Freeport-McMoRan Inc (NYSE:FCX) was the recipient of a large decrease in short interest in the month of February. As of February 28th, there was short interest totalling 34,213,112 shares, a decrease of 20.7% from the February 15th total of 43,124,890 shares. Based on an average daily trading volume, of 23,754,343 shares, the days-to-cover ratio is presently 1.4 days. Currently, 2.4% of the shares of the company are short sold.
Several equities analysts have recently weighed in on the company. Citigroup raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price target for the company from $14.00 to $16.00 in a report on Tuesday, February 19th. Zacks Investment Research raised Freeport-McMoRan from a “strong sell” rating to a “hold” rating in a report on Thursday, February 14th. Morgan Stanley cut Freeport-McMoRan from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 13th. ValuEngine raised Freeport-McMoRan from a “sell” rating to a “hold” rating in a report on Wednesday, January 30th. Finally, Raymond James lowered their price target on Freeport-McMoRan from $14.50 to $14.00 and set a “market perform” rating on the stock in a report on Friday, January 25th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $16.13.
NYSE:FCX opened at $12.62 on Tuesday. The company has a quick ratio of 1.79, a current ratio of 3.22 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $18.06 billion, a PE ratio of 8.30 and a beta of 2.27. Freeport-McMoRan has a one year low of $9.60 and a one year high of $19.70.
Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, January 24th. The natural resource company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.07). The company had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.86 billion. Freeport-McMoRan had a return on equity of 15.77% and a net margin of 12.12%. The company’s revenue for the quarter was down 26.9% on a year-over-year basis. During the same quarter last year, the company earned $0.51 earnings per share. Sell-side analysts expect that Freeport-McMoRan will post 0.44 EPS for the current fiscal year.
In other news, VP C Donald Whitmire, Jr. sold 7,425 shares of the stock in a transaction on Tuesday, February 12th. The stock was sold at an average price of $11.58, for a total transaction of $85,981.50. Following the transaction, the vice president now directly owns 67,974 shares of the company’s stock, valued at approximately $787,138.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.05% of the stock is owned by corporate insiders.
Several large investors have recently bought and sold shares of FCX. BlackRock Inc. increased its stake in shares of Freeport-McMoRan by 8.9% in the 3rd quarter. BlackRock Inc. now owns 102,252,475 shares of the natural resource company’s stock worth $1,423,352,000 after purchasing an additional 8,364,557 shares in the last quarter. Vanguard Group Inc increased its stake in Freeport-McMoRan by 3.6% in the 3rd quarter. Vanguard Group Inc now owns 154,818,850 shares of the natural resource company’s stock worth $2,155,078,000 after buying an additional 5,375,340 shares in the last quarter. Vanguard Group Inc. increased its stake in Freeport-McMoRan by 3.6% in the 3rd quarter. Vanguard Group Inc. now owns 154,818,850 shares of the natural resource company’s stock worth $2,155,078,000 after buying an additional 5,375,340 shares in the last quarter. Oregon Public Employees Retirement Fund increased its stake in Freeport-McMoRan by 896.3% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 5,109,615 shares of the natural resource company’s stock worth $496,000 after buying an additional 4,596,738 shares in the last quarter. Finally, Brandywine Global Investment Management LLC increased its stake in Freeport-McMoRan by 181,362.5% in the 4th quarter. Brandywine Global Investment Management LLC now owns 3,215,516 shares of the natural resource company’s stock worth $33,152,000 after buying an additional 3,213,744 shares in the last quarter. Hedge funds and other institutional investors own 70.78% of the company’s stock.
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Freeport-McMoRan Company Profile
Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. 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 in Peru and El Abra in Chile.
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