State of New Jersey Common Pension Fund D Sells 56,281 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in Freeport-McMoRan Inc. by 10.6%, selling 56,281 shares to hold a total of 473,951 shares worth approximately $17.94 million as of its last SEC filing.
• Freeport-McMoRan reported earnings of $0.54 per share, exceeding the estimated $0.45, alongside revenues of $7.58 billion, indicating a year-over-year revenue increase of 14.5%.
• The company announced a quarterly dividend of $0.15 per share, yielding 1.4% and maintaining a payout ratio of 22.73%.

State of New Jersey Common Pension Fund D trimmed its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 10.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 473,951 shares of the natural resource company's stock after selling 56,281 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Freeport-McMoRan were worth $17,944,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Coppell Advisory Solutions LLC increased its position 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 worth $32,000 after acquiring an additional 268 shares during the period. City Holding Co. bought a new position in Freeport-McMoRan during the first quarter worth about $33,000. Bernard Wealth Management Corp. bought a new position in Freeport-McMoRan during the fourth quarter worth about $35,000. Dagco Inc. bought a new position in Freeport-McMoRan during the first quarter worth about $37,000. Finally, Greykasell Wealth Strategies Inc. bought a new position in Freeport-McMoRan during the first quarter worth about $42,000. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Trading Up 0.0%

Shares of Freeport-McMoRan stock opened at $42.29 on Friday. The firm has a market capitalization of $60.72 billion, a PE ratio of 32.04, a price-to-earnings-growth ratio of 0.80 and a beta of 1.63. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The firm's 50 day moving average is $43.01 and its 200 day moving average is $39.22. 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 results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.09. The company had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The firm's revenue was up 14.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.46 EPS. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

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

Insider Buying and Selling

In related 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 transaction of $343,531.68. Following the sale, the chief accounting officer directly owned 48,333 shares in the company, valued at $1,934,286.66. This trade represents a 15.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.75% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

FCX has been the topic of a number of recent research reports. Stifel Nicolaus initiated coverage on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. They set a "buy" rating and a $56.00 price target on the stock. Stifel Canada raised shares of Freeport-McMoRan to a "strong-buy" rating in a report on Tuesday, July 8th. Morgan Stanley lowered shares of Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and raised their target price for the company from $45.00 to $54.00 in a report on Tuesday, July 15th. Wall Street Zen raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Finally, Scotiabank raised their target price on shares of Freeport-McMoRan from $48.00 to $52.00 and gave the company a "sector outperform" rating in a report on Wednesday, July 9th. 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 data from MarketBeat.com, Freeport-McMoRan has a consensus rating of "Moderate Buy" and a consensus price target 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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