New York State Common Retirement Fund Decreases Stake in Freeport-McMoRan Inc. $FCX

New York State Common Retirement Fund lessened its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 2.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,985,822 shares of the natural resource company’s stock after selling 44,800 shares during the period. New York State Common Retirement Fund’s holdings in Freeport-McMoRan were worth $86,085,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of FCX. Nuveen LLC purchased a new stake in shares of Freeport-McMoRan during the 1st quarter worth $366,959,000. Amundi increased its holdings in shares of Freeport-McMoRan by 28.1% in the 1st quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock valued at $1,046,280,000 after purchasing an additional 6,054,537 shares in the last quarter. Crake Asset Management LLP increased its holdings in shares of Freeport-McMoRan by 2,140.8% in the 1st quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company’s stock valued at $224,496,000 after purchasing an additional 5,665,000 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Freeport-McMoRan by 17.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock valued at $1,421,549,000 after purchasing an additional 5,661,958 shares during the period. Finally, Mizuho Markets Cayman LP purchased a new stake in Freeport-McMoRan during the second quarter worth about $159,147,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

FCX has been the topic of several recent analyst reports. Johnson Rice lowered their target price on shares of Freeport-McMoRan from $55.00 to $48.00 in a research report on Monday, September 29th. Dbs Bank decreased their price target on Freeport-McMoRan from $51.00 to $48.00 in a research note on Thursday, October 2nd. Citigroup upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 price target on the stock in a report on Wednesday, October 8th. CICC Research reduced their price objective on Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating for the company in a report on Friday, September 26th. Finally, BNP Paribas Exane decreased their target price on Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating on the stock in a research report on Thursday, September 25th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan has an average rating of “Buy” and an average price target of $46.73.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $42.91 on Friday. The company has a 50-day simple moving average of $40.75 and a 200-day simple moving average of $41.99. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.45 and a quick ratio of 1.19. The company has a market cap of $61.61 billion, a PE ratio of 30.21, a price-to-earnings-growth ratio of 0.94 and a beta of 1.64. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $49.12.

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

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th were issued a dividend of $0.15 per share. The ex-dividend date was Wednesday, October 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.4%. 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.