New York State Common Retirement Fund Has $94.04 Million Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

New York State Common Retirement Fund cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 3.6% in the 4th quarter, according to its most recent 13F filing with the SEC. 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 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Bruce G. Allen Investments LLC acquired a new position in Freeport-McMoRan during the 4th quarter worth approximately $27,000. BluePath Capital Management LLC bought a new stake in shares of Freeport-McMoRan during the 3rd quarter worth approximately $28,000. Webster Bank N. A. raised its stake in shares of Freeport-McMoRan by 6,469.2% during the 4th quarter. Webster Bank N. A. now owns 854 shares of the natural resource company’s stock worth $36,000 after purchasing an additional 841 shares in the last quarter. CVA Family Office LLC bought a new stake in shares of Freeport-McMoRan during the 4th quarter worth approximately $38,000. Finally, Venturi Wealth Management LLC raised its stake in shares of Freeport-McMoRan by 122.5% during the 4th quarter. Venturi Wealth Management LLC now owns 930 shares of the natural resource company’s stock worth $40,000 after purchasing an additional 512 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on FCX shares. JPMorgan Chase & Co. upped their price objective on Freeport-McMoRan from $43.00 to $52.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 17th. Bernstein Bank increased their price target on Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research note on Tuesday. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 price target on shares of Freeport-McMoRan in a research note on Thursday, January 25th. Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target on the stock in a research note on Tuesday, April 9th. Finally, Scotiabank increased their price target on Freeport-McMoRan from $48.00 to $55.00 and gave the company a “sector outperform” rating in a research note on Tuesday, April 9th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.15.

Freeport-McMoRan Stock Down 2.1 %

Freeport-McMoRan stock traded down $1.03 during mid-day trading on Tuesday, reaching $47.92. The stock had a trading volume of 10,000,625 shares, compared to its average volume of 13,806,200. The firm has a market capitalization of $68.74 billion, a PE ratio of 37.64, a price-to-earnings-growth ratio of 2.28 and a beta of 2.04. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.38 and a current ratio of 2.42. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $52.42. The stock’s 50-day simple moving average is $43.80 and its 200-day simple moving average is $40.06.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.05. The business had revenue of $6.32 billion for the quarter, compared to analysts’ expectations of $5.70 billion. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The business’s revenue was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.52 earnings per share. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.57 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

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.