Freeport-McMoRan Inc (FCX) Short Interest Up 23.8% in October
Freeport-McMoRan Inc (NYSE:FCX) was the recipient of a significant increase in short interest in October. As of October 31st, there was short interest totalling 31,221,076 shares, an increase of 23.8% from the October 15th total of 25,228,898 shares. Currently, 2.2% of the company’s shares are short sold. Based on an average trading volume of 24,803,444 shares, the short-interest ratio is currently 1.3 days.
Several research analysts have weighed in on FCX shares. ValuEngine upgraded Freeport-McMoRan from a “strong sell” rating to a “sell” rating in a report on Friday, September 21st. Deutsche Bank set a $15.00 price target on Freeport-McMoRan and gave the company a “hold” rating in a report on Tuesday, October 2nd. B. Riley cut their price target on Freeport-McMoRan from $19.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, September 19th. Bank of America upgraded Freeport-McMoRan from an “underperform” rating to a “neutral” rating and set a $17.00 price target on the stock in a report on Thursday, August 2nd. Finally, Barclays assumed coverage on Freeport-McMoRan in a report on Wednesday, October 10th. They issued an “underweight” rating and a $12.00 price target on the stock. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the stock. Freeport-McMoRan presently has an average rating of “Hold” and a consensus price target of $16.67.
In other Freeport-McMoRan news, Director Courtney Mather sold 75,000 shares of Freeport-McMoRan stock in a transaction dated Tuesday, October 30th. The stock was sold at an average price of $11.15, for a total transaction of $836,250.00. Following the transaction, the director now directly owns 152,133 shares in the company, valued at $1,696,282.95. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 1.05% of the company’s stock.
Shares of Freeport-McMoRan stock opened at $11.35 on Friday. The stock has a market capitalization of $17.87 billion, a PE ratio of 9.70 and a beta of 2.40. Freeport-McMoRan has a one year low of $10.59 and a one year high of $20.25. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.78 and a current ratio of 2.84.
Freeport-McMoRan (NYSE:FCX) last released its earnings results on Wednesday, October 24th. The natural resource company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.02. Freeport-McMoRan had a return on equity of 22.63% and a net margin of 15.80%. The business had revenue of $4.91 billion for the quarter, compared to analyst estimates of $4.50 billion. During the same quarter in the prior year, the company posted $0.34 earnings per share. Freeport-McMoRan’s revenue was up 13.9% on a year-over-year basis. Analysts predict that Freeport-McMoRan will post 1.71 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, November 1st. Investors of record on Monday, October 15th were issued a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, October 12th. This represents a $0.20 annualized dividend and a yield of 1.76%. Freeport-McMoRan’s payout ratio is presently 17.09%.
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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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