Public Sector Pension Investment Board Reduces Holdings in Freeport-McMoRan Inc. $FCX

Key Points

• The Public Sector Pension Investment Board has significantly reduced its holdings in Freeport-McMoRan Inc. by 69.8% in the first quarter, owning 235,649 shares worth approximately $8.9 million after selling over 545,000 shares.
• Despite this reduction, other institutional investors like Vanguard and Price T Rowe Associates have increased their stakes, indicating ongoing interest in the company, with institutional ownership now at 80.77%.
• Freeport-McMoRan has announced a quarterly dividend of $0.15 per share, representing an annualized yield of 1.4%, along with strong revenue growth of 14.5% year-over-year in its latest earnings report.

Public Sector Pension Investment Board reduced its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 69.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 235,649 shares of the natural resource company's stock after selling 545,081 shares during the period. Public Sector Pension Investment Board's holdings in Freeport-McMoRan were worth $8,922,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Coppell Advisory Solutions LLC lifted its holdings in Freeport-McMoRan by 47.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock valued at $32,000 after purchasing an additional 268 shares in the last quarter. City Holding Co. purchased a new position in Freeport-McMoRan during the first quarter valued at $33,000. Bernard Wealth Management Corp. purchased a new position in Freeport-McMoRan during the fourth quarter valued at $35,000. Greykasell Wealth Strategies Inc. acquired a new stake in shares of Freeport-McMoRan in the first quarter worth approximately $42,000. Finally, Wolff Wiese Magana LLC lifted its stake in shares of Freeport-McMoRan by 38.2% in the first quarter. Wolff Wiese Magana LLC now owns 1,153 shares of the natural resource company's stock worth $44,000 after buying an additional 319 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Down 1.4%

Shares of FCX stock traded down $0.60 during trading on Monday, reaching $41.77. The company's stock had a trading volume of 5,474,553 shares, compared to its average volume of 15,881,945. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. The company has a market capitalization of $59.96 billion, a price-to-earnings ratio of 31.61, a P/E/G ratio of 0.80 and a beta of 1.63. The stock's 50-day moving average price is $43.01 and its 200 day moving average price is $39.26. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $52.61.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.45 by $0.09. The firm had revenue of $7.58 billion during the quarter, compared to analysts' expectations of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The business's quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.46 earnings per share. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Tuesday, July 15th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.4%. Freeport-McMoRan's dividend payout ratio (DPR) is 22.73%.

Insider Buying and Selling

In other news, CAO Ellie L. Mikes sold 8,584 shares of the company's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $40.02, for a total transaction 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 represents a 15.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.79% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

FCX has been the topic of several research reports. Raymond James Financial reissued an "outperform" rating and issued a $52.00 price target on shares of Freeport-McMoRan in a research note on Friday, April 25th. Scotiabank raised their price target on shares of Freeport-McMoRan from $48.00 to $52.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, July 9th. Wall Street Zen raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. JPMorgan Chase & Co. raised their price target on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 9th. Finally, Royal Bank Of Canada raised their price objective on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a research report on Wednesday, June 4th. Eight research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $51.00.

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.