California State Teachers Retirement System decreased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX – Get Rating) by 1.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,459,948 shares of the natural resource company’s stock after selling 37,803 shares during the period. California State Teachers Retirement System’s holdings in Freeport-McMoRan were worth $67,230,000 as of its most recent SEC filing.
A number of other large investors have also recently modified their holdings of the stock. Nelson Van Denburg & Campbell Wealth Management Group LLC boosted its stake in shares of Freeport-McMoRan by 5.2% during the 3rd quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 6,108 shares of the natural resource company’s stock valued at $166,000 after purchasing an additional 300 shares in the last quarter. Israel Discount Bank of New York boosted its stake in Freeport-McMoRan by 3.6% during the third quarter. Israel Discount Bank of New York now owns 9,006 shares of the natural resource company’s stock worth $246,000 after acquiring an additional 313 shares in the last quarter. Mutual Advisors LLC boosted its stake in Freeport-McMoRan by 4.2% during the third quarter. Mutual Advisors LLC now owns 8,475 shares of the natural resource company’s stock worth $232,000 after acquiring an additional 343 shares in the last quarter. Assetmark Inc. boosted its stake in Freeport-McMoRan by 54.1% during the third quarter. Assetmark Inc. now owns 1,051 shares of the natural resource company’s stock worth $29,000 after acquiring an additional 369 shares in the last quarter. Finally, Stratos Wealth Advisors LLC boosted its stake in Freeport-McMoRan by 5.1% during the third quarter. Stratos Wealth Advisors LLC now owns 8,072 shares of the natural resource company’s stock worth $221,000 after acquiring an additional 389 shares in the last quarter. Institutional investors own 77.12% of the company’s stock.
Wall Street Analysts Forecast Growth
FCX has been the topic of several research reports. Citigroup boosted their price objective on shares of Freeport-McMoRan from $44.00 to $46.00 and gave the stock a “neutral” rating in a research note on Thursday, January 26th. Raymond James lifted their target price on shares of Freeport-McMoRan from $40.00 to $48.00 and gave the stock an “outperform” rating in a report on Tuesday, January 31st. Royal Bank of Canada lifted their target price on shares of Freeport-McMoRan from $40.00 to $47.00 and gave the stock a “sector perform” rating in a report on Thursday, January 26th. Scotiabank raised shares of Freeport-McMoRan from a “sector perform” rating to a “sector outperform” rating and lifted their target price for the stock from $41.00 to $50.00 in a report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of Freeport-McMoRan from $35.00 to $40.00 in a report on Tuesday, January 10th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $42.07.
Insider Buying and Selling at Freeport-McMoRan
Freeport-McMoRan Stock Up 1.7 %
Shares of FCX stock opened at $36.10 on Friday. Freeport-McMoRan Inc. has a 12 month low of $24.80 and a 12 month high of $51.99. The stock has a market cap of $51.65 billion, a P/E ratio of 14.98 and a beta of 2.02. The company has a current ratio of 2.46, a quick ratio of 1.64 and a debt-to-equity ratio of 0.39. The company has a 50 day simple moving average of $42.61 and a two-hundred day simple moving average of $36.72.
Freeport-McMoRan (NYSE:FCX – Get Rating) last announced its earnings results on Wednesday, January 25th. The natural resource company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.12. Freeport-McMoRan had a net margin of 15.22% and a return on equity of 14.59%. The business had revenue of $5.75 billion during the quarter, compared to analysts’ expectations of $5.42 billion. During the same period in the prior year, the company earned $0.96 earnings per share. The firm’s revenue was down 6.7% on a year-over-year basis. On average, research analysts expect that Freeport-McMoRan Inc. will post 1.98 earnings per share for the current year.
Freeport-McMoRan Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 1st. Shareholders of record on Friday, January 13th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, January 12th. This represents a $0.60 dividend on an annualized basis and a yield of 1.66%. Freeport-McMoRan’s dividend payout ratio is currently 12.66%.
Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines, South America Mining, Indonesia Mining, Molybdenum Mines, Rod and Refining, Atlantic Copper Smelting and Refining, and Corporate and Other. The North America Copper Mines segment operates open-pit copper mines in Morenci, Baghdad, Safford, Sierrita, and Miami in Arizona and Chino and Tyrone in New Mexico.
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