73,200 Shares in Freeport-McMoRan Inc. $FCX Acquired by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 73,200 shares of the natural resource company’s stock, valued at approximately $4,303,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fairvoy Private Wealth LLC acquired a new stake in shares of Freeport-McMoRan in the first quarter valued at $836,000. Silver Oak Securities Incorporated raised its holdings in shares of Freeport-McMoRan by 32.7% in the 1st quarter. Silver Oak Securities Incorporated now owns 10,584 shares of the natural resource company’s stock valued at $622,000 after buying an additional 2,611 shares during the period. Fiduciary Alliance LLC lifted its stake in Freeport-McMoRan by 371.1% during the 1st quarter. Fiduciary Alliance LLC now owns 33,298 shares of the natural resource company’s stock worth $1,957,000 after acquiring an additional 26,230 shares in the last quarter. Kestra Private Wealth Services LLC lifted its stake in Freeport-McMoRan by 5.2% during the 1st quarter. Kestra Private Wealth Services LLC now owns 70,222 shares of the natural resource company’s stock worth $4,128,000 after acquiring an additional 3,444 shares in the last quarter. Finally, Ritholtz Wealth Management boosted its holdings in Freeport-McMoRan by 21.4% during the 1st quarter. Ritholtz Wealth Management now owns 25,019 shares of the natural resource company’s stock valued at $1,471,000 after acquiring an additional 4,403 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $62.31 on Friday. The stock’s 50-day moving average is $64.61 and its two-hundred day moving average is $60.71. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.28. The company has a market cap of $89.57 billion, a price-to-earnings ratio of 33.14, a price-to-earnings-growth ratio of 0.76 and a beta of 1.35.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.10. The business had revenue of $6.23 billion during the quarter, compared to analysts’ expectations of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The business’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.24 EPS. Analysts forecast that Freeport-McMoRan Inc. will post 2.56 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be issued a $0.075 dividend. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is 15.96%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Morgan Stanley reaffirmed an “equal weight” rating and issued a $66.00 target price (down from $70.00) on shares of Freeport-McMoRan in a research report on Friday, April 24th. JPMorgan Chase & Co. lowered their price objective on shares of Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating for the company in a research note on Monday, April 27th. BMO Capital Markets lifted their price objective on shares of Freeport-McMoRan from $68.00 to $78.00 and gave the company an “outperform” rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Freeport-McMoRan in a research note on Friday, May 15th. Finally, Citigroup reduced their target price on shares of Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating on the stock in a report on Friday, May 1st. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $68.27.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.