Freeport-McMoRan Inc. $FCX Shares Sold by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System reduced its Freeport-McMoRan stake by 2.5%, selling 55,354 shares and retaining 2.18 million shares valued at approximately $127.9 million. Institutional investors collectively own 80.77% of the company.
• Freeport-McMoRan reported quarterly earnings of $0.74 per share, beating estimates of $0.62, while revenue reached $7.03 billion versus expectations of $6.62 billion; revenue was down 7.3% year over year.
• The company declared a quarterly dividend of $0.075 per share, equivalent to a 0.5% annual yield. Analysts maintain a “Moderate Buy” consensus, with an average price target of $70.27.

California State Teachers Retirement System lessened its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 2.5% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,175,917 shares of the natural resource company's stock after selling 55,354 shares during the period. California State Teachers Retirement System owned approximately 0.15% of Freeport-McMoRan worth $127,900,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Brighton Jones LLC grew its stake in Freeport-McMoRan by 24.2% during the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company's stock worth $564,000 after purchasing an additional 2,882 shares in the last quarter. Bison Wealth LLC raised its position in Freeport-McMoRan by 5.6% in the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company's stock valued at $366,000 after purchasing an additional 507 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in shares of Freeport-McMoRan in the 2nd quarter valued at about $560,000. Brown Advisory Inc. boosted its stake in shares of Freeport-McMoRan by 27.0% in the 2nd quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company's stock valued at $539,000 after buying an additional 2,648 shares during the period. Finally, Jump Financial LLC grew its position in shares of Freeport-McMoRan by 42.7% during the second quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company's stock worth $2,172,000 after buying an additional 14,992 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Trading Down 2.8%

FCX opened at $59.94 on Thursday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $72.28. The company has a market cap of $86.16 billion, a P/E ratio of 29.53, a PEG ratio of 0.62 and a beta of 1.37. The business's 50-day simple moving average is $63.66 and its 200-day simple moving average is $62.51.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.12. The firm had revenue of $7.03 billion during the quarter, compared to analysts' expectations of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The firm's revenue was down 7.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.54 earnings per share. As a group, equities research analysts expect that Freeport-McMoRan Inc. will post 2.75 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Wednesday, July 15th. Freeport-McMoRan's payout ratio is currently 14.78%.

Analyst Upgrades and Downgrades

FCX has been the topic of a number of recent research reports. Barclays upped their target price on shares of Freeport-McMoRan from $80.00 to $82.00 and gave the stock an "overweight" rating in a research note on Monday. Wall Street Zen upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a report on Saturday, June 13th. Scotiabank boosted their price target on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the stock a "sector outperform" rating in a report on Monday, June 15th. BNP Paribas Exane increased their price objective on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the company an "outperform" rating in a research report on Thursday, June 18th. Finally, Jefferies Financial Group raised their price objective on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the company a "buy" rating in a report on Monday, June 8th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $70.27.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source