Freeport-McMoRan Inc (FCX) Sees Large Increase in Short Interest

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Freeport-McMoRan Inc (NYSE:FCX) was the target of a significant increase in short interest in April. As of April 30th, there was short interest totalling 37,948,292 shares, an increase of 11.6% from the April 15th total of 33,999,549 shares. Based on an average daily volume of 25,957,924 shares, the short-interest ratio is presently 1.5 days. Approximately 2.6% of the company’s stock are short sold.

Large investors have recently modified their holdings of the business. Rational Advisors LLC acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth $26,000. TCG Advisors LP bought a new position in shares of Freeport-McMoRan during the first quarter worth about $33,000. Lindbrook Capital LLC bought a new position in shares of Freeport-McMoRan during the fourth quarter worth about $28,000. JOYN Advisors Inc. grew its position in shares of Freeport-McMoRan by 141.1% during the fourth quarter. JOYN Advisors Inc. now owns 2,806 shares of the natural resource company’s stock worth $29,000 after acquiring an additional 1,642 shares during the last quarter. Finally, Athena Capital Advisors LLC bought a new position in shares of Freeport-McMoRan during the fourth quarter worth about $30,000. 69.28% of the stock is currently owned by institutional investors.

FCX opened at $10.08 on Monday. The firm has a market capitalization of $14.62 billion, a P/E ratio of 6.63 and a beta of 2.21. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.41 and a current ratio of 2.79. Freeport-McMoRan has a 12-month low of $9.60 and a 12-month high of $18.38.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, April 25th. The natural resource company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.03). The company had revenue of $3.79 billion during the quarter, compared to analyst estimates of $3.77 billion. Freeport-McMoRan had a net margin of 9.09% and a return on equity of 10.31%. The company’s revenue was down 22.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.46 earnings per share. As a group, equities research analysts anticipate that Freeport-McMoRan will post 0.46 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th were issued a dividend of $0.05 per share. The ex-dividend date was Friday, April 12th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.98%. Freeport-McMoRan’s dividend payout ratio (DPR) is 13.16%.

A number of research analysts have recently commented on the stock. Zacks Investment Research raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a research report on Monday, April 8th. Raymond James reaffirmed a “market perform” rating and issued a $14.00 price target on shares of Freeport-McMoRan in a report on Friday, April 26th. ValuEngine cut shares of Freeport-McMoRan from a “hold” rating to a “sell” rating in a report on Thursday. BMO Capital Markets set a $14.00 price target on shares of Freeport-McMoRan and gave the company a “hold” rating in a report on Friday, April 26th. Finally, Barclays upped their price target on shares of Freeport-McMoRan from $11.00 to $12.00 and gave the company an “underweight” rating in a report on Tuesday, April 9th. Four equities research analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company. Freeport-McMoRan presently has a consensus rating of “Hold” and a consensus target price of $15.01.

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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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