Texas Permanent School Fund Corp Has $13.94 Million Position in Freeport-McMoRan Inc. (NYSE:FCX)

Texas Permanent School Fund Corp grew its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 0.1% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 296,416 shares of the natural resource company’s stock after buying an additional 344 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Freeport-McMoRan were worth $13,937,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FCX. Boston Partners grew its stake in shares of Freeport-McMoRan by 13,248.4% in the 4th quarter. Boston Partners now owns 5,351,630 shares of the natural resource company’s stock valued at $227,747,000 after purchasing an additional 5,311,538 shares during the period. Assenagon Asset Management S.A. lifted its holdings in shares of Freeport-McMoRan by 302.7% during the first quarter. Assenagon Asset Management S.A. now owns 2,393,264 shares of the natural resource company’s stock valued at $112,531,000 after acquiring an additional 1,799,028 shares during the period. AustralianSuper Pty Ltd bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth about $66,993,000. Bank of New York Mellon Corp grew its holdings in shares of Freeport-McMoRan by 7.9% in the 1st quarter. Bank of New York Mellon Corp now owns 21,157,118 shares of the natural resource company’s stock worth $994,808,000 after purchasing an additional 1,551,828 shares during the last quarter. Finally, TD Asset Management Inc lifted its holdings in Freeport-McMoRan by 35.0% during the 4th quarter. TD Asset Management Inc now owns 5,777,840 shares of the natural resource company’s stock valued at $245,963,000 after purchasing an additional 1,498,259 shares during the last quarter. 80.77% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 80,000 shares of the stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $52.03, for a total transaction of $4,162,400.00. Following the completion of the transaction, the chief accounting officer now owns 104,377 shares in the company, valued at approximately $5,430,735.31. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CAO Stephen T. Higgins sold 80,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $52.03, for a total value of $4,162,400.00. Following the completion of the transaction, the chief accounting officer now owns 104,377 shares in the company, valued at approximately $5,430,735.31. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Richard C. Adkerson sold 54,771 shares of the firm’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $50.78, for a total value of $2,781,271.38. Following the completion of the transaction, the chief executive officer now owns 3,652,478 shares of the company’s stock, valued at approximately $185,472,832.84. The disclosure for this sale can be found here. In the last 90 days, insiders sold 445,667 shares of company stock worth $22,755,070. Corporate insiders own 0.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. HSBC lifted their target price on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research note on Tuesday, April 23rd. Raymond James increased their price target on Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 24th. JPMorgan Chase & Co. decreased their price target on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 24th. UBS Group increased their price target on Freeport-McMoRan from $41.00 to $54.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 14th. Finally, Morgan Stanley upgraded Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $49.50 to $62.00 in a research report on Friday, June 21st. Five analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.93.

Freeport-McMoRan Trading Down 0.7 %

Shares of FCX traded down $0.36 during trading hours on Friday, reaching $51.15. The stock had a trading volume of 669,313 shares, compared to its average volume of 13,669,821. The company has a quick ratio of 1.41, a current ratio of 2.35 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24. The firm has a 50-day moving average of $50.75 and a 200 day moving average of $45.66. The company has a market cap of $73.48 billion, a P/E ratio of 45.58, a P/E/G ratio of 2.15 and a beta of 1.92.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. The firm had revenue of $6.32 billion during the quarter, compared to analysts’ expectations of $5.70 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The company’s revenue was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.52 EPS. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.69 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Monday, July 15th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date is Monday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

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.