Arizona State Retirement System Raises Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Arizona State Retirement System grew its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 0.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 412,480 shares of the natural resource company’s stock after acquiring an additional 604 shares during the quarter. Arizona State Retirement System’s holdings in Freeport-McMoRan were worth $15,707,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Asset Planning Inc purchased a new stake in shares of Freeport-McMoRan in the fourth quarter valued at $25,000. Laurel Wealth Advisors LLC lifted its position in shares of Freeport-McMoRan by 487.8% in the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after acquiring an additional 600 shares in the last quarter. Roxbury Financial LLC purchased a new stake in shares of Freeport-McMoRan in the fourth quarter valued at $28,000. Continuum Advisory LLC lifted its position in shares of Freeport-McMoRan by 46.8% in the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock valued at $37,000 after acquiring an additional 236 shares in the last quarter. Finally, Kohmann Bosshard Financial Services LLC purchased a new stake in shares of Freeport-McMoRan in the fourth quarter valued at $29,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX opened at $38.16 on Thursday. Freeport-McMoRan Inc. has a 12 month low of $34.26 and a 12 month high of $55.24. The business has a 50-day moving average of $38.15 and a two-hundred day moving average of $42.48. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. The firm has a market capitalization of $54.83 billion, a PE ratio of 29.58, a P/E/G ratio of 0.87 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Analyst Ratings Changes

Several research firms recently commented on FCX. Jefferies Financial Group upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and upped their target price for the company from $40.00 to $48.00 in a research note on Thursday, February 27th. BMO Capital Markets dropped their target price on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday, January 24th. JPMorgan Chase & Co. dropped their target price on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Argus lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Finally, Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. Eight investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $52.04.

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.