California Public Employees Retirement System lessened its holdings in Freeport-McMoRan Inc (NYSE:FCX) by 9.6% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,696,203 shares of the natural resource company’s stock after selling 285,089 shares during the quarter. California Public Employees Retirement System’s holdings in Freeport-McMoRan were worth $34,754,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. Rational Advisors LLC bought a new stake in shares of Freeport-McMoRan in the fourth quarter valued at about $26,000. Lindbrook Capital LLC bought a new stake in shares of Freeport-McMoRan in the fourth quarter valued at about $28,000. JOYN Advisors Inc. boosted its position in shares of Freeport-McMoRan by 141.1% in the fourth quarter. JOYN Advisors Inc. now owns 2,806 shares of the natural resource company’s stock valued at $29,000 after acquiring an additional 1,642 shares during the period. Athena Capital Advisors LLC bought a new stake in shares of Freeport-McMoRan in the fourth quarter valued at about $30,000. Finally, Truvestments Capital LLC bought a new stake in shares of Freeport-McMoRan in the first quarter valued at about $43,000. 70.38% of the stock is owned by institutional investors.
Several research firms recently weighed in on FCX. Zacks Investment Research cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, April 11th. BMO Capital Markets set a $14.00 price objective on shares of Freeport-McMoRan and gave the stock a “hold” rating in a research report on Friday, April 26th. ValuEngine raised shares of Freeport-McMoRan from a “sell” rating to a “hold” rating in a research report on Wednesday, January 30th. UBS Group set a $14.00 price objective on shares of Freeport-McMoRan and gave the stock a “hold” rating in a research report on Friday, April 5th. Finally, Raymond James reaffirmed a “market perform” rating and set a $14.00 price objective on shares of Freeport-McMoRan in a research report on Friday, April 26th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. Freeport-McMoRan has an average rating of “Hold” and an average target price of $15.01.
Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, April 25th. The natural resource company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.03). The company had revenue of $3.79 billion during the quarter, compared to the consensus estimate of $3.77 billion. Freeport-McMoRan had a return on equity of 10.31% and a net margin of 9.09%. The firm’s revenue was down 22.1% compared to the same quarter last year. During the same period last year, the company posted $0.46 EPS. As a group, analysts anticipate that Freeport-McMoRan Inc will post 0.46 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th were issued a $0.05 dividend. The ex-dividend date of this dividend was Friday, April 12th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.84%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 13.16%.
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Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.
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