New York State Common Retirement Fund Has $104.14 Million Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

New York State Common Retirement Fund trimmed its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 6.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,086,122 shares of the natural resource company’s stock after selling 137,924 shares during the period. New York State Common Retirement Fund owned 0.15% of Freeport-McMoRan worth $104,139,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. NorthCrest Asset Manangement LLC raised its stake in shares of Freeport-McMoRan by 33.3% in the third quarter. NorthCrest Asset Manangement LLC now owns 432,126 shares of the natural resource company’s stock worth $21,572,000 after acquiring an additional 107,852 shares during the last quarter. Truist Financial Corp raised its position in Freeport-McMoRan by 22.8% in the 2nd quarter. Truist Financial Corp now owns 135,608 shares of the natural resource company’s stock worth $6,591,000 after purchasing an additional 25,214 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Freeport-McMoRan by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 202,440 shares of the natural resource company’s stock worth $10,393,000 after buying an additional 35,972 shares in the last quarter. Vanguard Group Inc. boosted its position in Freeport-McMoRan by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock valued at $5,675,241,000 after buying an additional 1,210,833 shares during the last quarter. Finally, SageView Advisory Group LLC acquired a new stake in shares of Freeport-McMoRan in the 1st quarter valued at $770,000. Institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on FCX. Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Raymond James increased their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Scotiabank lowered their target price on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a report on Wednesday, October 23rd. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Finally, JPMorgan Chase & Co. lifted their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Trading Up 1.3 %

NYSE:FCX opened at $45.59 on Friday. The business’s 50-day simple moving average is $46.20 and its 200-day simple moving average is $47.67. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. The stock has a market capitalization of $65.51 billion, a PE ratio of 33.28, a price-to-earnings-growth ratio of 1.97 and a beta of 1.90.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The company had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. During the same quarter in the prior year, the company earned $0.39 earnings per share. The business’s quarterly revenue was up 16.6% compared to the same quarter last year. Sell-side analysts expect that Freeport-McMoRan Inc. will post 1.52 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.66%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s payout ratio is presently 21.90%.

Freeport-McMoRan Profile

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.