10.9% from the September 29th total of 38,051,293 shares. Based on an average daily volume of 13,812,435 shares, the days-to-cover ratio is currently 2.5 days. Currently, 2.4% of the shares of the company are short sold.
In other Freeport-McMoran news, COO Harry M. Iv Conger acquired 36,180 shares of the company’s stock in a transaction on Thursday, September 7th. The shares were bought at an average cost of $15.23 per share, for a total transaction of $551,021.40. Following the completion of the purchase, the chief operating officer now owns 73,943 shares in the company, valued at approximately $1,126,151.89. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.29% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. FDx Advisors Inc. increased its stake in Freeport-McMoran by 14.2% in the 3rd quarter. FDx Advisors Inc. now owns 30,414 shares of the natural resource company’s stock worth $427,000 after acquiring an additional 3,790 shares during the last quarter. Global X MANAGEMENT CO LLC increased its stake in Freeport-McMoran by 29.0% in the 3rd quarter. Global X MANAGEMENT CO LLC now owns 200,731 shares of the natural resource company’s stock worth $2,818,000 after acquiring an additional 45,141 shares during the last quarter. Alps Advisors Inc. bought a new position in Freeport-McMoran in the 3rd quarter worth about $310,000. Patriot Wealth Management Inc. bought a new position in Freeport-McMoran in the 3rd quarter worth about $2,655,000. Finally, Principal Financial Group Inc. increased its stake in Freeport-McMoran by 42.4% in the 3rd quarter. Principal Financial Group Inc. now owns 4,234,538 shares of the natural resource company’s stock worth $59,452,000 after acquiring an additional 1,260,011 shares during the last quarter. Institutional investors and hedge funds own 67.95% of the company’s stock.
Shares of Freeport-McMoran (NYSE:FCX) opened at $14.15 on Friday. The stock has a market capitalization of $20.60 billion, a PE ratio of 15.64 and a beta of 2.57. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.32 and a current ratio of 2.02.
Freeport-McMoran (NYSE:FCX) last released its quarterly earnings data on Wednesday, October 25th. The natural resource company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.03. Freeport-McMoran had a return on equity of 13.35% and a net margin of 6.20%. The company had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.06 billion. During the same period in the previous year, the company posted $0.13 EPS. The firm’s revenue for the quarter was up 11.2% compared to the same quarter last year. research analysts anticipate that Freeport-McMoran will post 1.07 earnings per share for the current fiscal year.
FCX has been the topic of a number of recent analyst reports. Clarkson Capital reiterated a “neutral” rating on shares of Freeport-McMoran in a research note on Monday, July 10th. ValuEngine lowered shares of Freeport-McMoran from a “buy” rating to a “hold” rating in a research note on Thursday, July 13th. BMO Capital Markets set a $17.00 price target on shares of Freeport-McMoran and gave the stock a “hold” rating in a research note on Wednesday, July 26th. BidaskClub upgraded shares of Freeport-McMoran from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. Finally, FBR & Co reiterated a “market perform” rating and set a $13.00 price target (up from $12.00) on shares of Freeport-McMoran in a research note on Thursday, July 27th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $15.54.
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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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