Short Interest in Freeport-McMoRan Inc (NYSE:FCX) Drops By 12.5%

Freeport-McMoRan Inc (NYSE:FCX) was the target of a large drop in short interest during the month of July. As of July 31st, there was short interest totalling 35,004,900 shares, a drop of 12.5% from the June 30th total of 39,989,900 shares. Based on an average daily trading volume, of 19,290,000 shares, the days-to-cover ratio is presently 1.8 days. Approximately 2.4% of the shares of the company are sold short.

FCX has been the topic of several research analyst reports. JPMorgan Chase & Co. decreased their price target on shares of Freeport-McMoRan from $15.00 to $13.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 9th. Deutsche Bank upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and raised their price target for the stock from $12.50 to $13.50 in a research report on Wednesday, July 10th. ValuEngine lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Saturday, August 10th. BMO Capital Markets set a $14.00 price target on shares of Freeport-McMoRan and gave the stock a “hold” rating in a research report on Friday, April 26th. Finally, Royal Bank of Canada upgraded shares of Freeport-McMoRan from an “underperform” rating to a “sector perform” rating and raised their price target for the stock from $12.00 to $14.00 in a research report on Wednesday, July 24th. Eleven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $13.88.

In other Freeport-McMoRan news, COO Harry M. Iv Conger sold 155,000 shares of the firm’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $10.51, for a total value of $1,629,050.00. Following the sale, the chief operating officer now directly owns 416,382 shares in the company, valued at approximately $4,376,174.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kathleen L. Quirk purchased 50,000 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was bought at an average price of $10.49 per share, for a total transaction of $524,500.00. Following the completion of the transaction, the chief financial officer now directly owns 920,769 shares in the company, valued at $9,658,866.81. The disclosure for this purchase can be found here. Company insiders own 0.98% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. Wetherby Asset Management Inc. lifted its holdings in Freeport-McMoRan by 3.8% during the 2nd quarter. Wetherby Asset Management Inc. now owns 26,033 shares of the natural resource company’s stock valued at $302,000 after purchasing an additional 963 shares during the last quarter. FLC Capital Advisors lifted its holdings in Freeport-McMoRan by 7.5% during the 2nd quarter. FLC Capital Advisors now owns 14,248 shares of the natural resource company’s stock valued at $160,000 after purchasing an additional 1,000 shares during the last quarter. LS Investment Advisors LLC lifted its holdings in Freeport-McMoRan by 2.8% during the 2nd quarter. LS Investment Advisors LLC now owns 36,637 shares of the natural resource company’s stock valued at $425,000 after purchasing an additional 1,007 shares during the last quarter. Sigma Planning Corp lifted its holdings in Freeport-McMoRan by 9.1% during the 1st quarter. Sigma Planning Corp now owns 13,289 shares of the natural resource company’s stock valued at $171,000 after purchasing an additional 1,106 shares during the last quarter. Finally, Diligent Investors LLC lifted its holdings in Freeport-McMoRan by 6.8% during the 1st quarter. Diligent Investors LLC now owns 17,378 shares of the natural resource company’s stock valued at $224,000 after purchasing an additional 1,107 shares during the last quarter. Institutional investors and hedge funds own 72.04% of the company’s stock.

Shares of Freeport-McMoRan stock traded down $0.37 during trading on Thursday, hitting $8.99. 26,866,300 shares of the company’s stock traded hands, compared to its average volume of 20,927,135. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.66 and a quick ratio of 1.32. The firm’s fifty day moving average price is $10.91 and its 200 day moving average price is $11.70. Freeport-McMoRan has a twelve month low of $8.78 and a twelve month high of $14.96. The company has a market cap of $13.80 billion, a PE ratio of 5.91 and a beta of 2.34.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Wednesday, July 24th. The natural resource company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.01. Freeport-McMoRan had a net margin of 4.11% and a return on equity of 4.08%. The business had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.54 billion. During the same period in the previous year, the business earned $0.59 EPS. The firm’s revenue was down 31.4% on a year-over-year basis. As a group, equities research analysts anticipate that Freeport-McMoRan will post 0.17 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, July 12th. This represents a $0.20 annualized dividend and a dividend yield of 2.22%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 13.16%.

Freeport-McMoRan Company Profile

Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.

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