Freeport-McMoRan Inc (NYSE:FCX) Short Interest Update

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Freeport-McMoRan Inc (NYSE:FCX) was the target of a significant growth in short interest in the month of September. As of September 15th, there was short interest totalling 37,990,000 shares, a growth of 20.1% from the August 31st total of 31,640,000 shares. Based on an average daily volume of 20,700,000 shares, the short-interest ratio is currently 1.8 days.

NYSE FCX traded up $0.39 during trading on Friday, reaching $15.94. 23,936,226 shares of the company traded hands, compared to its average volume of 24,959,625. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.15 and a current ratio of 2.46. The stock’s 50 day moving average price is $15.47 and its two-hundred day moving average price is $11.34. The company has a market cap of $23.15 billion, a price-to-earnings ratio of -39.85 and a beta of 2.37. Freeport-McMoRan has a 1-year low of $4.82 and a 1-year high of $17.50.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.06. The company had revenue of $3.05 billion for the quarter, compared to the consensus estimate of $3.06 billion. Freeport-McMoRan had a negative return on equity of 0.98% and a negative net margin of 4.28%. The company’s quarterly revenue was down 13.9% on a year-over-year basis. During the same period in the previous year, the business earned ($0.04) earnings per share. Equities research analysts expect that Freeport-McMoRan will post 0.33 EPS for the current fiscal year.

A number of equities analysts have recently commented on FCX shares. Royal Bank of Canada reiterated a “hold” rating on shares of Freeport-McMoRan in a research note on Thursday, July 9th. Barclays downgraded Freeport-McMoRan from an “overweight” rating to an “equal weight” rating and set a $14.00 target price on the stock. in a research report on Monday, July 20th. They noted that the move was a valuation call. Credit Suisse Group lifted their target price on Freeport-McMoRan from $11.00 to $11.50 and gave the stock a “neutral” rating in a research report on Tuesday, July 7th. Deutsche Bank assumed coverage on Freeport-McMoRan in a research report on Thursday. They set a “buy” rating on the stock. Finally, Jefferies Financial Group reissued a “buy” rating and set a $24.00 target price on shares of Freeport-McMoRan in a research report on Friday, September 25th. Six analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. Freeport-McMoRan has an average rating of “Buy” and an average price target of $15.34.

Several institutional investors and hedge funds have recently made changes to their positions in FCX. Franklin Resources Inc. boosted its holdings in shares of Freeport-McMoRan by 3,870.1% in the 1st quarter. Franklin Resources Inc. now owns 29,751,080 shares of the natural resource company’s stock worth $200,819,000 after acquiring an additional 29,001,705 shares in the last quarter. Polunin Capital Partners Ltd bought a new position in Freeport-McMoRan in the 2nd quarter worth approximately $54,892,000. FMR LLC raised its position in Freeport-McMoRan by 94.4% in the 2nd quarter. FMR LLC now owns 9,118,532 shares of the natural resource company’s stock worth $105,502,000 after purchasing an additional 4,427,692 shares during the last quarter. Nuveen Asset Management LLC raised its position in Freeport-McMoRan by 61.1% in the 2nd quarter. Nuveen Asset Management LLC now owns 11,163,448 shares of the natural resource company’s stock worth $129,161,000 after purchasing an additional 4,232,334 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in Freeport-McMoRan by 15.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 26,224,564 shares of the natural resource company’s stock worth $303,417,000 after purchasing an additional 3,576,327 shares during the last quarter. 69.59% of the stock is currently owned by institutional investors and hedge funds.

About Freeport-McMoRan

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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