New York State Common Retirement Fund Decreases Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

New York State Common Retirement Fund reduced its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 3.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,208,984 shares of the natural resource company's stock after selling 82,521 shares during the quarter. New York State Common Retirement Fund owned about 0.15% of Freeport-McMoRan worth $94,036,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. PDS Planning Inc bought a new position in shares of Freeport-McMoRan in the 4th quarter worth about $226,000. 1900 Wealth Management LLC bought a new position in Freeport-McMoRan in the fourth quarter worth about $203,000. RWA Wealth Partners LLC boosted its position in Freeport-McMoRan by 41.7% in the fourth quarter. RWA Wealth Partners LLC now owns 49,882 shares of the natural resource company's stock valued at $2,123,000 after buying an additional 14,679 shares during the last quarter. Mengis Capital Management Inc. boosted its position in Freeport-McMoRan by 18.1% in the 4th quarter. Mengis Capital Management Inc. now owns 22,870 shares of the natural resource company's stock worth $974,000 after purchasing an additional 3,500 shares in the last quarter. Finally, MCF Advisors LLC raised its stake in Freeport-McMoRan by 15.3% in the 4th quarter. MCF Advisors LLC now owns 3,227 shares of the natural resource company's stock valued at $137,000 after purchasing an additional 429 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Bernstein Bank lifted their price objective on Freeport-McMoRan from $52.00 to $52.50 and gave the company an "overweight" rating in a research note on Tuesday. Raymond James upped their price target on Freeport-McMoRan from $42.00 to $43.00 and gave the stock an "outperform" rating in a research note on Thursday, January 4th. JPMorgan Chase & Co. increased their target price on Freeport-McMoRan from $43.00 to $52.00 and gave the stock a "neutral" rating in a report on Wednesday, April 17th. Sanford C. Bernstein raised Freeport-McMoRan from a "market perform" rating to an "outperform" rating and boosted their price objective for the stock from $41.00 to $48.50 in a research note on Monday, January 8th. Finally, Bank of America upgraded Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $59.00 target price on the stock in a research note on Tuesday, April 9th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $49.15.

Freeport-McMoRan Stock Performance

FCX stock traded down $0.95 during midday trading on Tuesday, reaching $48.00. 19,436,847 shares of the company's stock traded hands, compared to its average volume of 13,933,710. The stock's 50-day moving average is $43.80 and its 200 day moving average is $40.06. The company has a current ratio of 2.42, a quick ratio of 1.38 and a debt-to-equity ratio of 0.32. The stock has a market cap of $68.85 billion, a P/E ratio of 37.64, a PEG ratio of 2.28 and a beta of 2.04. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $52.42.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.05. The firm had revenue of $6.32 billion during the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The business's revenue was up 17.3% on a year-over-year basis. During the same quarter last year, the business earned $0.52 EPS. As a group, analysts anticipate that Freeport-McMoRan Inc. will post 1.57 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.25%. The ex-dividend date is Friday, April 12th. Freeport-McMoRan's payout ratio is 23.62%.

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.