Freeport-McMoRan (FCX) Short Interest Down 9.4% in February

Freeport-McMoRan (NYSE:FCX) was the recipient of a large decline in short interest in February. As of February 28th, there was short interest totalling 34,029,832 shares, a decline of 9.4% from the February 15th total of 37,553,989 shares. Based on an average daily volume of 15,493,858 shares, the short-interest ratio is presently 2.2 days. Approximately 3.0% of the company’s shares are short sold.

In other news, VP C Donald Whitmire, Jr. sold 21,500 shares of Freeport-McMoRan stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $19.49, for a total transaction of $419,035.00. Following the sale, the vice president now owns 70,239 shares of the company’s stock, valued at approximately $1,368,958.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.29% of the company’s stock.

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Institutional investors and hedge funds have recently bought and sold shares of the business. American Beacon Advisors Inc. purchased a new stake in Freeport-McMoRan during the fourth quarter valued at $131,000. Belpointe Asset Management LLC purchased a new stake in Freeport-McMoRan during the third quarter valued at $150,000. Americafirst Capital Management LLC purchased a new stake in Freeport-McMoRan during the third quarter valued at $170,000. Thompson Davis & CO. Inc. raised its stake in Freeport-McMoRan by 756.8% during the fourth quarter. Thompson Davis & CO. Inc. now owns 9,348 shares of the natural resource company’s stock valued at $177,000 after purchasing an additional 8,257 shares in the last quarter. Finally, Ballew Advisors Inc purchased a new stake in Freeport-McMoRan during the fourth quarter valued at $190,000. Institutional investors and hedge funds own 69.81% of the company’s stock.

NYSE FCX traded down $0.78 during trading hours on Friday, hitting $17.33. 16,346,560 shares of the company’s stock traded hands, compared to its average volume of 14,019,034. The company has a current ratio of 2.14, a quick ratio of 1.37 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $25,091.14, a price-to-earnings ratio of 14.81 and a beta of 2.42. Freeport-McMoRan has a 52 week low of $11.05 and a 52 week high of $20.25.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, January 25th. The natural resource company reported $0.51 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.02. The business had revenue of $5.04 billion during the quarter, compared to analyst estimates of $4.89 billion. Freeport-McMoRan had a net margin of 11.08% and a return on equity of 16.57%. The company’s revenue was up 15.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.25 earnings per share. sell-side analysts predict that Freeport-McMoRan will post 2.36 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 1st. Shareholders of record on Friday, April 13th will be given a $0.05 dividend. The ex-dividend date is Thursday, April 12th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.15%.

FCX has been the subject of a number of recent research reports. Goldman Sachs began coverage on shares of Freeport-McMoRan in a research report on Tuesday, March 20th. They set a “buy” rating and a $23.00 price target for the company. B. Riley lifted their target price on shares of Freeport-McMoRan from $13.00 to $16.00 and gave the stock a “neutral” rating in a report on Monday, December 11th. UBS lifted their target price on shares of Freeport-McMoRan from $14.00 to $18.50 and gave the stock a “neutral” rating in a report on Tuesday, March 6th. ValuEngine raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Tuesday, February 20th. Finally, Royal Bank of Canada lifted their target price on shares of Freeport-McMoRan to $22.00 and gave the stock a “sector perform” rating in a report on Monday, March 12th. Three analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Freeport-McMoRan has an average rating of “Hold” and a consensus price target of $17.11.

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Freeport-McMoRan Company Profile

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

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