Short Interest in Freeport-McMoRan Inc (NYSE:FCX) Drops By 12.5%

Freeport-McMoRan Inc (NYSE:FCX) was the target of a significant drop in short interest in July. As of July 31st, there was short interest totalling 35,004,900 shares, a drop of 12.5% from the June 30th total of 39,989,900 shares. Approximately 2.4% of the shares of the stock are sold short. Based on an average trading volume of 19,290,000 shares, the short-interest ratio is currently 1.8 days.

FCX has been the subject of several recent analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of Freeport-McMoRan from $15.00 to $13.00 and set a “neutral” rating for the company in a report on Tuesday, July 9th. BMO Capital Markets set a $14.00 price objective on shares of Freeport-McMoRan and gave the company a “hold” rating in a report on Friday, April 26th. Barclays upgraded shares of Freeport-McMoRan from an “underweight” rating to an “equal weight” rating and set a $12.00 price objective for the company in a report on Tuesday, July 16th. ValuEngine cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, August 10th. Finally, Royal Bank of Canada upgraded shares of Freeport-McMoRan from an “underperform” rating to a “sector perform” rating and increased their price objective for the company from $12.00 to $14.00 in a report on Wednesday, July 24th. Eleven research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Freeport-McMoRan has a consensus rating of “Hold” and an average target price of $13.88.

NYSE:FCX traded down $0.37 during trading hours on Thursday, reaching $8.99. 26,866,300 shares of the company’s stock were exchanged, compared to its average volume of 20,927,135. The company has a market capitalization of $13.80 billion, a P/E ratio of 5.91 and a beta of 2.34. Freeport-McMoRan has a 12 month low of $8.78 and a 12 month high of $14.96. The company has a quick ratio of 1.32, a current ratio of 2.66 and a debt-to-equity ratio of 0.56. The business’s 50-day simple moving average is $10.91 and its two-hundred day simple moving average is $11.70.



Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Wednesday, July 24th. The natural resource company reported ($0.04) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.01. The firm had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.54 billion. Freeport-McMoRan had a net margin of 4.11% and a return on equity of 4.08%. The firm’s revenue for the quarter was down 31.4% compared to the same quarter last year. During the same period last year, the firm posted $0.59 earnings per share. As a group, sell-side analysts anticipate that Freeport-McMoRan will post 0.17 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend was Friday, July 12th. Freeport-McMoRan’s payout ratio is 13.16%.

In related news, Vice Chairman Richard C. Adkerson acquired 172,000 shares of the firm’s stock in a transaction dated Thursday, June 6th. The stock was acquired at an average cost of $10.14 per share, for a total transaction of $1,744,080.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Harry M. Iv Conger sold 155,000 shares of the stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $10.51, for a total transaction of $1,629,050.00. Following the completion of the transaction, the chief operating officer now owns 416,382 shares of the company’s stock, valued at $4,376,174.82. The disclosure for this sale can be found here. Company insiders own 0.98% of the company’s stock.

Large investors have recently modified their holdings of the stock. TCG Advisors LP acquired a new position in Freeport-McMoRan in the 1st quarter worth approximately $33,000. Rational Advisors LLC boosted its stake in Freeport-McMoRan by 107.0% in the 2nd quarter. Rational Advisors LLC now owns 3,261 shares of the natural resource company’s stock worth $38,000 after purchasing an additional 1,686 shares during the period. Truvestments Capital LLC acquired a new position in Freeport-McMoRan in the 1st quarter worth approximately $43,000. WP Advisors LLC acquired a new position in Freeport-McMoRan in the 1st quarter worth approximately $46,000. Finally, Doyle Wealth Management acquired a new position in Freeport-McMoRan in the 2nd quarter worth approximately $42,000. Hedge funds and other institutional investors own 72.04% of the company’s stock.

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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