Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Kentucky Retirement Systems Insurance Trust Fund

Kentucky Retirement Systems Insurance Trust Fund cut its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 8.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 42,542 shares of the natural resource company’s stock after selling 3,791 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Freeport-McMoRan were worth $2,124,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Hazlett Burt & Watson Inc. grew its position in shares of Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after purchasing an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC acquired a new position in Freeport-McMoRan during the second quarter worth $25,000. Matrix Trust Co purchased a new stake in Freeport-McMoRan in the 3rd quarter valued at $25,000. LRI Investments LLC acquired a new stake in shares of Freeport-McMoRan in the 1st quarter worth $26,000. Finally, Lynx Investment Advisory purchased a new position in shares of Freeport-McMoRan during the 2nd quarter worth $26,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

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

Freeport-McMoRan Stock Down 1.3 %

FCX stock opened at $42.70 on Friday. The company’s 50 day moving average is $46.63 and its two-hundred day moving average is $47.35. Freeport-McMoRan Inc. has a twelve month low of $35.29 and a twelve month high of $55.24. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. The stock has a market cap of $61.35 billion, a P/E ratio of 31.17, a PEG ratio of 1.86 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last posted its 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. The business had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The business’s quarterly revenue was up 16.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.39 EPS. Research analysts expect that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were given a dividend of $0.075 per share. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.70%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.90%.

Freeport-McMoRan Company 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.