Freeport-McMoRan Inc. $FCX Position Boosted by Retirement Systems of Alabama

Retirement Systems of Alabama raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 276.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,137,143 shares of the natural resource company’s stock after purchasing an additional 835,144 shares during the period. Retirement Systems of Alabama owned 0.08% of Freeport-McMoRan worth $79,600,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. NBH Bank purchased a new position in shares of Freeport-McMoRan during the 2nd quarter worth approximately $28,000. Cassaday & Co Wealth Management LLC purchased a new stake in Freeport-McMoRan in the 1st quarter valued at approximately $29,000. REAP Financial Group LLC purchased a new stake in Freeport-McMoRan in the 3rd quarter valued at approximately $32,000. Roxbury Financial LLC grew its holdings in Freeport-McMoRan by 196.5% during the 2nd quarter. Roxbury Financial LLC now owns 593 shares of the natural resource company’s stock valued at $37,000 after buying an additional 393 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Freeport-McMoRan during the 1st quarter valued at $39,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $62.38 on Tuesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.02 and a quick ratio of 0.91. The firm has a market cap of $89.58 billion, a PE ratio of 26.21, a P/E/G ratio of 0.58 and a beta of 1.38. The firm has a 50 day simple moving average of $69.56 and a 200-day simple moving average of $65.28. Freeport-McMoRan Inc. has a 1-year low of $38.85 and a 1-year high of $80.24.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, October 27th. The natural resource company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.06. Freeport-McMoRan had a net margin of 13.03% and a return on equity of 12.09%. The firm had revenue of $7.55 billion for the quarter, compared to analyst estimates of $7.36 billion. During the same quarter last year, the business earned $0.50 earnings per share. Freeport-McMoRan’s revenue was up 8.2% compared to the same quarter last year. On average, equities analysts expect that Freeport-McMoRan Inc. will post 3.02 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, November 2nd. Shareholders of record on Thursday, October 15th were paid a dividend of $0.0750 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend was Thursday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 12.61%.

Insider Buying and Selling at Freeport-McMoRan

In other Freeport-McMoRan news, Director Lydia H. Kennard sold 3,798 shares of the firm’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $79.11, for a total value of $300,459.78. Following the sale, the director directly owned 122,702 shares of the company’s stock, valued at approximately $9,706,955.22. This trade represents a 3.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Douglas N. Currault II sold 80,000 shares of Freeport-McMoRan stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $78.56, for a total value of $6,284,800.00. Following the completion of the sale, the executive vice president owned 211,016 shares of the company’s stock, valued at $16,577,416.96. This trade represents a 27.49% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.73% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. dropped their price target on Freeport-McMoRan from $92.00 to $90.00 and set an “overweight” rating for the company in a research report on Wednesday, October 28th. Stifel Nicolaus upped their price objective on Freeport-McMoRan from $76.00 to $80.00 and gave the company a “buy” rating in a research report on Tuesday, July 21st. Sanford C. Bernstein reduced their price objective on Freeport-McMoRan from $50.00 to $47.00 and set a “market perform” rating on the stock in a research report on Wednesday, September 9th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Freeport-McMoRan in a research note on Thursday, September 10th. Finally, Wells Fargo & Company dropped their price objective on Freeport-McMoRan from $87.00 to $79.00 and set an “overweight” rating for the company in a research report on Wednesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $75.30.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Its products serve industries including construction, manufacturing, electronics and energy.

The company operates mines and related facilities in North America, South America and Indonesia. Its assets include the Grasberg minerals district in Indonesia and copper operations in the United States, Peru and Chile.

Freeport-McMoRan traces its roots to Freeport Sulphur Company, founded in 1912, and has since developed into a major international mining business.