Freeport-McMoRan Inc. (NYSE:FCX) Position Reduced by New York State Common Retirement Fund

New York State Common Retirement Fund trimmed its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 3.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,030,622 shares of the natural resource company's stock after selling 67,300 shares during the quarter. New York State Common Retirement Fund owned approximately 0.14% of Freeport-McMoRan worth $76,879,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in FCX. Mizuho Bank Ltd. bought a new position in Freeport-McMoRan during the 4th quarter valued at $26,000. Coppell Advisory Solutions LLC raised its holdings in shares of Freeport-McMoRan by 47.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock worth $32,000 after purchasing an additional 268 shares during the period. City Holding Co. acquired a new stake in shares of Freeport-McMoRan during the first quarter worth $33,000. Bernard Wealth Management Corp. acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth $35,000. Finally, Murphy & Mullick Capital Management Corp acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth $40,000. 80.77% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CAO Ellie L. Mikes sold 8,584 shares of Freeport-McMoRan stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $40.02, for a total value of $343,531.68. Following the transaction, the chief accounting officer directly owned 48,333 shares of the company's stock, valued at $1,934,286.66. This trade represents a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.79% of the stock is owned by corporate insiders.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $46.37 on Monday. The firm's 50 day moving average is $41.09 and its 200-day moving average is $38.54. The stock has a market capitalization of $66.64 billion, a P/E ratio of 38.32, a P/E/G ratio of 0.88 and a beta of 1.64. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.32 and a quick ratio of 1.13. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $52.61.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.01. The company had revenue of $5.73 billion for the quarter, compared to analysts' expectations of $5.36 billion. Freeport-McMoRan had a net margin of 7.11% and a return on equity of 7.03%. The business's revenue was down 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.32 EPS. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.29%. Freeport-McMoRan's dividend payout ratio is currently 24.79%.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Bank of America reissued a "neutral" rating and set a $56.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 9th. Scotiabank boosted their price objective on Freeport-McMoRan from $48.00 to $52.00 and gave the company a "sector outperform" rating in a research report on Wednesday, July 9th. JPMorgan Chase & Co. boosted their price objective on Freeport-McMoRan from $42.00 to $56.00 and gave the company an "overweight" rating in a research report on Wednesday, July 9th. Citigroup increased their price objective on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Finally, Jefferies Financial Group reaffirmed a "buy" rating and issued a $50.00 price objective (up previously from $48.00) on shares of Freeport-McMoRan in a report on Friday, April 25th. Seven investment analysts have rated the stock with a hold rating, nine have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, Freeport-McMoRan currently has an average rating of "Moderate Buy" and a consensus target price of $51.00.

About Freeport-McMoRan

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.

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