Freeport-McMoRan Inc. (NYSE:FCX) Position Reduced by State of Tennessee Department of Treasury

State of Tennessee Department of Treasury lowered its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 4.1% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 544,213 shares of the natural resource company’s stock after selling 23,556 shares during the quarter. State of Tennessee Department of Treasury’s holdings in Freeport-McMoRan were worth $20,724,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the company. Asset Planning Inc bought a new position in Freeport-McMoRan during the fourth quarter worth $25,000. Mizuho Bank Ltd. acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth $26,000. Vision Financial Markets LLC bought a new position in shares of Freeport-McMoRan in the 4th quarter worth about $27,000. Laurel Wealth Advisors LLC boosted its holdings in shares of Freeport-McMoRan by 487.8% in the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after buying an additional 600 shares during the period. Finally, Roxbury Financial LLC bought a new stake in shares of Freeport-McMoRan during the 4th quarter valued at about $28,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 3.3 %

Freeport-McMoRan stock opened at $34.04 on Wednesday. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $55.24. The stock has a market capitalization of $48.92 billion, a PE ratio of 26.39, a price-to-earnings-growth ratio of 0.87 and a beta of 1.71. The firm has a 50 day simple moving average of $36.43 and a 200-day simple moving average of $40.21. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18.

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

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Tuesday, April 15th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date of this dividend is Tuesday, April 15th. Freeport-McMoRan’s payout ratio is currently 23.26%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on FCX shares. Dbs Bank raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a report on Thursday, March 6th. JPMorgan Chase & Co. lowered their price objective on Freeport-McMoRan from $52.00 to $42.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Tuesday, April 8th. Finally, Hsbc Global Res raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, April 14th. Six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average target price of $48.39.

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.