Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Kentucky Retirement Systems

Kentucky Retirement Systems lessened its position in Freeport-McMoRan Inc. (NYSE:FCX) by 7.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 100,099 shares of the natural resource company’s stock after selling 8,150 shares during the period. Kentucky Retirement Systems’ holdings in Freeport-McMoRan were worth $4,997,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Kingsview Wealth Management LLC boosted its position in shares of Freeport-McMoRan by 4.3% during the first quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock worth $247,000 after buying an additional 214 shares during the period. Orion Portfolio Solutions LLC increased its holdings in shares of Freeport-McMoRan by 8.8% during the first quarter. Orion Portfolio Solutions LLC now owns 29,041 shares of the natural resource company’s stock valued at $1,365,000 after purchasing an additional 2,342 shares during the period. TIAA Trust National Association raised its stake in shares of Freeport-McMoRan by 13.7% during the first quarter. TIAA Trust National Association now owns 17,401 shares of the natural resource company’s stock valued at $818,000 after purchasing an additional 2,096 shares in the last quarter. Edgestream Partners L.P. acquired a new stake in Freeport-McMoRan in the first quarter worth about $1,472,000. Finally, Jacobi Capital Management LLC lifted its holdings in Freeport-McMoRan by 4.2% in the first quarter. Jacobi Capital Management LLC now owns 14,417 shares of the natural resource company’s stock worth $678,000 after purchasing an additional 580 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on FCX shares. Scotiabank lowered their target price on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research note on Wednesday, October 23rd. Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. JPMorgan Chase & Co. upped their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price target for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Finally, Morgan Stanley cut their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. Six analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average target price of $54.00.

Freeport-McMoRan Price Performance

NYSE FCX opened at $42.70 on Friday. Freeport-McMoRan Inc. has a 1 year low of $35.29 and a 1 year high of $55.24. The stock’s 50-day moving average price is $46.63 and its two-hundred day moving average price is $47.35. The company has a market cap of $61.35 billion, a PE ratio of 31.17, a PEG ratio of 1.86 and a beta of 1.91. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The business had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. During the same quarter in the prior year, the firm earned $0.39 EPS. The firm’s quarterly revenue was up 16.6% on a year-over-year basis. On average, analysts predict that Freeport-McMoRan Inc. will post 1.51 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were issued a dividend of $0.075 per share. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.70%. Freeport-McMoRan’s dividend payout ratio is 21.90%.

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.