New York State Teachers Retirement System Sells 57,040 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• New York State Teachers Retirement System reduced its stake in Freeport-McMoRan Inc. by 5.1%, selling 57,040 shares and holding a total of 1,053,727 shares valued at approximately $45.7 million.
• Several analysts have set new price targets for the stock with a general average target of $46.56 and a majority holding a "Moderate Buy" consensus rating.
• Freeport-McMoRan declared a quarterly dividend of $0.15 per share, representing an annualized yield of 1.4%, with the payout ratio currently at 22.73%.

New York State Teachers Retirement System lowered its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 5.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,053,727 shares of the natural resource company's stock after selling 57,040 shares during the quarter. New York State Teachers Retirement System owned about 0.07% of Freeport-McMoRan worth $45,679,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Beacon Capital Management LLC lifted its position in Freeport-McMoRan by 59.6% during the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company's stock valued at $38,000 after buying an additional 327 shares during the period. Dagco Inc. purchased a new position in Freeport-McMoRan during the first quarter valued at $37,000. Hilltop National Bank purchased a new position in Freeport-McMoRan during the second quarter valued at $43,000. CKW Financial Group purchased a new position in Freeport-McMoRan during the first quarter valued at $40,000. Finally, Greykasell Wealth Strategies Inc. purchased a new position in Freeport-McMoRan during the first quarter valued at $42,000. Hedge funds and other institutional investors own 80.77% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on FCX shares. UBS Group set a $48.00 price objective on Freeport-McMoRan and gave the company a "buy" rating in a research report on Friday, October 3rd. BNP Paribas Exane lowered their price target on Freeport-McMoRan from $56.00 to $52.00 and set an "outperform" rating for the company in a research report on Thursday, September 25th. Raymond James Financial lowered their price target on Freeport-McMoRan from $55.00 to $46.00 and set an "outperform" rating for the company in a research report on Thursday, September 25th. Jefferies Financial Group reaffirmed a "buy" rating and issued a $46.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, September 24th. Finally, JPMorgan Chase & Co. lifted their price target on Freeport-McMoRan from $46.00 to $50.00 and gave the stock an "overweight" rating in a research report on Thursday, October 9th. Three research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $46.56.

Freeport-McMoRan Price Performance

NYSE FCX opened at $41.66 on Friday. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $50.12. The stock has a 50-day moving average of $42.65 and a 200 day moving average of $40.62. The company has a market capitalization of $59.81 billion, a price-to-earnings ratio of 31.56, a PEG ratio of 0.95 and a beta of 1.58. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.45 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The company had revenue of $7.58 billion during the quarter, compared to the consensus estimate of $6.85 billion. During the same period last year, the company earned $0.46 EPS. Freeport-McMoRan's revenue for the quarter was up 14.5% on a year-over-year basis. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.4%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan's dividend payout ratio (DPR) is presently 22.73%.

Freeport-McMoRan 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.

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