State of Alaska Department of Revenue Has $6.24 Million Stake in Freeport-McMoRan Inc. (NYSE:FCX)

State of Alaska Department of Revenue reduced its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 3.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 163,820 shares of the natural resource company’s stock after selling 6,090 shares during the quarter. State of Alaska Department of Revenue’s holdings in Freeport-McMoRan were worth $6,238,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in FCX. Laurel Wealth Advisors LLC lifted its holdings in Freeport-McMoRan by 487.8% during the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after purchasing an additional 600 shares during the last quarter. Godsey & Gibb Inc. lifted its stake in shares of Freeport-McMoRan by 150.4% during the 3rd quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock worth $29,000 after buying an additional 346 shares during the last quarter. Financial Life Planners bought a new stake in shares of Freeport-McMoRan during the 4th quarter worth about $36,000. Continuum Advisory LLC grew its stake in Freeport-McMoRan by 46.8% in the 3rd quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock valued at $37,000 after buying an additional 236 shares during the last quarter. Finally, Versant Capital Management Inc raised its holdings in Freeport-McMoRan by 194.4% in the 4th quarter. Versant Capital Management Inc now owns 1,042 shares of the natural resource company’s stock valued at $40,000 after acquiring an additional 688 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $38.27 on Friday. 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 company has a market cap of $54.98 billion, a PE ratio of 29.66, a price-to-earnings-growth ratio of 0.85 and a beta of 1.85. The company has a 50 day moving average of $39.36 and a 200-day moving average of $43.07. Freeport-McMoRan Inc. has a 1-year low of $34.89 and a 1-year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share 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, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.75 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

FCX has been the subject of a number of research analyst reports. Scotiabank reduced their price objective on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a report on Friday, January 24th. Argus downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. JPMorgan Chase & Co. lowered their price objective on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. BMO Capital Markets reduced their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, January 24th. Finally, Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. Nine analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $51.46.

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.