State Board of Administration of Florida Retirement System Has $74.08 Million Position in Freeport-McMoRan Inc. (NYSE:FCX)

State Board of Administration of Florida Retirement System lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 3.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,575,411 shares of the natural resource company’s stock after acquiring an additional 51,466 shares during the period. State Board of Administration of Florida Retirement System owned 0.11% of Freeport-McMoRan worth $74,076,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Tompkins Financial Corp lifted its position in shares of Freeport-McMoRan by 33.8% during the 1st quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock valued at $37,000 after acquiring an additional 200 shares during the period. Envestnet Portfolio Solutions Inc. raised its holdings in Freeport-McMoRan by 0.3% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company’s stock worth $3,012,000 after buying an additional 203 shares during the last quarter. Proficio Capital Partners LLC raised its holdings in Freeport-McMoRan by 0.5% during the first quarter. Proficio Capital Partners LLC now owns 40,083 shares of the natural resource company’s stock worth $1,885,000 after buying an additional 207 shares during the last quarter. MV Capital Management Inc. raised its holdings in Freeport-McMoRan by 38.6% during the first quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock worth $37,000 after buying an additional 221 shares during the last quarter. Finally, Mather Group LLC. raised its holdings in Freeport-McMoRan by 1.3% during the first quarter. Mather Group LLC. now owns 17,417 shares of the natural resource company’s stock worth $819,000 after buying an additional 222 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on FCX. Argus upped their price objective on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday, April 25th. JPMorgan Chase & Co. dropped their price target on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 24th. Scotiabank raised their price target on shares of Freeport-McMoRan from $53.00 to $60.00 and gave the company a “sector outperform” rating in a research report on Thursday, May 30th. StockNews.com raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Thursday, April 25th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research report on Monday, June 10th. 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, the stock presently has an average rating of “Moderate Buy” and an average price target of $52.93.

Freeport-McMoRan Stock Performance

NYSE FCX traded down $2.44 during trading hours on Thursday, reaching $46.06. 10,723,449 shares of the company were exchanged, compared to its average volume of 13,637,588. The stock has a market capitalization of $66.16 billion, a P/E ratio of 40.59, a P/E/G ratio of 1.16 and a beta of 1.92. The company has a quick ratio of 1.41, a current ratio of 2.35 and a debt-to-equity ratio of 0.31. The business’s 50 day simple moving average is $50.70 and its 200-day simple moving average is $45.89. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.05. The firm had revenue of $6.32 billion during the quarter, compared to the consensus estimate of $5.70 billion. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The company’s revenue was up 17.3% on a year-over-year basis. During the same quarter last year, the company earned $0.52 earnings per share. On average, equities research analysts expect that Freeport-McMoRan Inc. will post 1.66 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Monday, July 15th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Monday, July 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.30%. Freeport-McMoRan’s payout ratio is 26.55%.

Insider Transactions at Freeport-McMoRan

In other news, CAO Stephen T. Higgins sold 80,000 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The shares were 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 directly owns 104,377 shares in the company, valued at $5,430,735.31. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Stephen T. Higgins sold 80,000 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The shares were 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 directly owns 104,377 shares in the company, valued at $5,430,735.31. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Stephen T. Higgins sold 42,767 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the completion of the transaction, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at $5,255,381.95. The disclosure for this sale can be found here. Insiders sold 445,667 shares of company stock worth $22,755,070 over the last quarter. Corporate insiders own 0.79% of the company’s stock.

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.