Freeport-McMoRan Inc. (NYSE:FCX) Stake Increased by New York State Common Retirement Fund

New York State Common Retirement Fund grew its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 0.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,097,922 shares of the natural resource company’s stock after purchasing an additional 11,800 shares during the period. New York State Common Retirement Fund’s holdings in Freeport-McMoRan were worth $79,889,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Asset Planning Inc purchased a new stake in shares of Freeport-McMoRan in the fourth quarter valued at $25,000. Laurel Wealth Advisors LLC raised its holdings in shares of Freeport-McMoRan by 487.8% during the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after acquiring an additional 600 shares in the last quarter. Roxbury Financial LLC purchased a new stake in shares of Freeport-McMoRan during the fourth quarter worth $28,000. Continuum Advisory LLC raised its holdings in shares of Freeport-McMoRan by 46.8% during the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock worth $37,000 after acquiring an additional 236 shares in the last quarter. Finally, FSA Wealth Management LLC purchased a new stake in shares of Freeport-McMoRan during the third quarter worth $46,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on the company. JPMorgan Chase & Co. cut their price objective on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Jefferies Financial Group downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and lowered their target price for the stock from $48.00 to $40.00 in a research report on Friday, January 24th. Raymond James increased their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Argus downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. Finally, BMO Capital Markets lowered their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th. Nine investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $51.46.

Freeport-McMoRan Stock Down 1.8 %

FCX opened at $38.58 on Thursday. Freeport-McMoRan Inc. has a 1-year low of $34.89 and a 1-year high of $55.24. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $55.44 billion, a price-to-earnings ratio of 29.91, a P/E/G ratio of 0.88 and a beta of 1.85. The business has a 50 day moving average of $38.68 and a 200-day moving average of $42.76.

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

About Freeport-McMoRan

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.