Municipal Employees Retirement System of Michigan Has $488,000 Position in Freeport-McMoran, Inc. (FCX)

Municipal Employees Retirement System of Michigan reduced its holdings in Freeport-McMoran, Inc. (NYSE:FCX) by 18.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 34,760 shares of the natural resource company’s stock after selling 7,990 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in Freeport-McMoran were worth $488,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in FCX. Shell Asset Management Co. grew its stake in shares of Freeport-McMoran by 97.9% in the third quarter. Shell Asset Management Co. now owns 160,362 shares of the natural resource company’s stock valued at $5,236,000 after buying an additional 79,343 shares in the last quarter. Hosking Partners LLP increased its position in shares of Freeport-McMoran by 68.7% in the 2nd quarter. Hosking Partners LLP now owns 809,467 shares of the natural resource company’s stock valued at $9,722,000 after buying an additional 329,770 shares in the last quarter. AXA bought a new stake in shares of Freeport-McMoran in the 2nd quarter valued at $15,414,000. Caxton Associates LP bought a new stake in shares of Freeport-McMoran in the 2nd quarter valued at $7,206,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Freeport-McMoran by 6.8% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 166,437 shares of the natural resource company’s stock valued at $1,999,000 after buying an additional 10,574 shares in the last quarter. Hedge funds and other institutional investors own 68.12% of the company’s stock.

Shares of Freeport-McMoran, Inc. (NYSE FCX) traded down $0.19 during midday trading on Wednesday, reaching $14.11. 19,535,100 shares of the company were exchanged, compared to its average volume of 21,046,389. The firm has a market cap of $20,700.54, a price-to-earnings ratio of 15.71 and a beta of 2.56. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.32 and a current ratio of 2.02. Freeport-McMoran, Inc. has a 12-month low of $11.05 and a 12-month high of $17.06.

Freeport-McMoran (NYSE:FCX) last posted its quarterly earnings data on Wednesday, October 25th. The natural resource company reported $0.34 EPS for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.03. Freeport-McMoran had a net margin of 6.20% and a return on equity of 13.35%. The company had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.06 billion. During the same period in the prior year, the business posted $0.13 EPS. The company’s quarterly revenue was up 11.2% on a year-over-year basis. analysts expect that Freeport-McMoran, Inc. will post 1.07 earnings per share for the current fiscal year.

A number of research firms recently commented on FCX. B. Riley restated a “neutral” rating on shares of Freeport-McMoran in a research report on Wednesday, November 1st. Royal Bank Of Canada restated a “hold” rating and issued a $17.00 price objective on shares of Freeport-McMoran in a research report on Tuesday. Raymond James Financial began coverage on shares of Freeport-McMoran in a research report on Tuesday, August 15th. They issued a “market perform” rating and a $15.00 price objective for the company. BidaskClub upgraded shares of Freeport-McMoran from a “sell” rating to a “hold” rating in a research report on Thursday, August 24th. Finally, FBR & Co restated a “neutral” rating and issued a $12.00 price objective (down previously from $13.00) on shares of Freeport-McMoran in a research report on Thursday, September 14th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Freeport-McMoran has an average rating of “Hold” and a consensus price target of $15.57.

In other Freeport-McMoran news, COO Harry M. Iv Conger bought 36,180 shares of the stock in a transaction dated Thursday, September 7th. The shares were bought at an average cost of $15.23 per share, with a total value of $551,021.40. Following the completion of the acquisition, the chief operating officer now owns 73,943 shares of the company’s stock, valued at $1,126,151.89. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.29% of the stock is currently owned by company insiders.

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Freeport-McMoran Company Profile

Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.

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Institutional Ownership by Quarter for Freeport-McMoran (NYSE:FCX)

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