Freeport-McMoRan Inc. $FCX Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund lessened its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 2.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,985,822 shares of the natural resource company’s stock after selling 44,800 shares during the quarter. New York State Common Retirement Fund owned about 0.14% of Freeport-McMoRan worth $86,085,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Dagco Inc. acquired a new stake in Freeport-McMoRan during the 1st quarter worth $37,000. Beacon Capital Management LLC boosted its stake in Freeport-McMoRan by 59.6% in the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock valued at $38,000 after acquiring an additional 327 shares in the last quarter. CKW Financial Group purchased a new position in shares of Freeport-McMoRan during the first quarter worth about $40,000. Greykasell Wealth Strategies Inc. acquired a new stake in shares of Freeport-McMoRan during the first quarter worth about $42,000. Finally, Hilltop National Bank acquired a new stake in shares of Freeport-McMoRan during the second quarter worth about $43,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on FCX shares. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 target price for the company in a research report on Tuesday, September 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Freeport-McMoRan in a research note on Wednesday, October 8th. Royal Bank Of Canada decreased their price objective on Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating for the company in a report on Wednesday, October 1st. Morgan Stanley lowered their target price on shares of Freeport-McMoRan from $46.00 to $44.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 19th. Finally, Raymond James Financial reduced their price target on shares of Freeport-McMoRan from $46.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday, November 19th. Four analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Buy” and a consensus price target of $46.73.

Freeport-McMoRan Trading Up 1.8%

Shares of FCX stock opened at $42.91 on Friday. The company has a market capitalization of $61.61 billion, a P/E ratio of 30.21, a price-to-earnings-growth ratio of 0.94 and a beta of 1.64. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29. The business’s 50 day moving average is $40.75 and its two-hundred day moving average is $41.99. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $49.12.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.09. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The firm had revenue of $6.97 billion during the quarter, compared to the consensus estimate of $6.74 billion. During the same period last year, the company earned $0.38 earnings per share. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. Equities analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 21.13%.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.