Freeport-McMoRan Inc (NYSE:FCX) was the recipient of a large growth in short interest in October. As of October 31st, there was short interest totalling 31,221,076 shares, a growth of 23.8% from the October 15th total of 25,228,898 shares. Based on an average daily volume of 24,803,444 shares, the short-interest ratio is currently 1.3 days. Approximately 2.2% of the shares of the stock are short sold.
NYSE FCX opened at $11.35 on Friday. The firm has a market capitalization of $17.87 billion, a PE ratio of 9.70 and a beta of 2.40. Freeport-McMoRan has a 52 week low of $10.59 and a 52 week high of $20.25. The company has a quick ratio of 1.78, a current ratio of 2.84 and a debt-to-equity ratio of 0.83.
Freeport-McMoRan (NYSE:FCX) last released its earnings results on Wednesday, October 24th. The natural resource company reported $0.35 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.02. The company had revenue of $4.91 billion during the quarter, compared to analysts’ expectations of $4.50 billion. Freeport-McMoRan had a return on equity of 22.63% and a net margin of 15.80%. The business’s revenue for the quarter was up 13.9% on a year-over-year basis. During the same period last year, the firm earned $0.34 EPS. As a group, equities research analysts expect that Freeport-McMoRan will post 1.71 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, November 1st. Stockholders of record on Monday, October 15th were paid a $0.05 dividend. The ex-dividend date of this dividend was Friday, October 12th. This represents a $0.20 annualized dividend and a dividend yield of 1.76%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 17.09%.
A number of equities research analysts recently weighed in on the company. ValuEngine cut Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a report on Thursday. B. Riley dropped their price target on Freeport-McMoRan from $18.00 to $16.00 and set a “buy” rating for the company in a report on Thursday, October 25th. BMO Capital Markets set a $13.00 price target on Freeport-McMoRan and gave the company a “hold” rating in a report on Thursday, October 25th. Royal Bank of Canada cut Freeport-McMoRan from a “sector perform” rating to an “underperform” rating and set a $12.20 price target for the company. in a report on Tuesday, November 6th. They noted that the move was a valuation call. Finally, Raymond James set a $16.00 price target on Freeport-McMoRan and gave the company a “hold” rating in a report on Wednesday, October 24th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $16.67.
In related news, Director Courtney Mather sold 75,000 shares of the firm’s stock in a transaction on Tuesday, October 30th. The stock was sold at an average price of $11.15, for a total transaction of $836,250.00. Following the completion of the sale, the director now directly owns 152,133 shares of the company’s stock, valued at approximately $1,696,282.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.05% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Whittier Trust Co. grew its stake in shares of Freeport-McMoRan by 405.9% during the second quarter. Whittier Trust Co. now owns 8,640 shares of the natural resource company’s stock worth $316,000 after purchasing an additional 6,932 shares during the period. St. Johns Investment Management Company LLC grew its stake in shares of Freeport-McMoRan by 243.2% during the second quarter. St. Johns Investment Management Company LLC now owns 8,665 shares of the natural resource company’s stock worth $150,000 after purchasing an additional 6,140 shares during the period. Parallel Advisors LLC grew its stake in shares of Freeport-McMoRan by 165.5% during the second quarter. Parallel Advisors LLC now owns 9,015 shares of the natural resource company’s stock worth $155,000 after purchasing an additional 5,619 shares during the period. Confluence Investment Management LLC acquired a new stake in shares of Freeport-McMoRan during the second quarter worth $175,000. Finally, United Asset Strategies Inc. acquired a new stake in shares of Freeport-McMoRan during the third quarter worth $142,000. 73.10% of the stock is owned by institutional investors.
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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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