Freeport-McMoRan Inc. (NYSE:FCX) Sees Significant Growth in Short Interest

Freeport-McMoRan Inc. (NYSE:FCXGet Free Report) saw a large growth in short interest in May. As of May 31st, there was short interest totalling 25,570,000 shares, a growth of 11.6% from the May 15th total of 22,920,000 shares. Based on an average daily trading volume, of 16,090,000 shares, the short-interest ratio is presently 1.6 days. Currently, 1.8% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. UBS Group increased their target price on shares of Freeport-McMoRan from $41.00 to $54.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 14th. Argus increased their price target on Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. HSBC upped their target price on Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a research note on Tuesday, April 23rd. Scotiabank lifted their price target on shares of Freeport-McMoRan from $53.00 to $60.00 and gave the company a “sector outperform” rating in a research note on Thursday, May 30th. Finally, Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target for the company in a report on Tuesday, April 9th. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $51.47.

Read Our Latest Analysis on Freeport-McMoRan

Insider Activity at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 42,767 shares of the firm’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $50.35, for a total value of $2,153,318.45. Following the completion of the transaction, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at $5,255,381.95. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, VP Douglas N. Currault II sold 55,000 shares of the firm’s stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $51.99, for a total transaction of $2,859,450.00. Following the sale, the vice president now owns 164,067 shares of the company’s stock, valued at approximately $8,529,843.33. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Stephen T. Higgins sold 42,767 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the completion of the transaction, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at $5,255,381.95. The disclosure for this sale can be found here. Insiders have sold 445,667 shares of company stock valued at $22,755,070 in the last ninety days. Corporate insiders own 0.79% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Belpointe Asset Management LLC boosted its holdings in Freeport-McMoRan by 38.6% in the 4th quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock valued at $719,000 after purchasing an additional 4,703 shares during the last quarter. Oaktree Capital Management LP grew its position in Freeport-McMoRan by 7.8% in the fourth quarter. Oaktree Capital Management LP now owns 2,917,913 shares of the natural resource company’s stock worth $124,216,000 after acquiring an additional 211,608 shares during the period. Signature Estate & Investment Advisors LLC increased its stake in Freeport-McMoRan by 6.4% during the fourth quarter. Signature Estate & Investment Advisors LLC now owns 345,917 shares of the natural resource company’s stock worth $14,726,000 after acquiring an additional 20,894 shares during the last quarter. Cadinha & Co. LLC raised its position in Freeport-McMoRan by 59.0% in the fourth quarter. Cadinha & Co. LLC now owns 647,691 shares of the natural resource company’s stock valued at $27,572,000 after purchasing an additional 240,340 shares during the period. Finally, International Assets Investment Management LLC raised its position in Freeport-McMoRan by 4,857.7% in the fourth quarter. International Assets Investment Management LLC now owns 1,324,452 shares of the natural resource company’s stock valued at $56,382,000 after purchasing an additional 1,297,737 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

NYSE FCX traded up $0.12 during trading hours on Friday, hitting $48.11. 8,370,169 shares of the company’s stock traded hands, compared to its average volume of 14,085,875. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.41. The firm’s 50-day moving average is $50.84 and its 200-day moving average is $44.38. Freeport-McMoRan has a 52-week low of $32.83 and a 52-week high of $55.24. The company has a market capitalization of $69.01 billion, a PE ratio of 42.58, a PEG ratio of 2.10 and a beta of 1.96.

Freeport-McMoRan (NYSE:FCXGet Free Report) last posted its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The business had revenue of $6.32 billion during the quarter, compared to analyst estimates of $5.70 billion. During the same period in the prior year, the business earned $0.52 earnings per share. The business’s revenue was up 17.3% compared to the same quarter last year. Equities analysts forecast that Freeport-McMoRan will post 1.71 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.25%. The ex-dividend date of this dividend was Friday, April 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

About Freeport-McMoRan

(Get Free Report)

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.

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