Texas Permanent School Fund Sells 12,622 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Texas Permanent School Fund trimmed its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 4.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 243,539 shares of the natural resource company’s stock after selling 12,622 shares during the period. Texas Permanent School Fund’s holdings in Freeport-McMoRan were worth $8,020,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. FMR LLC grew its holdings in Freeport-McMoRan by 15.4% during the fourth quarter. FMR LLC now owns 56,365,482 shares of the natural resource company’s stock valued at $1,466,630,000 after purchasing an additional 7,504,643 shares during the period. Itau Unibanco Holding S.A. boosted its holdings in shares of Freeport-McMoRan by 736,350.9% in the fourth quarter. Itau Unibanco Holding S.A. now owns 53,760,919 shares of the natural resource company’s stock worth $2,731,000 after acquiring an additional 53,753,619 shares during the period. Fisher Asset Management LLC boosted its holdings in shares of Freeport-McMoRan by 3.4% in the first quarter. Fisher Asset Management LLC now owns 44,298,584 shares of the natural resource company’s stock worth $1,458,752,000 after acquiring an additional 1,440,759 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Freeport-McMoRan by 45.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 34,978,663 shares of the natural resource company’s stock worth $910,145,000 after acquiring an additional 10,954,358 shares during the period. Finally, Morgan Stanley boosted its holdings in shares of Freeport-McMoRan by 42.9% in the fourth quarter. Morgan Stanley now owns 13,652,639 shares of the natural resource company’s stock worth $355,241,000 after acquiring an additional 4,096,921 shares during the period. 72.30% of the stock is owned by institutional investors and hedge funds.

FCX opened at $44.80 on Wednesday. The company has a market cap of $65.34 billion, a P/E ratio of -497.72 and a beta of 2.27. The business’s 50-day moving average price is $36.33 and its 200-day moving average price is $29.77. The company has a current ratio of 2.61, a quick ratio of 1.35 and a debt-to-equity ratio of 0.57. Freeport-McMoRan Inc. has a 12 month low of $7.80 and a 12 month high of $46.10.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, April 22nd. The natural resource company reported $0.51 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.51. Freeport-McMoRan had a positive return on equity of 1.56% and a negative net margin of 0.73%. The company had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.74 billion. During the same quarter in the previous year, the business earned ($0.18) EPS. Freeport-McMoRan’s revenue was up 73.3% compared to the same quarter last year. Equities research analysts forecast that Freeport-McMoRan Inc. will post 0.56 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, May 3rd. Investors of record on Thursday, April 15th were issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date was Wednesday, April 14th. This is an increase from Freeport-McMoRan’s previous quarterly dividend of $0.05. Freeport-McMoRan’s payout ratio is currently 1,500.00%.

A number of research firms have recently commented on FCX. B. Riley raised their price target on Freeport-McMoRan from $32.00 to $42.00 and gave the stock a “buy” rating in a report on Tuesday, February 23rd. BMO Capital Markets assumed coverage on Freeport-McMoRan in a research note on Friday, April 23rd. They set a “buy” rating and a $45.00 price objective for the company. Deutsche Bank Aktiengesellschaft lifted their price objective on Freeport-McMoRan from $20.00 to $33.00 and gave the company a “buy” rating in a research note on Wednesday, January 13th. Zacks Investment Research raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating and set a $49.00 price objective for the company in a research note on Tuesday. Finally, Raymond James lifted their price objective on Freeport-McMoRan from $41.00 to $43.00 and gave the company an “outperform” rating in a research note on Friday, April 23rd. Five analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $28.29.

In related news, VP C Donald Whitmire, Jr. sold 48,240 shares of the business’s stock in a transaction dated Friday, February 12th. The stock was sold at an average price of $30.84, for a total transaction of $1,487,721.60. Following the transaction, the vice president now owns 85,492 shares in the company, valued at approximately $2,636,573.28. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP C Donald Whitmire, Jr. sold 42,500 shares of Freeport-McMoRan stock in a transaction that occurred on Wednesday, May 5th. The shares were sold at an average price of $41.35, for a total value of $1,757,375.00. Following the sale, the vice president now directly owns 82,837 shares in the company, valued at $3,425,309.95. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,174,716 shares of company stock worth $76,058,651. 1.00% of the stock is owned by company insiders.

About Freeport-McMoRan

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. 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 in Peru and El Abra in Chile.

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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