Freeport-McMoran, Inc. (FCX) Short Interest Down 9.3% in November

Freeport-McMoran, Inc. (NYSE:FCX) was the recipient of a large drop in short interest in November. As of November 30th, there was short interest totalling 32,831,756 shares, a drop of 9.3% from the November 15th total of 36,200,655 shares. Approximately 2.3% of the shares of the stock are sold short. Based on an average daily volume of 12,345,896 shares, the days-to-cover ratio is presently 2.7 days.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BT Investment Management Ltd bought a new position in Freeport-McMoran during the 2nd quarter worth $94,821,000. BlueMountain Capital Management LLC raised its position in Freeport-McMoran by 100.4% during the 2nd quarter. BlueMountain Capital Management LLC now owns 26,461 shares of the natural resource company’s stock worth $318,000 after purchasing an additional 6,651,458 shares during the last quarter. Vanguard Group Inc. raised its position in Freeport-McMoran by 4.9% during the 2nd quarter. Vanguard Group Inc. now owns 139,502,519 shares of the natural resource company’s stock worth $1,675,425,000 after purchasing an additional 6,510,840 shares during the last quarter. Bank of New York Mellon Corp raised its position in Freeport-McMoran by 18.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 24,292,902 shares of the natural resource company’s stock worth $341,073,000 after purchasing an additional 3,724,271 shares during the last quarter. Finally, Contrarius Investment Management Ltd raised its position in Freeport-McMoran by 700.5% during the 2nd quarter. Contrarius Investment Management Ltd now owns 3,543,051 shares of the natural resource company’s stock worth $42,552,000 after purchasing an additional 3,100,466 shares during the last quarter. 68.07% of the stock is currently owned by institutional investors.

Shares of Freeport-McMoran (NYSE:FCX) opened at $17.66 on Thursday. The company has a current ratio of 2.02, a quick ratio of 1.32 and a debt-to-equity ratio of 1.23. Freeport-McMoran has a twelve month low of $11.05 and a twelve month high of $17.68. The firm has a market capitalization of $25,115.69, a price-to-earnings ratio of 19.07 and a beta of 2.56.

Freeport-McMoran (NYSE:FCX) last released its quarterly earnings data on Wednesday, October 25th. The natural resource company reported $0.34 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.03. Freeport-McMoran had a return on equity of 13.35% and a net margin of 6.20%. The company had revenue of $4.31 billion for the quarter, compared to the consensus estimate of $4.06 billion. During the same quarter last year, the business posted $0.13 EPS. Freeport-McMoran’s revenue for the quarter was up 11.2% on a year-over-year basis. research analysts forecast that Freeport-McMoran will post 1.08 earnings per share for the current year.

A number of equities research analysts have weighed in on FCX shares. ValuEngine raised Freeport-McMoran from a “hold” rating to a “buy” rating in a report on Thursday, August 31st. Zacks Investment Research raised Freeport-McMoran from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a report on Tuesday, October 10th. Royal Bank of Canada set a $14.00 target price on Freeport-McMoran and gave the company a “hold” rating in a report on Wednesday, October 11th. FBR & Co reaffirmed a “neutral” rating and issued a $12.00 target price (down previously from $13.00) on shares of Freeport-McMoran in a report on Thursday, September 14th. Finally, Jefferies Group reaffirmed a “buy” rating and issued a $19.00 target price (down previously from $23.00) on shares of Freeport-McMoran in a report on Wednesday, October 4th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Freeport-McMoran has a consensus rating of “Hold” and a consensus price target of $15.64.

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About Freeport-McMoran

Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.

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