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

Kentucky Retirement Systems lessened its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 0.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 108,249 shares of the natural resource company’s stock after selling 651 shares during the quarter. Kentucky Retirement Systems’ holdings in Freeport-McMoRan were worth $5,261,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Hazlett Burt & Watson Inc. lifted its position in shares of Freeport-McMoRan by 1,170.7% during the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after purchasing an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC acquired a new stake in Freeport-McMoRan in the second quarter valued at approximately $25,000. LRI Investments LLC acquired a new stake in Freeport-McMoRan in the first quarter valued at approximately $26,000. Lynx Investment Advisory acquired a new stake in Freeport-McMoRan in the second quarter valued at approximately $26,000. Finally, Jones Financial Companies Lllp raised its holdings in Freeport-McMoRan by 422.2% in the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after acquiring an additional 532 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $45.14 on Friday. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The firm has a market cap of $64.84 billion, a PE ratio of 39.95, a price-to-earnings-growth ratio of 1.94 and a beta of 1.89. The company’s 50 day simple moving average is $43.82 and its 200-day simple moving average is $47.06. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. The business had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The company’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same period last year, the firm posted $0.35 earnings per share. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were given a dividend of $0.15 per share. The ex-dividend date was Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.33%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on FCX shares. StockNews.com raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Wednesday. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their target price for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Scotiabank reduced their target price on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a report on Monday, August 19th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a report on Monday, June 10th. Finally, Morgan Stanley cut their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday. Four investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and an average target price of $52.79.

Freeport-McMoRan Company 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.