Freeport-McMoRan Inc (FCX) Short Interest Down 21.9% in May

Freeport-McMoRan Inc (NYSE:FCX) was the target of a large drop in short interest in May. As of May 15th, there was short interest totalling 26,603,535 shares, a drop of 21.9% from the April 30th total of 34,070,479 shares. Approximately 1.8% of the shares of the company are short sold. Based on an average trading volume of 15,676,462 shares, the short-interest ratio is presently 1.7 days.

FCX opened at $16.90 on Friday. The company has a market cap of $24.12 billion, a PE ratio of 14.44 and a beta of 2.45. The company has a current ratio of 2.33, a quick ratio of 1.43 and a debt-to-equity ratio of 0.93. Freeport-McMoRan has a 1 year low of $11.05 and a 1 year high of $20.25.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, April 24th. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.10). The firm had revenue of $4.87 billion for the quarter, compared to the consensus estimate of $4.92 billion. Freeport-McMoRan had a net margin of 12.72% and a return on equity of 19.92%. The business’s revenue for the quarter was up 45.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.15 earnings per share. research analysts predict that Freeport-McMoRan will post 2.04 earnings per share for the current year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Penserra Capital Management LLC increased its position in shares of Freeport-McMoRan by 281.1% during the first quarter. Penserra Capital Management LLC now owns 6,319 shares of the natural resource company’s stock valued at $100,000 after purchasing an additional 4,661 shares during the period. Princeton Capital Management LLC bought a new stake in shares of Freeport-McMoRan during the first quarter valued at approximately $101,000. Advisors Preferred LLC bought a new stake in shares of Freeport-McMoRan during the first quarter valued at approximately $105,000. American Beacon Advisors Inc. bought a new stake in shares of Freeport-McMoRan during the fourth quarter valued at approximately $131,000. Finally, Signaturefd LLC acquired a new stake in Freeport-McMoRan in the 1st quarter valued at $147,000. Institutional investors and hedge funds own 71.99% of the company’s stock.

FCX has been the topic of a number of recent analyst reports. Morgan Stanley raised their price objective on Freeport-McMoRan from $14.00 to $15.00 and gave the company a “hold” rating in a research note on Monday, March 26th. Jefferies Group set a $25.00 price target on Freeport-McMoRan and gave the stock a “buy” rating in a research report on Monday, April 9th. ValuEngine raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Tuesday, February 20th. Royal Bank of Canada lifted their price target on Freeport-McMoRan to $22.00 and gave the stock a “sector perform” rating in a research report on Monday, March 12th. Finally, CIBC raised Freeport-McMoRan from a “neutral” rating to a “sector outperform” rating and set a $20.00 price target on the stock in a research report on Tuesday, May 1st. Four analysts have rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $17.92.

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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