California Public Employees Retirement System reduced its stake in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 5.8% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,812,999 shares of the natural resource company’s stock after selling 232,694 shares during the quarter. California Public Employees Retirement System owned 0.26% of Freeport-McMoran worth $53,535,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Freeport-McMoran by 4.9% during the second 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 period. Bank of New York Mellon Corp grew its stake in Freeport-McMoran by 18.1% in the third quarter. Bank of New York Mellon Corp now owns 24,292,902 shares of the natural resource company’s stock valued at $341,073,000 after acquiring an additional 3,724,271 shares during the period. Dimensional Fund Advisors LP grew its stake in Freeport-McMoran by 5.1% in the third quarter. Dimensional Fund Advisors LP now owns 12,110,654 shares of the natural resource company’s stock valued at $170,081,000 after acquiring an additional 589,638 shares during the period. TIAA CREF Investment Management LLC lifted its holdings in shares of Freeport-McMoran by 18.8% in the second quarter. TIAA CREF Investment Management LLC now owns 8,810,911 shares of the natural resource company’s stock valued at $105,819,000 after purchasing an additional 1,391,459 shares in the last quarter. Finally, BT Investment Management Ltd lifted its holdings in shares of Freeport-McMoran by 6.4% in the third quarter. BT Investment Management Ltd now owns 8,402,905 shares of the natural resource company’s stock valued at $118,048,000 after purchasing an additional 507,722 shares in the last quarter. 68.12% of the stock is currently owned by institutional investors.

Freeport-McMoran, Inc. (NYSE FCX) traded up $0.61 during mid-day trading on Thursday, hitting $16.32. The company’s stock had a trading volume of 27,314,200 shares, compared to its average volume of 21,029,604. Freeport-McMoran, Inc. has a 1 year low of $11.05 and a 1 year high of $17.06. The company has a debt-to-equity ratio of 1.23, a current ratio of 2.02 and a quick ratio of 1.32. The stock has a market cap of $22,741.64, a P/E ratio of 17.26 and a beta of 2.56.

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

A number of research analysts have recently weighed in on FCX shares. Zacks Investment Research upgraded 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. Jefferies Group reiterated a “buy” rating and set a $19.00 price target (down from $23.00) on shares of Freeport-McMoran in a report on Wednesday, October 4th. Vertical Research reiterated a “buy” rating and set a $20.00 price target on shares of Freeport-McMoran in a report on Tuesday, August 29th. ValuEngine upgraded Freeport-McMoran from a “hold” rating to a “buy” rating in a report on Thursday, August 31st. Finally, Morgan Stanley upgraded Freeport-McMoran from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $10.00 to $14.00 in a report on Monday. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Freeport-McMoran has an average rating of “Hold” and a consensus price target of $15.64.

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Freeport-McMoran Company Profile

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.

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

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